The Container Store Group (TCS) Misses Q3 EPS by 2c, Miss on Revenues; Offers FY EPS/Revenue Mid-Point Below Consensus
The Container Store Group (NYSE: TCS) reported Q3 EPS of $0.11, $0.02 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $223 million versus the consensus estimate of $227.51 million.
- Consolidated net sales were $223.0 million, up 3.1%. Net sales in The Container Store retail business (“TCS”) were $203.9 million, up 2.4%. Elfa International AB (“Elfa”) third-party net sales were $19.1 million, up 10.5%, primarily due to the positive impact of foreign currency translation.
- Comparable store sales for the third quarter of fiscal 2017 decreased 0.2%, with holiday departments’ sales contributing an approximate 1.0% decline.
- Consolidated net income per share (“EPS”) was $0.59, inclusive of a $0.50 per share provisional benefit from the Tax Cuts and Jobs Act (“Tax Act”), compared with $0.11 in the third quarter of fiscal 2016. Adjusted net income per share (“Adjusted EPS”) was $0.11 compared with $0.11 in the third quarter of fiscal 2016 (see Reconciliation of GAAP to Non-GAAP Financial Measures table).
- The Company opened three stores, inclusive of one relocation, in the third quarter of fiscal 2017, and had 90 stores at the end of the third quarter of fiscal 2017, as compared to 86 stores as of December 31, 2016.
The Container Store Group sees FY2017 EPS of $0.31-$0.37, versus the consensus of $0.37. The Container Store Group sees FY2017 revenue of $850-860 million, versus the consensus of $857.19 million.
For earnings history and earnings-related data on The Container Store Group (TCS) click here.