Container Store shares tank 13% after earnings miss
Shares of Container Store Group Inc. fell 13% late Tuesday after the retailer reported fiscal 2017 fourth-quarter adjusted per-share earnings that missed Wall Street expectations. Container Store said it lost $400,000, or 1 cent a share, in the quarter, versus a net income of $8.4 million, or 17 cents a share, in the fourth quarter of fiscal 2016. Adjusted for one-time items, the retailer earned $8.4 million, or 18 cents a share, in the quarter, compared with $8.7 million, or 18 cents a share, in the year-ago period. Sales rose to $233 million, from $221 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 23 cents a share on sales of $230 million. The Container Store said its same-store sales rose 2.7% in the quarter. That contrasts with expectations of a 1% increase in same-store sales, according to FactSet. The company also said it expects adjusted net income between 35 cents a share to 45 cents a share for fiscal 2018, and flat comparable-store sales to 1% growth in comparable-store sales for the year. Shares of Container Store ended the regular trading day up 8.2%.
