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The Container Store Group (TCS) Reports Q4 Revenues Miss

May 12, 2020 4:16 PM

The Container Store Group (NYSE: TCS) reported Q4 revenue for the quarter came in at $241.3 million versus the consensus estimate of $249.95 million.

Preliminary Unaudited Fourth Quarter and Full Year Fiscal 2019 Results

For the fourth quarter (thirteen weeks) ended March 28, 2020:

Melissa Reiff, Chairwoman and Chief Executive Officer commented, “Our fourth quarter performance was tracking to our expectations until the last few weeks of the quarter when the COVID-19 pandemic resulted in disruption to our operations, including store closures. As previously announced, to protect the health and safety of our employees and customers, we temporarily closed all stores and shifted select locations to operate with click & pick up/contactless curbside delivery and scheduled in-store appointments (allowing only limited customers in the store at a time). We also made difficult decisions to swiftly cut costs and reduce cash outlays to preserve our financial health during this time. We will follow state and local directives when making re-opening decisions.”

Ms. Reiff continued, “I am so proud of our teams’ contributions during this incredibly difficult time for all. It is their hard work and commitment that has enabled us to be nimble and flexible. We have executed difficult but necessary actions in managing our costs, while simultaneously maximizing the opportunities for our customers with our fully-integrated website, click & pickup/contactless curbside delivery service and in-store appointments in select stores. Since the beginning of fiscal 2020, which began on March 29, online customer orders have nearly quadrupled the level of the prior year. While we are not providing financial guidance for fiscal 2020 at this time, with the strength of our online business and the swift cost actions we are implementing, I feel confident in our ability to successfully navigate this unprecedented environment.”

For earnings history and earnings-related data on The Container Store Group (TCS) click here.


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