Tupperware Stock Tumbles Over 35% As Turnaround Plan Stalls

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Tupperware Stock Tumbles Over 35% As Turnaround Plan Stalls

seekingalpha2022-11-02

Tupperware Brands Corporation stock crashed 35.19% in premarket trading on Wednesday after posting wide misses on Q3 earnings estimates.For the reported quarter, the Florida-based company notched $...

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JC1211
·2022-11-02
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Losses from continuing operations accelerated to $3.8M in the quarter, as compared to $60.4M in net income in the prior year period and $4.5M in the second quarter.“We experienced decelerating top line trends in Asia Pacific and North America, and continuing declines in Europe given ongoing geopolitical tensions and the difficult macroeconomic environment there,” CEO Miguel Fernandez said. “These trends were partially offset by continued positive sales growth in South America, where pricing actions have more than offset a modest decrease in sales force activity. Additionally, currency headwinds were more than expected given the continued strengthening of the dollar against most major currencies.”Despite the disappointing results, management indicated it will continue to pursue its turnaround strategy that includes expansion of retail operations.\"While we continue to make investments that are essential for our turnaround, we remain disciplined to ensure we are focused on meeting our debt covenants, while making decisions that we believe will improve long term profitability,\" CFO Mariela Matute said. \"Given the revenue trends year to date, we expect to take additional restructuring actions in the fourth quarter, as well as implementing stringent inventory reduction programs.\"The stark decline projected for the name on Wednesday adds to a nearly 60% decline for the stock in the past 6 months.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":27,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}