Container Store Group (NYSE: TCS) jumped in late Wednesday trading, after the company reported better-than-expected results for its second quarter and raised its full year forecast.
The company based out of Coppell, Texas, announced Tuesday consolidated Q2 net sales of $218.4 million, up 6.5%. Net sales in The Container Store retail business were $202.3 million, up 7.0%, inclusive of an estimated $1.4 million impact due to lost sales associated with Hurricanes Harvey and Irma. Elfa International AB third-party net sales were $16.1 million, up 0.7%.
Consolidated loss income per share (EPS) was $0.02 compared with a gain of $0.07 in the second quarter of fiscal 2016. Adjusted net income per share was $0.12 compared with $0.08 in the second quarter of fiscal 2016. Net loss per share and adjusted net income per share in the second quarter of fiscal 2017 include an estimated $0.01 per share negative impact related to the impact of the hurricanes.
CEO Melissa Reiff said, "We are happy to deliver fiscal second quarter results that are ahead of our expectations on both the top and the bottom line, despite hurricane-related headwinds in our Texas and Florida markets, where we experienced temporary store closings in approximately 12% of our store base during the quarter.
"The improvement in our business was broad-based across product categories and reflects the traction of our sales revitalization initiatives which, in combination with our efficiency and optimization efforts, is already driving an encouraging improvement in profitability as illustrated by the 50% increase in our Adjusted EPS in the second quarter."
Shares in TCS rumbled higher $1.29, or 33.7%, to $5.12.
