Tupperware stock slides 10%+ on bearish preliminary Q1 update

Tupperware Brands Corp. (NYSE:TUP) shares slumped on Monday after signaling a delay to quarterly filings and the expectation of fast-falling sales.

In a notice filed with the SEC on Monday, the company said that it “will be unable, without unreasonable effort or expense, to complete and file the Form 10-Q within the prescribed time period” as it seeks to review and restate prior earnings. A 10-K for the full year 2022 has also yet to be filed. A notice of the company’s inability to file quarterly and yearly reports was previously submitted in mid-March.

Alongside the update on filing delays, the consumer products company indicated it expects “a material decline in revenues for the quarter ended April 1, 2023” as compared to the prior year quarter. Preliminary estimated revenue for the quarter is projected to fall in a range between $280M and $290M.

Shares of Tupperware (TUP) tumbled 10.05% in premarket action on Monday.

Dig into the earnings expectations ahead for the beleaguered multi-level marketing pioneer.