Tupperware Brands Corp (NYSE:TUP) shares are trading lower Wednesday after the company reported worse-than-expected financial results and withdrew its full-year guidance.
Tupperware said first-quarter revenue decreased 16% year-over-year to $348.1 million, which came in below the $356.8 million estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 12 cents per share, which came in below the estimate of 52 cents per share.
Tupperware said revenue was negatively impacted by the Russia/Ukraine conflict, COVID-related lockdowns and internal challenges related to execution, technology and service.
Tupperware withdrew its previously issued guidance citing similar challenges and uncertainty. The company said it will consider establishing a new outlook upon improved visibility.
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TUP Price Action: Tupperware shares are making new 52-week lows on Wednesday.
The stock was down 30.4% at $12.36 at time of publication.
Photo: courtesy of Tupperware.
