Container Store Q1 Comps Grow, Net Loss Shrinks

Fiscal year first quarter sales at The Container Store were up as the retailer’s custom closets business was cited by company officials as a key driver.

For the period ended June 30, consolidated net sales were $195.8 million, up 6.9% from the comparable quarter the prior year. Retail sales were up 7.8% while Elfa sales were down 1.9%. Comparable store sales were up 4.7%.

Consolidated net loss and net loss per share were $6.8 million and $0.14 compared with $7.7 million and $0.16, respectively, in the first quarter of fiscal 2017. Adjusted net loss per share was $0.08 compared with $0.11 in the first quarter of fiscal 2017.

“Our strong fiscal fourth quarter momentum carried through the first quarter of fiscal 2018 with improving trends in our custom closets business as well as ongoing positive comparable store sales contribution from our other product categories, as our sales revitalization and optimization initiatives continued to deliver positive results,” said Melissa Reiff, the company’s CEO.

During the first quarter, the company opened one new store in Bridgewater, NJ. During the remainder of fiscal 2018, the company plans to open one additional location in Oklahoma City, OK, and also plans to relocate its Cherry Creek store in Denver and its Tysons Corner, VA, store.