The Container Store Group Inc. said Monday that it is reducing its payroll and freezing wages as part of a broader cost-cutting push following a year of heavy investment that took a toll on results.
The company said Monday that it is reducing its payroll and freezing wages as part of a broader cost-cutting push following a year of heavy investment that took a toll on results.
Container Store said its same-store sales—defined as sales at stores open for at least 16 months and online sales—improved 0.2% in the quarter ended Feb. 27. The Coppell, Texas-based company had projected a decline between 3% and 5%.
The retailer said results were driven in part by sales of its exclusive closet system known as TCS Closets. Container Store has been trying to revamp sales in a discount-driven retail climate by boosting spending and offering such perks as free shipping on orders above $75.
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