RTTNews | Nov 3, 2021 10:56AM EDT

10:53 Wednesday, November 3, 2021 (RTTNews.com) - Container Store Group, Inc. (TCS) shares are gaining on Wednesday morning trade after the company reported an increase in second-quarter net profit on 11.2 percent growth in net sales. Further, the outlook for the third quarter came in above estimates.

The second-quarter earnings were $27.19 million or $0.54 per share from $20.20 million or $0.41 per share last year. Analysts expected $0.29 per share on revenue of $260.47 million.

Net sales increased to $275.95 million from $248.24 million last year.

Looking ahead, the company said it currently expects third-quarter consolidated sales to decline around five percent, compared to the third quarter of fiscal 2020.

Earnings per share for the third quarter of fiscal 2021 is expected to be approximately $0.20. Wall Street analysts are looking for $0.19 per share.

Currently, shares are at $13.80, up 21.06 percent from the previous close of $11.40 on a volume of 1,553,107. For the 52-week period, the shares have traded in a range of $8.75-$19.31 on average volume of 519,372.

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