TCS - Why The Container Store Stock Was So Leaky Today
A double-digit fall in stock price was in the box for The Container Store (NYSE: TCS) on Wednesday. The specialty retailer's shares fell by almost 12% in value across the day after it unveiled its latest set of quarterly results.
After market hours on Tuesday, The Container Store published its second-quarter results, and they weren't all that pleasing. For the period, net sales slipped by over 1% year over year to just under $273 million. That was on the back of a 0.8% drop in comparable-store sales.
On the bottom line, The Container Store's non- GAAP (adjusted) net income came in at $13.8 million, or $0.27 per share. That also represented a decline from the same period a year ago, when the company posted a $27.2 million adjusted profit.
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Why The Container Store Stock Was So Leaky Today