Wednesday January 8th, 2014 - 11:35AM
The Container Store Group, Inc. has announced financial results for the third quarter and year-to-date ended November 30, 2013. The company saw net sales increase 7.3% over the same period last year, with 10.8% sales growth in its retail business. Comparable store sales increased 4.7%, the company said, the fourteenth consecutive quarter of comp store sales growth.
“We are pleased with our operating results in the third quarter," Kip Tindell, chairman and CEO, said. "This performance in combination with our strong product margins and expense management drove adjusted net income per diluted common share of $0.11."
He added, "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.”
Also, The Container Store opened two new stores and ended the quarter with 63 stores in 22 states and the District of Columbia. The Company has opened six new stores including the relocation of one undersized, older format store in fiscal 2013
Tindell continued: “Our commitment to our Foundation Principles and Conscious Capitalism, our focus on training, communication and solutions-based selling, coupled with strong partnerships with our vendors, results in an unmatched store experience for our customers as they shop the world’s most comprehensive and celebrated collection of storage and organization solutions. With 63 stores today, we have a long runway of growth ahead of us as we expand our store base to realize the 300+ store opportunity that we believe exists.”
“During the third quarter we reached a significant milestone with our successful initial public offering,” Tindell concluded. “We couldn’t have been more thrilled, humbled and honored by the reception we received from the market. By taking this path, we are also able to facilitate broader employee ownership of The Container Store, increasing our ability to operate a business where everyone associated with it thrives. We look forward to continuing to deliver long-term value for all of our stakeholders.”