The Container Store Group‘s net loss improved despite lower sales in the fiscal second quarter.
The group’s net loss in the second quarter ended September 28 totaled $16.1 million as net sales fell 10.5 per cent to $196.6 million.
The Container Store’s retail sales decreased 10.4 per cent to $186.8 million while Elfa International’s third-party net sales slid 12.9 per cent to $9.8 million.
Comparable store sales declined 12.5 per cent with general merchandise categories plunging 18.7 per cent. Meanwhile, Custom Spaces dropped 1.5 per cent. The group’s online sales went down 13.7 per cent.
“While the environment has remained challenging and promotions have intensified, we are pleased to see traffic trends improve from earlier in the year and look forward to continuing on the trajectory we are building,” said Satish Malhotra, CEO and president of The Container Store.
“Additionally, we are excited to realize the longer-term opportunities that we believe will come from our recently announced partnership with Beyond Inc.”