Container Store shares sink as earnings fall short of Wall Street's expectations
Shares of The Container Store Group Inc. skidded in Tuesday's extended session after the retailer posted weaker-than-expected quarterly earnings. The Container Store reported its fiscal third-quarter earnings shrank to $9.32 million, or 19 cents a share, from $28.4 million, or 59 cents a share, in the year-earlier period. On an adjusted basis, the company would have earned 7 cents a share. Revenue edged down to $221.6 million from $223 million. Analysts surveyed by FactSet had forecast earnings of 12 cents a share on revenue of $231 million. For fiscal 2018, the company projected revenue in the "lower end" of $885 million to $895 million range and adjusted earnings per share in the "low end to slightly below" 41 cents to 51 cents, mostly in line with analysts' estimate of adjusted EPS of 43 cents and revenue of $889.6 million. The Container Store shares slumped 17% 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.