Tupperware Sales Slide on Strong Dollar

Tupperware Brands Corp. posted second-quarter earnings Wednesday that were higher from last year and beat expectations, though revenue slid some 13% as the strong U.S. dollar dented sales.

The Orlando, Fla.-based company issued muted guidance for the current quarter, expecting adjusted earnings to land in the per-share range of 69 cents and 74 cents. Analysts polled by Thomson Reuters had forecast earnings of 83 cents for the quarter.

The container maker leaned heavily on emerging markets for some 67% of sales in the quarter ending in June. The strength of the U.S. currency weighed on revenue, with sales in South America up 21% in local currency but down 25% in dollars. A currency devaluation in Venezuela also hurt the top line.

Overall, Tupperware posted profit of $62 million with earnings on a per-share basis of $1.23, up from $47.6 million and 93 cents, respectively, during the same period a year earlier. On an adjusted basis, earnings were $1.21.

The company collected $588.9 million in revenue, down from $674.3 million.

In April, it had forecast earnings of $1.14 to $1.19 on revenue of $586.6 million to $600.1 million.

Shares of the company were inactive premarket.

Write to Ezequiel Minaya at [e-mail]

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