Container Store Group Inc (NYSE:TCS) announced $6.96mm or $0.14/share on $193.25mm in sales during the 2nd quarter. The retailer surpassed analysts’ expectations, which was $0.11/share. This beat last quarter profits of $4.11mm on $183.7mm during the same quarter one year ago.
Management are optimistic about the company’s growth. Chairman and Chief Executive Officer Kip Tindell states:
“Our gross margin is strong, our SG&A expense management is strong, and we continued to achieve increased average ticket growth. We’re pleased that this, combined with our new store growth, helped drive our earnings performance with a 38.7% increase in adjusted net income, despite sluggish comparable store sales. We have maintained our pricing integrity in an increasingly promotional retail environment.”
Year to date the company has already opened five new locations. Container Store Group Inc (NYSE:TCS) plans the opening of three new locations this year with a targeted 12% minimum sq. footage growth rate. This puts them among the highest retail growth rate compared with is peer group.
The company plans to launch seven TCS Closets in Texas – these locations will help drive further sales to the company. Next month, November will be when they launch the first store, and the rest will be opened by the end of the year. Each item in the store will cost an average of $2,000 or more.
Since July, its newly launched customer loyalty program, Perfectly Organized Perks have signed up over 1mm customers. Their latest initiative, Its Contained Home, provides shoppers with customized home designs and planning services. The company has expansion plans for locations in Washington D.C. in October, and two more locations at Denver and San Antonio in November by 2015.
This is the following timeline for the company:
- Salt Lake City, UT (Fashion Place Mall) (Launch Date: October 18th)
- Chicago, IL (South Loopn) (Launch Date: November 15th)
- Glendale, AZ (Arrowhead Towne Center) (Launch Date: February 7, 2015)
This is the past earnings consensus vs. expectation (TheStreet):
| Date | Qtr | EPS | Cons. | Surprise | Revs | Cons. | . | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10/6/14 | Q214 | $0.11 | $0.11 | $0.00 | $193.2M | $199.24M | |||||
| 7/8/14 | Q114 | -$0.07 | -$0.06 | -$0.01 | $173.4M | $174.2M | |||||
| 4/28/14 | Q413 | $0.22 | $0.27 | -$0.05 | $216.8M | $222M | |||||
| 1/7/14 | Q3 | $0.11 | $0.08 | +$0.03 | $188.3M | $188.89M |
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