Tupperware Files Delayed 2023 Quarterly Reports and Warns 10-K Will Be Late

Tupperware Brands Corporation filed its three delayed quarterly reports for 2023 on March 29, 2024 and notified regulators the same day that it would not file its 2023 annual report on time.

The company's third quarter report showed net sales of 259.6 million dollars, down from 303.6 million dollars a year earlier, and a net loss of 55.8 million dollars. Net sales for the first nine months of 2023 were 828.3 million dollars, compared with 990.4 million dollars, and the net loss for the period was 125.1 million dollars. Tupperware said there is substantial doubt about its ability to continue as a going concern.

In its notice of late filing, Tupperware said ongoing material weaknesses in internal control, significant attrition in its accounting department, and the work required to finish the quarterly reports and bring in a new auditor delayed its 2023 Form 10-K. It said it expects the annual report to show a significant decline in revenue and results compared with 2022, but that no reasonable quantitative estimate could be made yet.

Tupperware filed its 2022 annual report in October 2023 after months of delays tied to prior period misstatements, and retained KPMG as its new auditor in January 2024.