Tupperware Brands Corp (NYSE:TUP) shares are tanking Wednesday after the company reported preliminary fourth-quarter results.
"We entered the year optimistic about our progress in improving our business economics and executing on our growth plans. Events did not unfold in our favor, so we reacted quickly to the challenges," said Miguel Fernandez, president and CEO of Tupperware Brands.
"We raised prices to protect gross margins, worked with our banks to provide more financial flexibility, accelerated our re-engineering efforts as part of our ongoing commitment to right size the business, and developed innovative programs to significantly reduce inventories in the fourth quarter," said Mariela Matute, CFO of Tupperware Brands.
"While we are pleased with these positive initiatives, we expect 2023 to be a transition year, as we work to stabilize the business and solidify our financial foundation."
Tupperware will host a conference call Wednesday at 8:30 a.m. ET to discuss these results.
TUP Price Action: Tupperware shares are hitting new 52-week lows on Wednesday.
The stock was down 27.8% at $2.95 at time of publication, according to Benzinga Pro.
Photo: Phillip Pessar from Flickr.
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