Tupperware Brands Corporation ( NYSE: TUP ) reported a 18% drop in revenue in Q2 and saw adjusted EBITDA plummet to $38.1M from $92.1M a year ago.
Lockdowns in China, shifts in consumer behavior in Europe significantly, unfavorable F/X swings, and inflation negatively impacted Tupperware's ( TUP ) performance in Q2, although management did point to sequential improvement from Q1.
CDO update: "We nevertheless remain on track to further penetrate retail channels later this year, which we believe will be a milestone in our omnichannel evolution, and provide a needed catalyst for long-term growth. We acknowledge the challenging journey ahead of us to transform this business, and are confident we are executing against a strategy that will ultimately enable our business to become as big as our iconic Tupperware brand."
Shares of Tupperware Brands ( TUP ) moved up 0.69% in premarket trading after its quarterly results came out ahead of some beaten-down estimates. TUP still trades well below is 100-day and 200-day moving averages.
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Tupperware Brands tops estimates for quarter impacted by China lockdowns and inflation