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No 3Q Tupperware party
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September 21, 1998: 8:44 a.m. ET
Company expects 'modest loss' due to slow economic recovery overseas
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NEW YORK (CNNfn) - Tupperware Corp. said Monday it expects a "modest" third-quarter loss because economic recoveries in Latin America and Europe have been slower than expected.
The maker of plastic housewares said it anticipates a modest percentage decline in sales, excluding currency exchange, and a "mid-single-digit dollar loss" in the third quarter. The company was expected to earn 9 cents a share, according to First Call estimates.
Tupperware reported a profit of 6 cents a share in last year's third quarter.
"Our progress in regaining lost momentum from the productivity issues in Argentina and Brazil is taking longer than we expected," said Rick Goings, Tupperware chairman and chief executive officer. "In Mexico, while we are performing well in local currency terms, the significant devaluation of the Mexican peso will negatively impact reported results."
Goings added that Tupperware won't achieve its targeted sales and profit growth in Europe.
Tupperware said it expects to lose 3 cents to 5 cents a share due to current currency exchange rates. The company added that while it anticipates a modest sales decline in the full fiscal year, it expects a 25- to 30-percent drop in net income.
Shares of Tupperware (TUP) closed at 18-3/16, up 1/16 in Friday trading. 
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Tupperware
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