Tupperware -8% after COVID-19 impact hits results
As was expected, Tupperware Brands (NYSE:TUP) reports revenue fell in Q1 as the impact of COVID-19 was pronounced in Europe (-24%) and Asia Pacific (-23%).
Due to lower sales volume, a net loss of $7.8M was recorded as fixed costs couldn't be leverage down. "This level of DS&A is unsustainable at current sales level and is uncharacteristic of a direct selling company, leading us to accelerate our cost savings target to $75 million in 2020," says Tupperware CFO Sandra Harris.
The company withdraws guidance due to the uncertainty around the pandemic.
Previously: Tupperware EPS misses by $0.63, misses on revenue (April 29)