Container Store Shares Jump After Posting Smaller-than-expected Loss

By Andria ChengMarketWatch Pulse

Container Store Inc. shares jumped 6% after the retailer of storage-organization systems reported better-than-expected first-quarter results and kept its full-year profit outlook. The company said Tuesday its first-quarter loss widened to $5.2 million, or 11 cents a share, from $3.58 million, or 7 cents, a year earlier. The most recent quarter's result was narrower than the 13-cents FactSet consensus loss estimate. Sales fell 2.1% to $169.8 million, weighed down by the stronger dollar. First-quarter comparable sales fell 0.9% due to the negative impact of the Wet Coast port delays. Still, same-store sales topped the retailer's outlook for sales to decline 3% to 4%. Container Store said it expects per-share profit of 30 cents to 38 cents a share for the full year on sales of $800 million to $815 million. Analysts surveyed by FactSet were looking for profit of 32 cents a share on sales of $815.8 million. In April, the company slashed the full-year guidance below the consensus estimate at the time.

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