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Tupperware -8% after COVID-19 impact hits results

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Tupperware -8% after COVID-19 impact hits results

|About: Tupperware Brands Corpora... (TUP)|By: , SA News Editor 

 

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)

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