Container Store (NYSE:TCS) stock was surging on Wednesday after the company released its earnings report for its fiscal first quarter of 2018.
During its fiscal first quarter of the year, Container Store reported losses per share of 8 cents. This is better than its losses per share of 11 cents from the same time last year. It was also good news for TCS stock by beating out Wall Street’s losses per share estimate of 13 cents for the period.
Container Store also reported a net loss of $6.74 million during its fiscal first quarter of 2018. The company’s net loss from the fiscal first quarter of 2017 was $7.68 million.
Container Store’s earnings report for its fiscal first quarter of the year also includes an operating loss of $2.34 million. This is up from the specialty retail chain’s operating loss of $8.04 million that was reported in the same period of the year prior.
Revenue of $195.82 million reported by Container Store for its fiscal first quarter of 2018 was also a positive for TCS stock. This is an increase over the company’s revenue of $183.07 million reported in the second quarter of the previous year. It also comes in well above analysts’ revenue estimate of $190.60 million for the quarter.
To go along with its positive earnings report for its fiscal first quarter of the year, Container Store also updated its guidance for its fiscal full year of 2018. It is now expecting earnings per share to range from 38 cents to 48 cents on revenue between $890 million and $900 million. The previous outlook was for earnings per share ranging from 35 cents to 45 cents on revenue between $880 million and $890 million. Wall Street is looking for earnings per share of 39 cents on revenue of $882.48 million for TCS’ 2018 fiscal year.
TCS stock was up 39% as of Wednesday afternoon and is up 30% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.