With a goal of doubling its sales to $2 billion by fiscal 2027, the Texas-based retailer of storage and organisation products and solutions said it plans to open 76 stores during the next five years, including two locations this year
The Container Store noted that it currently has only five per cent of the $20bn home storage and organisation market.
“This growth coupled with our more productive store base, and disciplined expense management is expected to result in low double-digit operating margins over time as inflationary headwinds abate,” said Satish Malhotra, CEO and President, in a statement with the company’s fourth-quarter earnings.
The Container Store exceeded the $1bn mark in net sales for the first time in its history in fiscal 2021 (ended April 2), posting $1.1bn in consolidated net revenues. Net income was $81.7M, or $1.62 per share, in fiscal 2021 compared to net income of $58.3M, or $1.17 per share in fiscal 2020.
“We are very pleased with our stronger than expected fourth-quarter performance which capped off the best year of sales and profitability in company history,” said Malhotra.