Business

Container Store’s stock tumbles as investor downsizes stake

The Container Store’s shares tumbled more than 5 percent on Monday after the retailer’s largest shareholder said it downsized its stake.

Leonard Green & Partners has sold 5 million shares in the Coppell, Texas-based home- and office-furnishings chain, representing 9.9 percent of the company’s outstanding shares, according to a regulatory filing. 

The private equity firm, which did not immediately respond to a request for comment, still holds 15.8 million shares.

The retailer known for selling organizational supplies has gotten a boost from the work from home trend during the past year, with sales up 20.5 percent to $275.5 million in the most recent quarter ended Dec. 26. Profits were $19.7 million compared with $2.4 million a year ago.

Its stock, which has risen nearly 62 percent over the past three months, was recently off 4 percent at $15.11.

Container Store hired a new chief executive a year ago — Satish Malhotra — who hailed from Sephora and became the retailer’s first CEO from outside the company in February.


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