Tupperware Fourth-quarter Earnings, Revenue Miss Expectations

Tupperware Brands Corp. said it had net income of $58.1 million, or $1.15 per share, in the fourth quarter, down from $82.3 million, or $1.63 per share for the same period last year. Adjusted earnings per share were $1.35, against a FactSet consensus of $1.38. Sales for the quarter totaled $592.1 million, down from $679.9 million. The FactSet consensus was $608 million. "We had a disappointing quarter as we lapped a tough comparison and continued to see an impact from economic and political headwinds in many of our units," said Chief Executive Rick Goings. The company said that emerging markets accounted for 63% of sales, with Argentina, Brazil, China and Tupperware Mexico making the largest contributions. Tupperware expects sales for the first quarter of fiscal 2016 to decline between 10% and 12% with earnings per share between 74 cents and 79 cents. Tupperware shares are down 13.8% for the past 12 months while the S&P is down 6.2% for the same period.

Copyright © 2016 MarketWatch, Inc.