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Container Store fiscal Q1 loss narrows YOY

The Container Store Group, Inc. said its normalized net income for the fiscal first quarter ended May 31 was a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 6 cents per share.

The per-share loss narrowed 93.9% year over year from $1.16.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.4 million, compared with a loss of $3.4 million in the first quarter ended June 1, 2013.

The normalized profit margin climbed to negative 1.9% from negative 2.1% in the year-earlier period.

Total revenue increased 8.6% year over year to $173.4 million from $159.6 million, and total operating expenses increased 9.4% on an annual basis to $174.5 million from $159.5 million.

Reported net income came to a loss of $3.6 million, or a loss of 7 cents per share, compared to a loss of $27.1 million, or a loss of $9.25 per share, in the first quarter ended June 1, 2013.