Container Store Shares Plunge 19% On Earnings, Sales Miss

(RTTNews) - Shares of the Container Store Group Inc. (TCS) slipped about 19% on extended session on Tuesday after the retailer reported a second-quarter earnings and revenues that fell short of Wall Street estimates.

The company reported second-quarter profit of $3.2 million or $0.07 compared to a loss of $0.9 million or $0.02 per share.

On an adjusted basis, earnings were $0.10 per share, down from $0.12 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.14 per share for the quarter.

Sales for the quarter grew 2.8% to $224.5 million from $218.4 million last year. Analysts had a consensus revenue estimate of $225.08 million for the quarter.

Sales in Container Store retail business were $208.9 million, up 3.3%. Elfa International AB third-party net sales were $15.6 million, down 3.1% due to foreign currency translation.

TCS closed Tuesday's trading at $10.05, up $0.36 or 3.72% on the NYSE. The stock, however, slipped $1.90 or 18.91% in the after-hours trade.