Tupperware Brands Corporation announced fourth quarter 2018 net sales were $505.9 million, down 14 percent (7% local currency) compared to fourth quarter 2017.
Emerging markets, accounting for 67 percent of sales, were down 15 percent (down 5% local currency). The emerging market operating units with the most significant local currency sales growth in the fourth quarter were Argentina, China, CIS and Tupperware Mexico, more than offset by significant decreases in India and Indonesia.
Established market sales decreased 13 percent (11% local currency). The local currency sales decreases were most significant in France, Germany and Italy.
In North America, Tupperware United States and Canada sales were down 8 percent driven largely by lower recruiting and average active sellers. Tupperware Mexico sales were up 2 percent (8% local currency) due to strong productivity, partially offset by lower average sellers. Fuller Mexico sales were down 13 percent (9% local currency) from a lower active sales force.
“While we achieved our earnings per share expectations in local currency, our sales and segment profit results in the fourth quarter were not what we expected, leading to our desire to accelerate the business transformation to capitalize on our Global Growth Strategy.” said Tricia Stitzel, president and chief executive officer. “We continue to operate with a sense of urgency and remain confident that, over time, our initiatives will ensure our major units deliver consistent sales and profit growth and create enhanced value for our shareholders.”
To view the full Q4 2018 Tupperware report, click here.