The Container Store Group, Inc. Announces First Quarter 2024 Financial Results By Investing.com

First quarter consolidated net sales of $181.9 million, down 12.2% compared to the first quarter of fiscal 2023, including 10 basis points of negative foreign exchange impact

Comparable store sales^ down 13.7% compared to the first quarter of fiscal 2023; Custom Spaces+ up 1.9% more than offset by a decline in general merchandise categories

First quarter loss per share of $0.30 compared to loss per share of $0.24 in the first quarter of fiscal 2023; Adjusted loss per diluted share of $0.26 compared to adjusted loss per diluted share of $0.21 in the first quarter of fiscal 2023

COPPELL, Texas–(BUSINESS WIRE)–The Container Store Group, Inc. (NYSE: NYSE:) (the Company), today announced its financial results for the first quarter of fiscal 2024 ended June 29, 2024.

For the first quarter of fiscal 2024:

• Consolidated net sales were $181.9 million, down 12.2%, compared to the first quarter of fiscal 2023. Net sales in The Container Store retail business (TCS) were $171.5 million, down 12.1%. Elfa International AB (Elfa) third-party net sales were $10.3 million, down 13.7% compared to the first quarter 2023. Excluding the impact of foreign currency translation, Elfa third-party net sales were down 12.4%.
• Comparable store sales^ decreased 13.7%, with general merchandise categories down 21.8%, contributing a decrease of 1,440 basis points to comparable store sales^. Custom Spaces+ were up 1.9%, positively impacting comparable store sales^ by 70 basis points.
• Consolidated net loss and net loss per share were $14.7 million and $0.30 per diluted share, compared to net loss of $11.8 million and $0.24 per diluted share, respectively, in the first quarter of fiscal 2023. Adjusted net loss per diluted share was $0.26 compared to adjusted net loss per diluted share of $0.21 in fiscal 2023.

Satish Malhotra, Chief Executive Officer and President of The Container Store, commented, Our first quarter sales results continued to be impacted by ongoing macro-related headwinds though we were encouraged by sequential monthly improvement over last year in general merchandise and Custom Spaces. The sequential improvement in Custom Spaces resulted in positive comparable sales growth for the quarter. We attribute this change in sales trajectory to the strength of our Garage+ and Decor+ by Elfa launches, and our premium wood-based line Preston, which had the best sales order quarter in its history. Additionally, we were excited by the positive customer response to our recent new and relocated…