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The Container Store Plans 9 New Stores

Struggling specialty retailer also posts major revenue drop in most recent quarter

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Photography: Courtesy of The Container Store

The Container Store Group Inc. (Coppell, Texas) said it plans to open six new small-format stores in fiscal 2023 and three new stores in fiscal 2024. The company detailed those openings in its first quarter 2023 results, which showed the company saw its consolidated net sales drop 21.1 percent compared to the first quarter of fiscal 2022, and its comparable store sales drop 19.9 percent for the same period.

As of July 1, the company – which describes itself as a specialty retailer of organizing solutions, custom spaces and in-home services – operated 97 stores, up three from a year earlier. Though the retailer did not open any stores during the first quarter of fiscal 2023, it said it plans these store openings during the remainder of that year:

Estimated Opening
San Mateo, Calif. Fall 2023
Woodland Hills, Calif. Fall 2023
Princeton, N.J. Fall 2023
Gaithersburg, Md. Winter 2023
Miami Spring 2024
Huntington, N.Y. Spring 2024

As for the company’s performance, President and CEO Satish Malhotra said: “Our first quarter topline performance was in line with our expectations and reflects the impact of the ongoing challenging macro environment. During the quarter, we continued our focus on bringing merchandise newness and innovation to our customers, and delivering an engaging in-store experience demonstrated by a net promoter score of 81. We also tested a number of different promotional events to entice our customers. While these tests pressured margins in the quarter, they unlocked key learnings that we are incorporating into our go-forward promotional plans. We also successfully executed against our cost-cutting action plan that did not jeopardize our focus on customer experience.”

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