Container Store not providing guidance, cites strategic alternatives evaluation

Container Store said that as the company continues to evaluate strategic alternatives, it is not providing financial guidance. “The Container Store has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any particular outcome. The Container Store does not intend to comment further regarding the review of strategic alternatives until it determines disclosure is necessary or advisable,” the company stated. Jeff Miller, Chief Financial Officer, commented, “Second quarter fiscal 2024 to date, our year over year sales decline has improved slightly from the decline we just reported for the first quarter of fiscal 2024. Our performance continues to be driven by relative strength in our Custom Spaces business with year over year growth in our Elfa and Preston product lines. However, our general merchandise category remains challenged resulting in double-digit year-over-year total sales declines, though not of the magnitude reported for the first quarter of fiscal 2024.”