TUPPERWARE BACK IN BUSINESS AS SALES SOAR AMID COVID PANDEMIC
Tupperware relied on social gatherings for explosive growth in the mid 20th century. In the 21st century, it is social distancing that is fueling sales, Matt Ott reported for the Associated Press (AP).
Restaurant pain has turned into Tupperware’s gain with millions of people in a pandemic opening cookbooks again and looking for solutions to leftovers. They’ve found it again in Tupperware, suddenly an “it brand” five decades after what seemed to be its glory days.
The explosion of sales caught almost everyone off guard and shares of Tupperware Brands Corp., which had been rising since April, jumped 35% to a new high for the year.
Shares that could be bought for around $1 in March, closed at $28.80 on Wednesday. On the same day, Tupperware reported quarterly adjusted earnings of $1.20 per share, triple what Wall Street had expected. Revenue of $477.2 million was about 30% higher than forecasts and 14% better than last year.
CEO Miguel Fernandez said the company, based in Orlando, Florida, had shifted more heavily to digital sales to accommodate those sheltering in the pandemic. He also noted “increased consumer demand.” The company earlier this year had begun a turnaround campaign. Fernandez, who once led Avon, was named CEO in March just as COVID-19 infections began to spread in the US.