The Container Store Group (TCS) Misses Q1 EPS by 1c, Cites 'Funk', Issues Weak Outlook

The Container Store Group (NYSE: TCS) reported Q1 EPS of ($0.07), $0.01 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $173.4 million versus the consensus estimate of $174.2 million.

The Container Store Group sees FY2014 EPS of $0.49-$0.54, versus the consensus of $0.57. The Container Store Group sees FY2014 revenue of $820-830 million, versus the consensus of $831 million.

"We thought our sluggish sales were all because of weather and calendar shifts that began last November and continued into the spring, but now we’ve come to realize it’s more than weather and calendar. Consistent with so many of our fellow retailers, we are experiencing a retail ‘funk’. Our comparable store sales declined 0.8%, in the first quarter.” said Kip Tindell, Chairman and Chief Executive Officer. “It is important to remember that historically first quarter at The Container Store is by far our lowest from both a sales and profitability standpoint. Simply put, it represents less than zero percent of our annual earnings. So we’re disappointed with the first quarter, but the first quarter has very little impact on our full year earnings results."

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

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