The Container Store Group (TCS) Misses Q4 EPS by 5c
The Container Store Group (NYSE: TCS) reported Q4 EPS of $0.22, $0.05 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $216.8 million versus the consensus estimate of $222 million.
“While 2013 was an exciting year for us, due to the historically unusual amount of winter storms, we did conclude the year with a difficult fourth quarter, which is always the most important quarter of our fiscal year. It was the worst weather we’ve ever seen in our over 35 year history, which impacted nearly all of our stores throughout the country. These extraordinary weather conditions were exacerbated with the shortened holiday shopping season – with two of the three most important weekends hard hit with weather and store closures,” said Tindell. “However, it’s important to note that our stores in less-weather impacted regions achieved a strong comparable store sales increase, well over plan for the fourth quarter. It’s also extremely important to understand that, unlike other retailers where January and February are low volume clearance sale months, at The Container Store these months are our most important to sales and profitability as we conduct Our Annual elfa Sale from December 24 through mid-February. In fact, at least 60% of our adjusted net income and approximately 40% of our Adjusted EBITDA have typically been derived during the fourth quarter.”
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