Specialty retailer The Container Store Group posted net sales of $219.7 million for the second quarter ended September 30, a drop of 19.4 per cent year over year.

Comparable store sales dropped 20 per cent, with general merchandise categories falling 20.4 per cent and customs spaces down 19.3 per cent.

The company recorded net loss of $23.7 million compared to net income of $15.7 million in last year’s second quarter.

As of September 30, the store base was 98, with one new store opened during the quarter.

“For the second quarter we delivered results above the high end of our expectations against the continued challenging macro-environment,” said Satish Malhotra, CEO and president of The Container Store.

“We continued to give new and existing customers reasons to shop with us through our successful back-to-college campaign and hundreds of new, premium products supported by our ‘Uncontained’ branding campaign.”

New products and premium custom spaces showed better performance than value-oriented general merchandise assortment, Malhotra elaborated, stressing the company’s ongoing focus on premium offering.

The company has lowered its full-year guidance, expecting net sales to be in the range of $870 – $885 million.