Storage and organization retailer The Container Store Group reported net sales of $245.3 million in the first quarter of fiscal 2021, up 61.7 percent from the previous year and up 17.1 percent from the first quarter of fiscal 2019.
Net sales for The Container Store’s retail business were $228.7 million, up 64.1 percent from the first quarter of fiscal 2020. That number includes a 69.5 percent rise in other product categories and a 58.6 percent increase in custom closets.
“We are very pleased to have delivered record-setting first-quarter results from both a net sales and profitability perspective,” said Satish Malhotra, president and CEO of The Container Store. “We are very encouraged by the early strides we are making on our strategic priorities of deepening our relationship with customers, expanding our reach and strengthening our capabilities.”
Malhotra said The Container Store is in the early stages of the path toward $2 billion in net sales.
Third-party net sales for Elfa International AB, The Container Store’s international subsidiary, were $16.6 million, up 34.8 percent from the first quarter of fiscal 2020.
Earlier this year, The Container Store partnered with buy now, pay later (BNPL) platform Afterpay.
The flexible spending and payments solution will be available starting mid-June for Container Store customers in physical retail locations as well as online. Afterpay enables people to pay for items purchased in four interest-free payments.
“Retailers that offer customers flexible spending options see increased conversion, basket size and customer satisfaction,” said Malhotra.
He added that aside from giving their own customers a flexible payment option, Afterpay users will have access to The Container Store’s organization solutions and “reap the benefits of living a more organized and stress-free life.”