Container Store reports Q2 adjusted EPS 1c, consensus (5c)

Reports Q2 revenue $219.731M, consensus $209.35M. Satish Malhotra, Chief Executive Officer and President of The Container Store, commented, “For the second quarter we delivered results above the high end of our expectations against the continued challenging macro-environment. We continued to give new and existing customers reasons to shop with us through our successful back-to-college campaign and hundreds of new, premium products supported by our ‘Uncontained’ branding campaign. While sales remain pressured, we are incredibly pleased with the performance of these initiatives which complement our core offering of storage and organization solutions. Similar to what we saw in the first quarter, new products and premium Custom Spaces performed significantly better than our core and value-oriented general merchandise assortment, underscoring the importance of our ongoing focus on growing our premium offering. In addition, we successfully incorporated key learnings from promotional tests earlier this year that encourage customer engagement while balancing a disciplined promotional cadence. Our store specialists continued to deliver an exceptional customer experience despite these turbulent times, which was demonstrated by a record-high store net promoter score of 81 for the second quarter.”