Why Shares of Tupperware Brands Slumped Today
Shares of food storage products company Tupperware Brands (NYSE: TUP) tumbled on Wednesday following a second-quarter report that missed expectations. Revenue was down a double-digit percentage, and the company lowered its guidance for the full year. The stock was down about 17.5% at 3 p.m. EDT.
Tupperware reported second-quarter revenue of $475.3 million, down 11% year over year and $28 million below the average analyst estimate. Adjusted for currency, sales were down 7%. The company blamed geopolitical concerns and consumer spending headwinds in some of its markets for the weak sales.
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