The Container Store’s comparable store sales decreased by 19.9% in Q1 FY23. Credit: Isipeoria/commons.wikipedia.org.

Speciality retail chain The Container Store has reported consolidated net sales of $207.1m in the first quarter (Q1) of fiscal year (FY) 2023, down 21.1% compared to the same period in FY22.

During the quarter ending 1 July, net sales in The Container Store retail business (TCS) dropped by 20.9% to $195.1m and Elfa International third-party net sales also declined by 24.4% to $12.0m.

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The Container Store posted a 19.9% decline in comparable store sales over the quarter, with a 20.5% fall in general merchandise categories.

Online sales for Q1 FY23 also decreased 15.8% compared to the corresponding period in FY22.

The company reported a net loss of $11.8m during the quarter compared to net income of $10.5m in Q1 FY22.

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Net loss per share for Q1 FY23 was $0.24 against earnings per share of $0.21 in the same period last year.

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Its consolidated gross margin fell 180 basis points (bps) to 55.3% over the quarter.

The Container Store chief executive officer and president 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 jeopardise our focus on customer experience.”

For the fiscal ending 30 March 2024, the company expects consolidated net sales in the range of $875m – $890m and $205m – $215m in the second quarter of FY23.