Container Store shares rally on strong fourth-quarter earnings
Container Store Group Inc. shares rallied in Tuesday's extended session after the storage retailer posted quarterly results that solidly beat expectations. Container Store reported that it swung to a fourth-quarter profit of $15.88 million, or 33 cents a share, from a loss of $399,000, or a penny a share, a year earlier. On an adjusted basis, the company would have earned 33 cents a share versus 18 cents a share a year ago. Revenue rose 8.8% to $253.2 million while comparable store-sales gained 8.5%. Analysts surveyed by FactSet had forecast earnings of 30 cents a share on revenue of $243 million. For full 2019, Container Store projected net sales of $915 million to $925 million and earnings per share of 41 cents to 51 cents. Shares of Container Store soared 15% after hours. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.