Container Store crashes (TCS)

container store retail

Shares of The Container Store tanked by more than 24% in after-hours trading after the company posted earnings that missed on the top and bottom line.

The storage company reported fourth quarter adjusted earnings oer share $0.24, missing expectations for earnings of $0.31. 

The company posted net sales of $224.3 million for the quarter, missing expectations for revenue of $234 million.

For the full year, revenue totaled $781.9 million. 

Comparable store sales fell 0.8% in the fourth quarter, and 1.4% in the full year 2014.

"Our fourth quarter did not conclude according to early-in-the-quarter trends," said CEO Kip Tindell. "Weather was a contributing factor, as we experienced winter storms in February during the vitally important last 4 days of our 50-day Annual Elfa Sale and during the last week of our 19-day Sale’s extension."

Tindell added that the strong dollar impacted sales, wiping 14.9% from net sales of Elfa in the Nordic market due to the greenback's gain against the Swedish krona.

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