Tupperware Brands Corp. (TUP—NYSE) saw revenue drop in the fourth quarter despite continued growth in North America, according to the kitchenware company’s recent earnings release.
In the last three months of 2015, revenue totaled $592.1 million, falling 13 percent in dollars but edging up 2 percent in local currency. On an adjusted basis, earnings were $1.35 per share, coming up 2 cents short of the company’s expectations on profit of $68.4 million, down from $86.8 million a year ago.
“We had a disappointing quarter as we lapped a tough comparison and continued to see an impact from economic and political headwinds in many of our units,” Chairman and CEO Rick Goings said in a statement. “While I don’t want to take away from the strong performances in a number of units, our internal actions did not overcome the impact of worse than expected externals in some of our units.”
Emerging markets remain the backbone of the business, accounting for 63 percent of quarterly revenue, with a 4 percent increase in local currency. Tupperware logged its strongest performances in Argentina, Brazil, China and Mexico. North America revenue rose 6 percent, with Mexico, the U.S. and Canada all reporting double-digit increases in local currency sales. All other segments reported negative year-over-year comparisons in dollar revenue.
The company’s salesforce grew 5 percent in the fourth quarter to 3.1 million. Looking to the first quarter of 2016, management expects earnings in the range of 81 cents to 86 cents per share. Full-year guidance is $4.07 to $4.17 per share.