Tupperware Brands Corp. (TUP—NYSE) reported a sequential sales improvement in the second quarter, despite year-over-year comparisons that remain unfavorable.
Quarterly revenue totaled $564.7 million, down 4 percent in dollars and up 3 percent in local currency from a year earlier. Analysts polled by Thomson Reuters had predicted revenue of $559.9 million. The maker of kitchenware products reported strong sales in Brazil, China, Malaysia/Singapore and Mexico, partially offset by declines in Egypt and Turkey.
“When we look at the success of our large businesses in Brazil, up 22 percent in dollars and 41 percent in local currency, and Tupperware Mexico, down 2 percent in dollars but up 16 percent in local currency, it is proof of concept that the fundamentals of our business can generate significant returns from our 3.1 million global salesforce,” said Rick Goings, Tupperware Chairman and CEO.
For the quarter ended June 25, the company posted a profit of $52.4 million, or $1.03 a share, versus $62 million or $1.23 a share a year ago. Excluding some items and foreign exchange impact, earnings were $1.16 a share, down from $1.89 a year earlier. Analysts had expected adjusted earnings of $1.10 a share.
Management lowered its full-year adjusted earnings guidance to $4.25 to $4.35 a share. In April, the company had upped its forecast to $4.28 to $4.38 a share, from earlier guidance of $3.81 to $3.91.