Tupperware
October 28, 2020
Tupperware Brands Corporation reported third-quarter sales of 477.2 million dollars, up 14 percent from a year earlier and up 21 percent in local currency. Average active sales force rose 10 percent, and sales per active sales force also rose 10 percent. The company tied that engagement to digital tools used to sell reusable products while social restrictions were in place.
President and chief executive Miguel Fernandez said the local-currency growth shows how quickly the sales force adopted digital tools during COVID-19 and how demand rose as more people cooked at home and focused on food safety and storage. He said better top and bottom line results over the past two quarters are a sign the turnaround plan is working.
By region, Asia Pacific sales were 140.1 million dollars, down 6 percent, or 7 percent in local currency. Europe was 121.2 million dollars, up 23 percent, or 25 percent in local currency. North America was 146.3 million dollars, up 42 percent, or 51 percent in local currency. South America was 69.6 million dollars, up 4 percent, or 36 percent in local currency.
Chief financial officer and chief operating officer Sandra Harris said the company is right-sizing the business, improving liquidity, and making structural changes, including sales of non-core assets, as it works to refinance obligations due in June 2021.