Tupperware’s profits soar in the pandemic, even without the parties

Then the pandemic struck.

Profit during the most recent quarter quadrupled to $US34.4 million ($48.8 million), Tupperware reported on Wednesday.

The explosion of sales caught almost everyone off guard and shares of Tupperware Brands Corp., which had been rising since April, jumped 35 per cent to a new high for the year. Shares that could be had for around $US1 in March, closed at $US28.80 on Wednesday.

Tupperware stands apart from most other companies that have thrived in the pandemic. Unlike Netflix and Amazon.com, it doesn’t rely on a hi-tech platform.

However, it’s certainly not alone as the pandemic bends how we spend our time more rapidly perhaps than any point in our lifetimes.

On Monday the toymaker Hasbro said that its games division, which includes board games like Monopoly, saw a 21 per cent jump in revenue.

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On Wednesday, Tupperware reported quarterly adjusted earnings of $US1.20 per share, triple what Wall Street had expected. Revenue of $US477.2 million was about 30 per cent higher than forecasts and 14 per cent better than last year.

CEO Miguel Fernandez said the company, based in Orlando, Florida, had shifted more heavily to digital sales to accommodate those sheltering in the global pandemic. He also noted “increased consumer demand.”

The company earlier this year had begun a turnaround campaign. Fernandez, who once led Avon, was named CEO in March just as COVID-19 infections began to spread in the US, its largest market.