NEW YORK (TheStreet) -- Shares of Container Store Group Inc. (TCS) are falling -12.49% to $23.69 in after-hours trading after it posted a fiscal first quarter loss of $3.6 million or a loss of 7 cents per diluted share, wider than the average estimate of analysts surveyed by Reuters of a loss of 6 cents per diluted share.
Revenue was $173.4 million as its CEO said, "we are experiencing a retail 'funk'.
Looking forward, Container Store updated annual fiscal 2014 guidance and said net sales are expected to be $820 to $830 million, which is down from its previous guidance of between $827 million to $837 million.
Net income is expected to be 49 cents to 54 cents per diluted common share versus its previous guidance of between 56 cents to 61 cents per diluted common share.
Lastly, the retailer said it expects comparable store sales to be flat to slightly positive in the second and third quarters of fiscal 2014, and to increase in the mid-single digit range in the fourth quarter of fiscal 2014.