Shares of The Container Store tanked by more than 24% in after-hours trading after the company posted earnings that missed on the top and bottom line.
The storage company reported fourth quarter adjusted net of $US0.24 per diluted common share, missing expectations for earnings of $US0.31.
The company posted net sales of $US224.3 million for the quarter, missing expectations for revenue of $US234 million.
For the full year, revenue totaled $US781.9 million.
Comparable store sales fell 0.8% quarter-over-quarter, and 1.4% in the full year 2014.
“Our fourth quarter did not conclude according to early-in-the-quarter trends,” said CEO Kip Tindell. “Weather was a contributing factor, as we experienced winter storms in February during the vitally important last 4 days of our 50-day Annual Elfa Sale and during the last week of our 19-day Sale’s extension.”
Elfa is a brand of storage shelves the company makes.
Tindell added that the strong dollar impacted sales, wiping 14.9% from net sales of Elfa in the Nordic market due to the greenback’s gain against the Swedish krona.
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