MW Tupperware sounds another warning for investors with more filing delays
By Claudia Assis
The company has delayed filing its annual report amid trouble retaining accountants
Tupperware Brands Corp. said Friday it will miss the deadline to file its 2023 annual report amid cascading delays and trouble retaining employees involved in accounting.
Tupperware $(TUP)$, synonymous with food-storage containers and other kitchen products, issued a going-concern warning a year ago. The company named a new chief executive in October, but trouble has persisted.
In a regulatory filing Friday, the company said that previously disclosed hurdles and delays in 2022 led it to file its 2022 10-K in October.
As a result of that "significant delay," quarterly reports also got delayed and were only filed on Friday, contributing to the delay in filing its 2023 10-K. Moreover, "due to the ongoing material weaknesses in internal control over financial reporting, significant additional procedures are warranted" before it can file that annual report, the company said.
Additionally, thanks to its "challenging financial condition and extensive efforts" to complete the previous form, "the company's accounting department has experienced, and continues to experience, significant attrition which has resulted in resource and skill-set gaps, strained resources and a loss of continuity of knowledge - all of which contributed to delays in the filing of the 2023 Form 10-K," Tupperware said.
Shares of Tupperware are down 44% in the past 12 months, contrasting with gains of around 30% for the S&P 500 index SPX.
-Claudia Assis
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(END) Dow Jones Newswires
March 29, 2024 15:35 ET (19:35 GMT)
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