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Earnings call: The Container Store Reports Q2 Fiscal Year 2023 Earnings, Highlights Strategy Amid Declining Sales

Published 2023-11-01, 04:36 a/m
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  • The Container Store's net sales decreased by 19.4% YoY to $219.7 million, with retail business sales down 19.8% and online channel sales down 21.7% YoY.
  • The company has started testing AI-generated content on their website to improve the online customer experience.
  • The company reinstated its annual employee pay increase effective October 1 and launched a new recognition program.
  • The company expects consolidated net sales for Q3 to be $220 million to $225 million, and an adjusted net loss per share in the range of $0.08 to $0.04.
  • For fiscal 2023, the company revised its consolidated net sales outlook to be $870 million to $885 million and expects an operating loss of $20 million to $13 million.
  • The company plans to open five new stores in fiscal 2023 and four new stores in fiscal 2024.

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