Tupperware
May 5, 2021
Tupperware Brands reported first-quarter net sales of 460.3 million dollars for the period ended March 27, 2021, up 22 percent from a year earlier and up 20 percent in local currency. Net income was 45.3 million dollars, compared with a loss of 7.8 million dollars a year earlier. Diluted earnings were 0.85 dollars a share, versus a loss of 0.16 dollars a share.
President and chief executive Miguel Fernandez said the sales force used digital tools to reach more customers and that the company was building a team for new distribution channels. Average active sales force rose 16 percent and productivity rose 3 percent. North America sales rose 45 percent, South America rose 27 percent, Europe rose 20 percent, and Asia Pacific rose 4 percent.
Chief financial officer and chief operating officer Sandra Harris said turnaround savings and sales of non-core assets cut debt and supported a prospective interest-rate reduction. EBITDA rose to 88.6 million dollars from 13.6 million dollars a year earlier. The debt to debt covenant EBITDA ratio improved to 2.36 from 5.36.