Shares of Tupperware (NYSE:TUP) are down more than 34% today after the marketing company reported Q1 adjusted EPS from continuing operations that were below the consensus estimates.
The marketing company reported adjusted EPS from continuing operations of 12c, far below the analyst estimates of 53c per share. Net sales came in at $348.1 million, also below the analyst expectations of $362.5 million.
“Results came in below our expectations due to a combination of external and internal factors. Sales were negatively impacted by the Russia/Ukraine conflict, as well as strict COVID-related lockdowns in China and internal challenges in execution, technology, and service,” the company said.
It added that the “profitability was significantly impacted by persisting inflationary pressures and the latency between rising input costs and our decision to increase prices.”
As a result, the company withdrew its FY 2022 continuing operations outlook.
“Due to the high degree of operational uncertainty we currently face, we have decided to withdraw our previously issued financial guidance for 2022. We remain confident in our ability to execute on our Turnaround Plan and growth strategy, with the end goal being to make this company as big as our iconic Tupperware brand,” the company added.
TUP also announced it appointed a new CFO, Mariela Matute.
By Senad Karaahmetovic