Tupperware Brands Corp.’s stock skyrocketed in the last week of October – up as much as 41%. According to Fox Business, this is in a continuation of its 2,500% rally from mid-March.
The increase came after the company reported a third-quarter profit and sales higher than expected.
According to the Third Quarter Financial & Operational Updates, third-quarter sales are up 14% versus last year and 21% in local currency.
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More than this, “year-to-date cash flow from operations, net of investing activities, improved $112 million vs. 2019.”
“The 21 percent growth in local currency revenue reported today reflects a rapid adoption of digital tools by our sales force to combat the social restrictions surrounding COVID-19, and the increased consumer demand for our innovative and environmentally friendly products, as more consumers cook at home and are concerned with food safety and storage,” said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands.
“The improved performance of both top and bottom line these past two quarters are a positive sign that our Turnaround Plan is working.”
The news release also mentioned that the net income for Tupperware Brands rose to $34.4 million. This came from $7.8 million over the course of a year. Meanwhile, sales rose 14% to $477.2 million.