Tupperware shares (NYSE:) fell more than 34% after Tupperware reported that Q1 adjusted earnings per share from ongoing operations was below consensus estimates.

The adjusted EPS of continuing operations was 12c by marketing company, which is far lower than analyst estimates of 53c a share. The net sales were $348.1 Million, which is also lower than the analyst estimates of $362.5 millions.

“Results came in below our expectations due to a combination of external and internal factors. Sales were negatively impacted by the Russia/Ukraine conflict, as well as strict COVID-related lockdowns in China and internal challenges in execution, technology, and service,” the company said.

It added that the “profitability was significantly impacted by persisting inflationary pressures and the latency between rising input costs and our decision to increase prices.”

The company canceled its FY 2022 continued operations outlook.

“Due to the high degree of operational uncertainty we currently face, we have decided to withdraw our previously issued financial guidance for 2022. We remain confident in our ability to execute on our Turnaround Plan and growth strategy, with the end goal being to make this company as big as our iconic Tupperware brand,” the company added.

Mariela Matute, TUP’s new Chief Financial Officer was also announced by the company.

By Senad Karaahmetovic