Tupperware Says Profit Boosted by Strong Sales
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Tupperware Corp. said first-quarter net income rose to as much as 24 cents a share, helped by higher-than-expected sales in Europe and Latin America.
Tupperware increased its full-year profit forecast to as much as $1.33 a share, from $1.20 to $1.30, because a declining dollar is helping overseas results.
Earnings in the period ended March 27 were boosted 1 to 2 cents by a gain on land development, the Orlando, Fla.-based company said. It plans to report complete results April 20.
Chief Executive Rick Goings, 58, added to Tupperware’s sales force in Europe including Germany and Poland over the last year, spurring an almost 20% rise in sales. In Latin America, sales climbed more than 10%.
Declining sales in North America may lead to a higher-than-forecast 2004 loss in the region, Tupperware said.
Shares of Tupperware rose $1.22, or 6.7%, to $19.40 on the NYSE.
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