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What's happening? 
Shares of The Container Store Group (NYSE:TCS) fell more than 12% on Friday after the storage and organization retailer reported mixed fiscal third quarter results and reduced its full-year revenue outlook.

Why it's happening 
Revenue rose 1.4% year-over-year to $190.9 million for the quarter ended Nov. 29, helped primarily by new store sales, and hurt by a 3.5% decline in comparable store sales. For perspective, that decline was near the low end of The Container Store's guidance of flat to negative low-single-digit comps. In addition, the company said depreciation of the Swedish krona against the U.S. dollar negatively affected early revenue from its crucial annual Elfa sale to the tune of $2.6 million, which meant Elfa's third party net sales decreased by 8.6% in U.S. dollars. Measured in Swedish krona, Elfa's third party net sales actually increased by 1.9%.

Nonetheless, this still meant adjusted net income fell to $3.2 million, or $0.07 per share, compared to $5.2 million or $0.11 per share in the same year-ago period. Analysts, on average, were expecting EPS of $0.07 on higher sales of $199.2 million.

On the upside, management elaborated that comps and average tickets are up 2.7% and almost 2%, respectively, so far in the fourth quarter. Even so, after accounting for its third quarter weakness, The Container Store also lowered its full fiscal 2014 revenue guidance to a range of $785 million to $795 million, with net income per share of $0.52 to $0.55. It previously expected fiscal 2014 revenue of $800 million to $810 million, and earnings per share of $0.52 to $0.57.