THE PARTIES ARE

now billed as a girls night out. The fare has gone from pigs in blankets to popcorn shrimp, washed down with a Cosmopolitan or "Tuppertini." Even the rapper Ice T, whose mom sold Tupperware, calls the containers "ghetto," which he means as a compliment. "Real people use Tupperware," he told Conan O'Brien earlier this year.

With apologies to Ice T, Tupperware Brands may never be cool, but the company is on a roll these days. Worldwide, the Orlando-based firm has amassed an army of 2.1 million "consultants" who launch a party, on average, every 2.5 seconds. Sales rose 14 percent last year, to a record $2 billion, and profits soared 26 percent, to $2.25 a share. Perhaps most remarkably, much of the growth is occurring overseas, driven by markets like South Korea and Russia, where homemakers serve up kimchi and borscht. "The emerging markets we've invested in are just kicking butt," says CEO Rick Goings.

Tupperware's prospects look promising in the U.S., too. The company's direct-sales model thrives during downturns, as unemployment rises and more women start home businesses. Sales of food-storage containers typically grow during recessions, as families eat in more and need someplace to stash leftovers. The containers have been redesigned to be more microwave friendly, too; they now come with vents to release steam during cooking. Moreover, the company has branched out into other kitchen gear, like fry pans and salad spinners, and since 2005 has sold beauty products and cosmetics (following its acquisition of several Sara Lee beauty brands). "It's a more attractive, diversified product line," says Doug Lane, an analyst with Jefferies & Co.

For more SmartMoney Magazine features, turn to the June issue.

Ironically, this ultra-American brand could take a hit if the dollar rebounds (currency gains lifted earnings 12 percent in 2007). It's trading at 17 times 2008 earnings, a slight premium to the Standard & Poor's P/E of 14, but factor in Tupperware's estimated earnings growth of 15 percent and it seems much more appealing. Frank Ingarra, an assistant portfolio manager with Hennessy Funds, calls it "growth at a reasonable price." June Cleaver would approve.

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