Tupperware Brands released its fourth quarter and full-year results of 2020. Sales were up 17% in Q4 as compared to the same period in 2019. The company’s turnaround cost savings were $72 million for Q4 and $192 million for the full year.
“The results reported today show that our efforts to fix the core business are beginning to take hold as our sales force realize geography is no longer a barrier to reach new customers as they grow their business through social media platforms and digital tools,” said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. “Additionally, we continue to provide real-time solutions to consumers’ needs to prepare food, minimize food waste and decrease use of single-use items. As we move into 2021, we believe consumers give us permission to expand product categories, and together with increased access points, allows us to grow our business to match the power of the Tupperware brand.”
The full-year free cash flow was $197.6 million, up from $137.2 million in the previous year, and the 4.75% 2021 Senior Notes that were due in June 2021 were retired with two term loan facilities in an aggregate principal amount of $275 million due in 2023.
“In 2020 we dramatically right-sized our cost structure, improved our cash flow from operations, and refinanced our debt which has created a stronger foundation to support the growth strategies of our Turnaround Plan,” said Sandra Harris, Tupperware Brands Chief Financial Officer and Chief Operating Officer.
North America accounted for the $154.1 million of the company’s sales, with Asia Pacific ($128.4 million) and Europe ($128.5 million) close behind. The company’s net income for 2020 was $112.2 million. Diluted earnings per share was $2.14 compared with $0.25 in 2019. Adjusted earnings per share was $2.24 versus $1.41 in 2019.