World News – CA – Tupperware shares how adoption of ‘digital tools’ during COVID-19 has increased revenue

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As Tupperware (TUP) released its third quarter earnings report, its shares soared more than 35% at market close on Wednesday after seeing 21% sales growth in currency local compared to last year at $ 477 2 million

Products company Kithen attributed the increase to a new idea: the use of digital tools amid the coronavirus pandemic

<p consumers cook at home and are concerned about food safety and storage, ”said Miguel Fernandez, CEO of Tupperware, in a statement

As more consumers stay at home during the pandemic, they have turned to preparing their own meals as the dining rooms of some restaurants and bars remain closed The trend to cook at home s ‘is also intensified when ordering from home, forcing consumers to use their kitchen for meal preparation

Adoption of more digital tools has helped Tupperware sell its home storage and prep products online, as consumers turn to online shopping for essentials during the pandemic Tupperware reported a $ 31 million write-off of capitalized software implementation in 2020 and cost savings of $ 60 million for the quarter

The company said diluted earnings per share rose 306% in the third quarter of 2019, up 233% from adjusted earnings per share

Tupperware shares were trading at $ 28.98 as of the pre-market opening, up 18 cents or 063%

Tupperware stock surged with the release of its third quarter 2020 earnings report A general view of the atmosphere at the Shaq and Tupperware Kitchen Playground Challenge on October 3, 2012 in New York City Photo: Getty Images / Cindy Ord / WireImage

Tupperware, Stock, NYSE brands: TUP, Coronavirus

World news – CA – Tupperware shares how adoption of « digital tools » during COVID-19 increased revenue

Source: https://www.ibtimes.com/tupperware-shares-how-adopting-digital-tools-during-covid-19-spiked-its-revenue-3072522

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