Tupperware shares have fallen by 40% year-on-year in Q3 2022, making it one of the worst-performing US stocks today.
In the earnings report for the third quarter of the current year, Tupperware shares were trading at $0.14 per share, much lower than the $0.42 expected by specialists and significantly lower than reported for the same period in 2021. As such, the company reports that this year’s revenue was $302.8 million, falling short of the $316 million expected, denoting a 20% drop from the previous year.
According to executives, the decline in sales in North Africa, Asia-Pacific and Europe was due to Tupperware’s internal and external issues that affected business performance during Q3 2022, impacting expected results for Q4. It was also mentioned that the difficulties they face with FX are greater than expected as the US dollar continues to strengthen compared to other major economies.
As of today, Tupperware shares are down by 40%, positioning them below the support zone in the $6 area, trading at the lowest levels since 2020.
On the bright side, the company’s products will be available in Target shops in the US, so it is expected to start partnering with large retailers.
