When the Container Store Group Inc. (NYSE: TCS) released its second-quarter financial results after the markets closed on Tuesday. The company reported a net loss of $0.08 per share and $195.8 million in revenue, which compares with consensus estimates that called for a net loss of $0.13 per share and revenue of $190.6 million. The same period of last year reportedly had a net loss of $0.11 per share and $183.07 million in revenue.
During the quarter, comparable store sales were up 4.7%. This includes an approximate 190 basis point benefit from recognition of Custom Closets orders placed in the fourth quarter of fiscal 2017 that were delivered and installed in the first quarter of fiscal 2018.
Looking ahead to 2018, the company expects to see net sales in the range of $890 million to $900 million with EPS of $0.38 to $0.45. The consensus estimates are $0.39 in earnings per shares (EPS) and $882.48 million for the year.
CEO Melissa Reiff commented:
We are very pleased that our strong fiscal fourth quarter momentum carried through the first quarter of fiscal 2018 with improving trends in our Custom Closets business as well as ongoing positive comparable store sales contribution from our other product categories, as our sales revitalization and optimization initiatives continued to deliver positive results. These broad-reaching initiatives span product and visual merchandising, marketing campaigns, our stores – including the exciting redesign of our Dallas flagship store, which was completed in June 2018 – and e-commerce channels as well as our product costs and overall expenses.
Shares of the Container Store were last seen up 37% at $9.05, with a consensus analyst price target of $6.00 and a 52-week trading range of $3.53 to $9.50