Tupperware shares plummeted after the company's earnings and sales missed expectations because of the trade war and the effects of a strong dollar. The consumer products maker also slashed its forecast for this quarter and the rest of the year.
Shares of the company dropped more than 16% and hit a new 52-week low.
For the last quarter, the company reported an adjusted 98 cents a share compared to the $1 a share expected, according to FactSet. Revenue came in at $475.3 million versus the $491.6 million expected from analysts polled by FactSet.
"Overall, the business fell short of our expectations in some markets as geopolitical concerns and lower consumer spending headwinds in two of our key markets resulted in a miss of our local currency sales expectations as we worked to adjust our product and promotion mix accordingly," said Tricia Stitzel, chairman and chief executive officer of Tupperware Brands said in a press release.
The company said earnings this quarter would be between 61 cents and 66 cents, short of the 88 cents expected by analysts, per FactSet. For the full year, Tupperware slashed its earnings forecast to a range of $3.45 to $3.60, down from prior guidance of $4.03 to $4.14.
Tupperware announced that "the sales and profit for the remainder of the year are lower and reflective of the consumer trends in key markets. Lower GDP in both China and Brazil coupled with changing consumer and sales force behavior are contributing to the reduction."
Stitzel added, "despite these challenges, we met the low end of our adjusted earnings per share guidance for the quarter after considering two cents worse foreign currency since we provided guidance."