Container Store Sales Rise 7.3 Percent in Q3
January 8, 2014,
COPPELL, Texas-In its first quarterly financial report since the completion of its initial public offering in November, The Container Store posted a net sales gain of 7.3 percent, to $188.3 million.
The specialty retailer also reported a net loss of $9.5 million in the quarter, which ended on Nov. 30, compared to net income of $6.9 million in last year's quarter. This included stock-based compensation of $14.6 million, compared to $157,000 in last year's quarter.
Kip Tindell, The Container Store's chairman and CEO, said the sales gain got its drive from the company's retail business, which brought a 10.8 percent sales gain. Same-store sales were up 4.7 percent, marking the 14th consecutive quarter of same-store sales increases. "These results demonstrate the strength of our differentiated business model, brand awareness, unique employee-first culture and solid execution by the entire team at The Container Store," Tindell said.
Tindell said he foresees a "long runway of growth" ahead for The Container Store, which will take it from its current store count of 63 to "the 300-plus opportunity that we believe exists."