Even with rival Bed Bath and Beyond closing its doors, The Container Store expects a sales decline to worsen, sending shares toward the lowest prices since 2020
Even with rival Bed Bath and Beyond Inc. closing its doors, Container Store Group Inc. expects a sales decline to worsen, sending shares toward their lowest prices since 2020 on Tuesday afternoon.
In a fiscal fourth-quarter report, Container Store TCS reported Tuesday that annual revenue declined 4.3% to $1.05 billion, and executives surprisingly predicted a much larger decline in the new fiscal year, guiding for annual sales of $885 million to $900 million. Analysts on average had expected slight sales growth in the new fiscal year, forecasting $1.07 billion on average, according to FactSet.
In a statement, Chief Executive Satish Malhotra referred to the annual guidance as “cautious,” and influenced by a rough start to the first quarter, while suggesting cost cuts were on the way.
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