Shares in The Container Store Group have plunged by as much as 39% in early trade this morning after the company reported an unexpected third-quarter loss.
The storage company reported a third-quarter loss of $1.7 million, or $0.04 a share, from a profit of $6.2 million, or $0.13 a share, a year earlier. The results include a $0.03 per share charge related to strategic initiatives, which was $0.01 higher than anticipated. Revenue for the thrid-quarter increased to $197.2 million from $190.9 million a year ago while same-store sales rose 0.5% from the same period last year. Analysts had been expecting the company to report earnings per share of $0.05 on revenue of $200 million.
The group opened four stores in the third quarter, taking its...
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