Lower demand in North America, Europe drags Tupperware revenue
(Reuters) - Tupperware Brands Corp (TUP.N) forecast a weaker-than-expected profit for 2014 after its fourth-quarter results missed market estimates due to a 5 percent fall in sales in its established markets such as Germany, Canada and the United States.
The company's shares fell 8 percent in premarket trading.
Tupperware, known for its colorful food containers, said it expects 2014 profit to be $5.51-$5.66 per share. Analysts were expecting $6.02 per share, according to Thomson Reuters I/B/E/S.
The company, which also sells personal care products, said it raised its dividend by 6 cents to 68 cents per share from the previous quarter.
The company reported a 12 percent rise in fourth-quarter revenue from emerging markets such as Turkey, South Africa and Singapore but lower discretionary spending in Europe and North America weighed on revenue.
Sales in the company's established markets slid through the year while emerging markets have rose to contribute 63 percent of revenue in the quarter ended December 28. They made up 60 percent a year earlier.
Total sales rose 1 percent to $717 million but fell short of analysts' estimates of $727.9 million.
Net income rose to $89.7 million, or $1.74 per share, from $74.5 million, or $1.34 per share, a year earlier.
Excluding items, the direct-selling company earned $1.81 per share, missing the estimate of $1.84 per share.
Orlando, Florida-based Tupperware's shares fell to $77.41 in premarket trading on Wednesday.
(Reporting By Shailaja Sharma in Bangalore; Editing by Don Sebastian)