Why Tupperware Brands (TUP) Stock Is Trading Higher Today - Tupperware Brands (NYSE:TUP)

Tupperware Brands Corp TUP reported a second-quarter FY22 sales decline of 18% year-on-year to $340.40 million, beating the consensus of $330.20 million.
The net sales decrease was driven by lower overall sales force activity, lockdowns in China, and lower consumer sentiment in Europe.
Sales in North America fell 15% Y/Y to $104.3 million, South America rose 13% to $74.4 million, Europe decreased 38% to $70.9 million, and Asia sales dropped 21% to $90.8 million.
The gross profit fell 23% to $220.7 million, and the gross margin contracted by 350 basis points to 64.9%.
The operating margin was 7.3%, and operating income for the quarter decreased 65.6% to $24.8 million.
The company held $118.8 million in cash and equivalents as of June 25, 2022.
Adjusted EBITDA was $38.1 million versus $92.1 million last year.
Adjusted EPS of $0.41 beat the analyst consensus of $0.25.
"While we are not pleased with our current performance and level of profitability, I am encouraged by sequential improvement in profit in the second quarter, reflecting the many bold actions we continue to take, and I see promising signs that our strategies are working," said CEO Miguel Fernandez.
The company also stated Mark Burgess had been elected to its Board of Directors, effective August 4.
Price Action: TUP shares are trading higher by 60.42% at $11.55 on the last check Wednesday.
Photo Via Wikimedia Commons

Tupperware Brands Shares Rip After Huge Q2 EPS Beat