Container Store Slumps After Reporting Third-quarter Loss

By Sue ChangMarketWatch Pulse

Shares of Container Store Group Inc. sank in Thursday's extended session after the retailer posted disappointing results. The storage and organization products company swung to a third-quarter loss of $1.7 million, or 4 cents a share, from a profit of $6.2 million, or 13 cents a share, a year earlier. Latest quarter results reflect 3 cents a share in expenses related to strategic initiatives, which was a cent higher than anticipated, the company said. Revenue increased to $197.2 million from $190.9 million a year ago while same-store sales rose 0.5% from the same period last year. Analysts surveyed by FactSet had forecast Container Store to report earnings of 5 cents a share on revenue of $200 million. Shares sank 12% in after-hours trading.

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