Container Store Slumps After Reporting Third-quarter Loss

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.