Following a net sales increase of 10.5% to $1.1 billion during FY2021, which ended April 2, 2022, The Container Store revealed that it is planning to open 74 new stores by FY2027. This would mark a major acceleration in the retailer’s store opening pace: The Container Store opened one store in FY2021 to reach its current total of 94 locations, and only two store openings are planned for FY2022.
The FY2021 results mark the first time the retailer has topped $1 billion in sales. “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.
“While fiscal 2022 will be a unique year as we contend with a dynamic macro backdrop, we will focus on our strategic initiatives to drive growth and market share gains,” said Malhotra. “We will continue to emphasize the power of organization and demonstrate The Container Store’s leadership within the $20 billion addressable market of home storage and organization. With only 5% of total market share today, we are confident in the opportunity ahead to grow sales to $2 billion by fiscal 2027.”
Recently, The Container Store has been taking steps to increase traffic, expand its reach and attract new customers including:
- Acquiring home storage and closet organization company Closet Works for $21.5 million in December 2021;
- Promoting its new branding campaign, Welcome to The Organization, with a 22% discount welcome offer on Feb. 22, 2022, which generated record-breaking single-day sales; and
- Introducing its Organized Insider tiered loyalty program and new mobile app in April.