Tupperware Brands Corporation today reported third quarter sales up 14 percent versus last year and 21 percent in local currency.
Third quarter 2020 sales were $477.2 million. Average active sales force was up 10 percent and sales per active sales force was up 10 percent reflecting strong engagement by the sales force utilizing digital tools and techniques to bring Tupperware’s reusable products to market during unprecedented times.
“The 21 percent growth in local currency revenue reported today reflects a rapid adoption of digital tools by our sales force to combat the social restrictions surrounding COVID-19, and the increased consumer demand for our innovative and environmentally friendly products, as more consumers cook at home and are concerned with food safety and storage,” said Miguel Fernandez, president and chief executive officer of Tupperware Brands. “The improved performance of both top and bottom line these past two quarters are a positive sign that our Turnaround Plan is working.”
Regionally, sales for the quarter were:
- Asia Pacific – $140.1 million, down 6% and local currency sales down 7%
- Europe – $121.2 million, up 23% and local currency sales up 25%
- North America – $146.3 million, up 42% and local currency sales up 51%
- South America – $69.6 million, up 4% and local currency sales up 36%
“We are pleased with the rate of improvement in right sizing the business, improving our liquidity and making permanent structural changes that will ensure the success of our Turnaround Plan,” said Sandra Harris, Tupperware Brands chief financial officer and chief operating officer. “These efforts, including sales of non-core assets, will help us continue to improve the health of our balance sheet as we pursue the refinancing of our June 2021 obligations.”
To read the full Tupperware Q3 2020 report, click here.
