An adjustable container capable of being converted from an expanded position to a contracted position and comprises a bottom wall, opposite sidewalls, and opposite end walls foldably joined to one another to form an interior space for containing articles. Each of the opposite sidewalls includes a pair of first gusset panels each of which including two identical coextensive panels having the same height as the side walls and is configured to be perpendicular to the respective sidewalls and the bottom wall. The bottom wall includes a second gusset panels that is defined by two identical coextensive panels and having the same height as the side walls and is folded upwardly out of the plane of the bottom wall and perpendicular thereto when the adjustable container is in the contracted position. The adjustable container also includes an adjustable sleeve that is used to securely cover the container during shipping and transportation.