Container Store Group Q2 sales increased 0.1%
The result for consolidated net sales for the second quarter of fiscal 2015 was $195.5 million, up 1.2% compared to the second quarter of fiscal 2014 after converting the Elfa International AB portion of consolidated net sales from Swedish krona (SEK) to U.S. dollars.
Elfa International AB third-party net sales for the second quarter of fiscal 2015 were SEK 135.2 million, up 7.2% compared to the second quarter of fiscal 2014.
Converting Elfa International AB third-party net sales to U.S. dollars reduced the consolidated net sales results by 1.9% percent, from 3.1% to 1.2%, or $3.8 million for the second quarter of fiscal 2015 compared to the second quarter of fiscal 2014 using the prior year conversion rate for both periods.
Consolidated net income per diluted share (EPS) was $0.06 for the second quarter of fiscal 2015, reflecting, as planned, approximately $0.02 per diluted share attributable to spend for key strategic initiatives.
This compares to consolidated adjusted net income per diluted share of $0.11 in the second quarter of fiscal 2014.
Fiscal 2015 continues to serve as an investment year for the company as it takes the necessary steps to properly and fully support employee training, customer service improvements and marketing for its strategic initiatives. Accordingly, the company believes the greatest impact of the initiatives to sales will come in 2016 and beyond.
The company is on track to achieve its targeted 12% square footage growth by opening a total of 10 stores for the 2015 fiscal year. The company opened two new stores and relocated one store in the second quarter of fiscal 2015, to end the quarter with 73 stores. ■