Life wasn’t a picnic today for Tupperware Brand Corp (NYSE:TUP) as it warned that a strong dollar is hitting its sales.
The firm, which sells plastic food containers, lowered its guidance after reporting a large drop in sales in its latest quarter.
Shares of the Orlando, Florida-based company slumped 15% to $43.49 at 12:08 p.m. in New York.
In its latest quarter, the company forecast earnings between 74 cents and 79 cents a share, firmly below expectations of around US$1.02 a share.
Sales, a lot of which come from outside the US, are expected to decrease 10% to 12%--more than analyst estimates for a 4% decline.
For the year, earnings are expected between US$3.81 and US$3.91 a share, compared with estimates for US$4.53 a share while revenue looks set to drop between 4% and 6%.
Chief executive Rick Goings said: “We had a disappointing quarter as we lapped a tough comparison and continued to see an impact from economic and political headwinds in many of our units.”