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Tupperware Brands Sales Slow in Second Quarter

BY DSN Staff | July 24, 2014 | read / Daily News

Tupperware Brands Corp. (TUP—NYSE) joined a wave of public companies as it announced its second quarter results today, reporting that sales for the quarter were $674 million, down from $688 million for the same period last year. While sales were down 2 percent (up 3 percent in local currency) versus the previous year, emerging markets achieved a 10 percent increase in local currency, accounting for 66 percent of sales. Established markets were down 7 percent in local currency, largely driven by poor results in Germany.

Rick Goings, Chairman and CEO, commented, “While sales results slowed this quarter, we were still able to achieve adjusted EPS in our guidance range. Overall, the business continued to grow, with several markets achieving 20%+ local currency sales increases, including Brazil, China, Italy and Turkey. Both businesses in our North America beauty segment also showed significant sequential sales improvement.

“Having said this, the quarter was challenging in several aspects,” he said. “We were up against strong comparisons from prior year when we had our strongest quarterly local currency sales growth at 8%, as well as some external and internal challenges, particularly in Germany. However, our 2.9 million sales force members continue to operate their businesses and earn income to help support their families.”

GAAP net income of $47.6 million for the second quarter ended June 28, 2014, includes $22.2 million from the impact of currency devaluations in Venezuela. Net income of $47.6 million was down 38 percent, or 93 cents per diluted share, from the previous year’s $76.3 million, or $1.43 per diluted share. Excluding foreign currency, net income was down 31 percent versus prior year. GAAP diluted EPS was 93 cents, versus $1.43 last year with adjusted diluted EPS of $1.47, up 11 percent in local currency.

Second quarter cash flow from operating and investing activities was $45 million, versus $49 million in prior year, primarily reflecting planned higher capital spending.

In the second quarter, the company returned $47 million to shareholders through a dividend payout of $33 million and the repurchase of 171,000 shares for $14 million. Since 2007, 20 million shares have been repurchased for $1.2 billion, with $800 million left under an authorization that runs until February 2017.

The company also lowered its full-year earnings guidance, down to between $5.40 and $5.50 per diluted share from its previous outlook of between $5.66 and $5.81 per diluted share.

Read the full results here.

Posted in Daily News
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