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The Container Store Group (TCS) released its financial results for Q4 and fiscal year 2023, showing significant declines in sales and earnings. Consolidated net sales for the year were $847.8 million, down 19% year-over-year, while Q4 sales dropped by 20.7% to $206.0 million. Comparable store sales fell by 19.7% for the year and 21.8% for Q4. The net loss per diluted share for the year was $2.09, improving from a higher loss of $3.21 in FY 2022. Adjusted net loss per diluted share was $0.32, compared to adjusted net income of $0.75 in the previous year. The company is suspending financial guidance as it reviews strategic alternatives, citing continued pressure on general merchandise but relative strength in its Custom Spaces segment.
The Container Store (NYSE: TCS) announced it received a non-compliance notice from the NYSE due to its stock price averaging below $1.00 over a 30-day period. This notice does not immediately affect the trading of TCS's common stock. The company plans to rectify this by considering options like a reverse stock split, pending stockholder approval, to regain compliance. TCS has six months to meet the NYSE's standards by maintaining a closing share price of at least $1.00. During this period, TCS's stock will continue to trade on the NYSE, provided it meets other listing requirements.
The Container Store Group, Inc. (NYSE: TCS) announced its fourth-quarter and full fiscal 2023 earnings conference call scheduled for May 14, 2024. The call will provide insights into the company's financial performance and include a Q&A session for investors and analysts.