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Container Store Group, Inc lowers FY 2014 guidance; gives Q2, Q3, Q4 2014 comparable store sales guidance

Tuesday, 8 Jul 2014 04:05pm EDT 

Container Store Group, Inc:Announces the opening of an additional eighth store location for FY 2014, in the Phoenix, AZ market on Jan. 31, 2015 to achieve its targeted 12pct minimum square footage growth.Additional store will have limited timeframe to generate sales in the fiscal year, but will record all opening expenses in FY 2014 and as such is expected to reduce current year net income per diluted common share by about $0.02.Updates FY 2014 consolidated net sales to be $820 to $830 million based on announced store openings and an increase in comparable store sales of 1.5pct - 2.5pct.Expects FY 2014 net income to be $0.49 to $0.54 per diluted common share.Expects FY 2014 adjusted EBITDA to be $98 to $102 million.Expects comparable store sales to be flat to slightly positive in the Q2 2014 and Q3 2014, and to increase in the mid single digit range in the Q4 2014.FY 2014 revenue of $831 million and EPS of $0.57 - Thomson Reuters I/B/E/S.