Tupperware Brands Corporation reported net sales of $313.7 million in the fourth quarter of 2022, a decrease of 20% year over year. Gross profit during the quarter was $196.5 million, with loss from operations reaching $35.2 million. Adjusted EBITDA during this quarter was $24.4 million.
For the full year 2022, Tupperware net sales were $1.3 billion, an 18% decrease from 2021 net sales, with a gross profit of $836.4 million. Adjusted EBITDA for the year was $124 million.
“Twenty twenty-two was a true test of our resolve to turn around this company and expand consumer access to our iconic brand in markets all around the world,” said Miguel Fernandez, Tupperware Brands President and Chief Executive Officer. “We entered the year optimistic about our progress in improving our business economics and executing on our growth plans. Events did not unfold in our favor, so we reacted quickly to the challenges. Importantly, we remained unwavering in our pursuit of building a broader Tupperware ecosystem in which to reach consumers eager to interact with our products. In the US, our first major retail expansion effort exceeded our expectations. We have now pivoted towards a new post-pandemic phase where we believe our core direct selling business will benefit from the return to in-person events, focusing on recruiting and training our next generation of business builders, and where those markets utilizing our studio model, particularly China, are able to benefit from more consumer traffic.”
The company ended the year with $705.4 million in debt, a slight improvement from $709.4 million at the end of 2021. The company also entered into a Third Amendment of its Credit Agreement which will allow for additional relief and financial flexibility.