Tupperware shares gain ground as 3Q sales outlook looks upbeat on international markets

Markets Associated Press

Tupperware jumped 5 percent in early trading Wednesday after the company said that sales are looking better as international markets improve.

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Tupperware said it is tracking toward the high end of its sales outlook, excluding foreign currency swings. In July, it said it expected a boost of 4 percent to 6 percent if exchange rates were not included. Tupperware said it's seeing better sales in Indonesia, France, Italy, Argentina, Brazil, China, Mexico, and South Africa.

Like other U.S. companies with sizeable overseas operations, the strong dollar has put Tupperware at a competitive disadvantage.

It' shares have slid 21 percent over the past three months and are down 29 percent over the past 12 months.

The company now expects currency swings to cut about 26 cents out of third-quarter profit, compared with prior guidance of a 22-cent impact.

In July, the company said it expected profit between 57 and 62 cents, with sales dropping between 10 percent and 11 percent. Excluding currency exchange rates and other items, it expects profit between 69 and 74 cents.

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Shares of Tupperware Brands Corp., rose $2.45, or 4 percent, to $51.50.