Shares of specialty retailer The Container Store Group, Inc. (TCS) are down more than 22% in the morning trade on Wednesday following third-quarter results.
Net income in the third quarter declined to $13.7 million or $0.27 per share from $19.7 million or $0.40 per share last year.
Excluding one-time items, adjusted EPS was $$0.28 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share.
Net sales for the quarter decreased 3% year-over-year to $267.3 million.
Looking forward, the company expects fourth quarter sales to decline about 11% year-over-year. Analysts expects sales to decline 12.4% in the quarter.
EPS for the fourth quarter is expected to be nearly $0.24. The consensus estimate stands at $0.3 per share.
TCS touched a new low of $7.80 this morning, before edging up to $8.14 currently.
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