Tupperware
October 13, 2023
Tupperware Brands Corporation filed its long-delayed annual report on Form 10-K for fiscal 2022 on October 13, 2023, reporting net sales of 1.304 billion dollars, down from 1.601 billion dollars in 2021, and a net loss of 232.5 million dollars. Sales fell in every segment except South America; excluding currency effects they declined 215.4 million dollars, or 14 percent.
The company attributed the decline to lower recruiting and sales-force activity, COVID-19 lockdowns that hit Asia Pacific for most of 2022, sales-force business model and compensation plan changes that did not deliver expected results, lower productivity and higher inflation. Asia Pacific net sales fell to 352.4 million dollars from 460.9 million dollars.
The filing restated the company's 2020 and 2021 financial statements and its quarterly results for 2021 and the first three quarters of 2022. Management identified material weaknesses in internal control over financial reporting, including accounting for income taxes, leases, intercompany loans, goodwill valuation, account reconciliations and the cash-flow statement. Tupperware again concluded there is substantial doubt about its ability to continue as a going concern and said its board was working with advisors to explore strategic alternatives.