Fourth Quarter Earning of Container Store Drop and the Company Trims Its Annual Outlook
Following a disappointing fourth quarter earnings report, the Container Store Group Inc's shares dropped. The storage and organization-products retailer based in Coppell, Texas also announced a weak estimate of earnings for the current financial year.
In the late trading the stocks of the company dropped about twenty five percent or $5.40 to $16.29.
The reasons cited for its weak performance by Container Store were the winter storms in the quarter which did not bring in too many customers to the stores.
According to the company bad weather dawned towards the end of its yearly fifty day Elfa shelving sale which is an important time for the retailer. The severe weather also returned at the end of the sale extension period resulting in poor customer attendance. One more reason which hurt the sale during the annual Elfa sale was the strong U. S. dollar.
The company's net income dropped twenty nine percent to $13 million which was 27 cents a share for its fourth quarter of the fiscal year which ended on February 28. Container Store said, its earnings were 24 cents per share which exclude one-time items. The company's revenue increased three percent to $224.3 million. The analysts has forecasted net income of thirty one cents a share and revenue of $232.5 million.
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