Tupperware Second Quarter Sales Fall 18 Percent to 340.4 Million

Tupperware Brands said second-quarter 2022 net sales were 340.4 million dollars, down 18 percent from a year earlier, or 14 percent in constant currency. Gross profit was 220.7 million dollars with a 64.9 percent margin. Income from continuing operations was 4.5 million dollars, or 9 cents per diluted share, and adjusted diluted earnings per share from continuing operations were 41 cents. Net income was 1.2 million dollars, or 2 cents per diluted share.

Chief executive Miguel Fernandez said lower sales-force activity, China lockdowns, and weak European consumer sentiment weighed on results, partly offset by South America strength. The company continued its turnaround plan of right-sizing, inventory reduction, and non-core beauty divestitures after closing Nutrimetics and House of Fuller Mexico. Higher resin and logistics costs compressed margins despite pricing actions.