Tupperware sees big profits during pandemic
KISSIMMEE, Fla. - Tupperware Brands Corporation is making a major comeback after years of slumping sales.
The COVID-19 pandemic has kept more people cooking at home rather than dining out, leading many to purchase more Tupperware as the solution for their leftovers.
“The spike was driven entirely by the pandemic,” economist Sean Snaith said.
Profit for the Central Florida-based food storage company quadrupled in the recent quarter and has been rising since April.
Shares that once could be bought for about a dollar in March are now around $33. While it appears the pandemic is saving the struggling company after years of slumping sales, economists warn this comeback may be short-lived.
“I think this might be a really good quarter,” Snaith said. “I don’t think it’s something that’s necessarily sustainable as we move back to normal.”
The 74-year-old company has long been a staple for kitchenware, and while the Tupperware parties worked in the beginning, experts said the key to survival will be adapting to technology and meeting demand. Their website warns some orders may take up to eight weeks to ship.
“This remains to be seen how long they’re gonna benefit from what’s happening with the pandemic,” Snaith said.