Container Store Q2 Profit Meets Estimate; Revenue Misses; Cuts FY Outlook

(RTTNews) - Container Store Group, Inc. (TCS) reported net income for the second quarter of $7.0 million, compared to $4.1 million in the second quarter of last year.

After considering distributions accumulated to preferred shareholders of zero and $21.9 million in the second quarters of fiscal 2014 and fiscal 2013, respectively, earnings per share was $0.14 in the second quarter of fiscal 2014, compared to a loss per share of$6.06 in the second quarter of fiscal 2013.

Excluding items, adjusted net income for the second quarter was $5.1 million or $0.11 per share, compared to $3.7 million or $0.08 per share in the year-ago quarter.

Net sales for the second quarter rose 5.2% to $193.25 million from $183.77 million a year ago. Company same-store sales for the second quarter were down 0.4%.

Analysts polled by Thomson Reuters expected the company to earn $0.11 per share on revenue of $199.24 million for the second quarter. Analysts' estimates typically exclude special items.

For the full fiscal 2014, the company now forecasts net sales ofe $800 million to $810 million, earnings of $0.52 to $0.57 per share and adjusted earnings of $0.41 to $0.46 per share. Previously, the company forecast revenue of $820 million to $830 million and earnings of $0.49 to $0.54 per share. Analysts currently expect the company to earn $0.49 per share on revenue of $821.29 million for the full year fiscal 2014.