In its third quarter financial report, Tupperware Brands announced net sales of $376.9 million, an 11% decrease year-over-year. The company’s gross profit was $247.9 million, or 65.8% of net sales.
Almost all regions saw a decrease in net sales, excluding South America, which the company attributes recruitment efforts and improvements made to onboarding and training for the region’s 6% increase in net sales ($69.6 million).
During this quarter, Tupperware also repurchased one million shares of its outstanding common stock, a total acquisition cost of $25 million.
“We continue to execute on our high priority strategic initiatives, including the divestiture of our non-core beauty businesses and excess land holdings, the utilization of our share repurchase authorization, and further implementation of our tax strategy,” said Sandra Harris, Chief Financial Officer and Chief Operations Officer of Tupperware Brands. “These actions will further optimize our capital structure and position us well to drive long-term growth. Our third quarter results demonstrate our ability to continue delivering on our Turnaround Plan, even while we respond to changing market conditions.”
Diluted earnings per share reached $1.14, adjusted diluted earnings per share was $1.19 and adjusted EBITDA was $68.9 million. Income from continuing operations was $60.4 million, while debt to EBITDA, as defined by the company’s credit agreement, held at 2.28.
“We are continuing to build the foundation that will enable us to strengthen and evolve our business into a global, omnichannel, premium-branded company, and by expanding into new channels and product categories, we will achieve sustainable growth over the long term,” said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. “Despite challenging year-over-year comparisons and the persisting negative effects of the global pandemic, we are proud of our ability to post solid results during our ongoing turnaround. We are as confident as ever in our business outlook, our strategy, and our ability to execute.”