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Tupperware Turnaround Plan Well Under Way, Brand Being Revitalized

May 11, 2021 Leave a Comment

Tupperware reported net sales of $460.3 million in the first quarter of 2021, an increase of 22% vs. 2020.

Other 2021 Financial Highlights:

  • GAAP diluted earnings per share were $0.85 compared to a loss of $(0.16) for the first quarter 2020
  • Adjusted diluted earnings per share were $0.82 compared to $0.09 in 2020
  • Net Income was $45.3 million compared to a net loss of $(7.8) million for the first quarter of 2020
  • Effective tax rate was 31%
  • EBITDA grew 551% to $88.6 million compared to $13.6 million in the first quarter of 2020

First quarter 2021 net sales for Tupperware’s business segments were:

  • Asia Pacific – Net sales were $125.3 million, up 4%
  • Europe – Net sales were $126.8 million, up 20%
  • North America – Net sales were $146.5 million, up 45%
  • South America – Net sales were $61.6 million, up 27%

Miguel Fernandez, TupperewareMiguel Fernandez, President and Chief Executive Officer of Tupperware Brands said, “The strong financial performance this quarter is a concrete example that we are strengthening the foundation of our company.  We continue to revitalize the brand through the expanded use of digital tools by our sales force to solve consumer needs. Additionally, we have made great progress building the team needed to accelerate growth in new channels of distribution so more consumers have access to our environmentally-friendly, reusable products.”

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This Month in History

Six years ago, on July 15, 2016, the Federal Trade Commission (FTC) in the U.S. announced Herbalife had agreed to fully restructure its business operations and pay $200 million.

The FTC said Herbalife had deceived consumers into believing they could earn substantial money selling its products.

The settlement required Herbalife to restructure its compensation plan so that it would reward members’ sales to customers, eliminating the incentives paid primarily for recruiting. It also mandated a new arrangement in which success would depend on selling Herbalife products, not on buying them.

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