TCS - Why The Container Store Stock Rallied 18% at the Open Today
Shares of home organization retailer The Container Store (NYSE: TCS) rose 18% out of the gate on Oct. 21. There wasn't any material news today to drive that, but on Oct. 20 the company reported earnings after the bell. So today was the first time investors could act on what turned out to be pretty good reading.
COVID-19 has left consumers stuck hiding at home and largely out of physical stores. That's a mixed blessing for a company like The Container Store, which sells products that help consumers organize their lives and homes. The company's fiscal first-quarter results highlighted the issue, with overall sales down 27.6% year over year but online sales up nearly 200%. The biggest headwind was really that the company's brick-and-mortar stores were forced to close, since online sales clearly showed there was still demand for the company's wares.
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Why The Container Store Stock Rallied 18% at the Open Today