Shares of consumer products provider Tupperware Brands Corp. (NYSE:TUP) have nosedived today on its dismal third-quarter performance.
Revenue dropped nearly 20% year-over-year to $302.8 million, missing expectations by $13 million. EPS at $0.14 too, lagged estimates by a wide margin of $0.28. The company had delivered an EPS of $1.19 in the year-ago period.
TUP is working on a turnaround with a focus on right-sizing, divestment of non-core assets, and initiating new distribution channels.
Amid a challenging macro backdrop globally, the company has seen top-line challenges in Asia Pacific, North America as well as in Europe.
Further, it expects to undertake restructuring actions in the fourth quarter along with inventory reduction programs.
TUP shares are now down 71.6% year-to-date while short interest in the stock is inching closer to 9% at present.
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