(Reuters) - Storage container maker Tupperware Brands Corp (TUP.N) reported lower-than-expected quarterly sales on Wednesday and cut its annual sales target on weak demand for its products in established markets such as North America and Europe.
Shares of the company fell nearly 10 percent to $36.84 in light premarket trading.
Tupperware said it expects sales to fall between 6 percent and 7 percent in the full year ending Dec. 29, lower than the company’s earlier forecast range of fall of 1 percent to a rise of 1 percent.
The company’s second-quarter sales of $535.4 million missed Wall Street estimates of $553.5 million, according to Thomson Reuters I/B/E/S.
Orlando, Florida-based Tupperware reported a net income of $63.8 million or $1.26 per share for the quarter ended June 30 compared with a loss of $17.7 million, or 35 cents per share.
Excluding items, the company earned $1.17 per share, beating market expectations of $1.10 per share.
“Although adjusted earnings per share was above guidance and the local currency sales comparison improved sequentially, we do acknowledge that we must perform better across the global portfolio,” Chief Executive Tricia Stitzel said in a statement.
The company named Stein Fenne as group president for Europe, Africa and the Middle East, and Asha Gupta as the chief strategy and marketing officer for Asia Pacific.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Supriya Kurane