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The Container Store Group, Inc. (NYSE:TCS) (the "Company"), today provided an update on its third quarter fiscal 2023 outlook in advance of its presentation and investor meetings at the 2024 ICR Conference.
The Company now expects consolidated net sales to be approximately $214 million, compared to its prior guidance range of $220 million to $225 million. The Company is still finalizing its quarterly closing procedures, but expects its profitability for the quarter to be negatively impacted by the sales shortfall. The Company will discuss its full financial results and outlook for the fourth quarter fiscal 2023 on its third quarter fiscal 2023 earnings call, which is expected to occur in early February.
Satish Malhotra, Chief Executive Officer and President of The Container Store, commented, "The challenging business trends we experienced in the second quarter continued. General merchandise categories underperformed compared to our expectations and were relatively consistent with our second quarter performance. While our Custom Spaces business showed sequential topline improvement compared to our second quarter performance, the magnitude of improvement fell short of our expectations. We saw particular strength in our premium, wood-based Custom Spaces line, Preston™.
We continue to believe there is significant opportunity for growth in the Custom Spaces business. We remain focused on maximizing the potential of Custom Spaces as we manage the challenges in our general merchandise business. Our teams are dedicated to delivering exceptional customer experience across our channels and we are committed to positioning The Container Store for improved sales and profitability."
The Company is scheduled to host a fireside chat at the 2024 ICR Conference in Orlando, Florida, tomorrow, January 9, 2024, at 9:00 am Eastern Time. The fireside chat will be webcast live over the internet and can be accessed at investor.containerstore.com. An online archive will be available for a period of 30 days following the discussion.
Posted In: TCS
