The Container Store Group (TCS) Tops Q2 EPS by 2c
The Container Store Group (NYSE: TCS) reported Q2 EPS of $0.07, $0.02 better than the analyst estimate of $0.05. Revenue for the quarter came in at $205.1 million versus the consensus estimate of $205.08 million.
The Container Store Group sees FY2016 EPS of $0.20-$0.30, versus the consensus of $0.21. The Container Store Group sees FY2016 revenue of $820-830 million, versus the consensus of $824.3 million.
Melissa Reiff, Chief Executive Officer, stated, “We are pleased with our earnings performance in the second fiscal quarter of 2016. And while there is still work to be done to drive consistent growth in top line performance, we experienced improving sales trends in September and now in early third fiscal quarter, as we have encountered more comparable cadence of merchandising campaigns and promotional activities. Our 2016 SG&A savings program is gaining traction as evidenced by the leveraging of expenses in a challenging sales environment. This commitment to strong cost discipline drove SG&A efficiencies and contributed to EPS of $0.07.”
Reiff continued, “We believe we are making progress on many fronts to evolve our customer shopping experience in order to improve sales and profitability. Our new customer financing program, while still in its infancy, is driving incremental sales, and our TCS Closets line drove 200 basis points of comparable store sales growth this quarter. We are also working on mid- and long-term goals, strategies and priorities while we simultaneously execute near-term initiatives such as the pilot of elfa® Sliding Doors in our two Manhattan stores.”
“We are cautiously optimistic about the second half of the fiscal year. However, after factoring in our first half results and our expectations for the remainder of the fiscal year, we are updating our annual sales outlook. We are pleased to reiterate our previously provided annual EPS outlook due in part to the continued positive impact of our SG&A Savings Program,” Reiff concluded
For earnings history and earnings-related data on The Container Store Group (TCS) click here.