Huge relief rally for The Container Store after earnings

• Comparable-store sales rose 0.2% for The Container Store (NYSE:TCS) in Q1 to top the company's guidance.
• Management says the TCS Closets business provided a positive lift to sales.
• The company's gross margin rate was up 10 bps to 57.9%. Extra volume from a free shipping policy on orders of $75 and over helped to offset some of the lost income from the measure.
• The effective tax paid rate during the quarter was 33.9% vs. 25.2% a year ago as the domestic vs. international mix rate shifted.
• Looking ahead, FY16 sales of $830M to $845 are expected vs. $859M consensus.
• Previously: The Container Store misses by $0.01, beats on revenue (April 25)
• TCS +21.96 in after-hours trading to $7.11.