ORLANDO, Fla., Oct. 19,
2016 /PRNewswire/ -- (NYSE: TUP) Tupperware Brands
Corporation today announced third quarter 2016 operating
results.
Rick Goings, Chairman and CEO,
commented, "Up against the prior year's successful third quarter
that achieved 7% local currency growth, sales were even on a dollar
basis and grew 2% in local currency - the low end of our range,
with excellent results in Argentina, Brazil, China, and Tupperware Mexico."
Goings continued, "Despite this modest top line result, we once
again delivered adjusted earnings above the high-end of our range,
demonstrating the dynamic flexibility of our business model, our
strong leadership team and how we can navigate through challenging
environments with our 3.1 million global sales force and produce
consistent solid results."
Third Quarter Executive Summary
- Third quarter 2016 net sales were $521.8
million, up slightly in dollars and 2% in local currency.
Emerging markets**, accounting for 71% of sales, were up 2% in
dollars and 5% in local currency. The most significant
contributions to the third quarter growth in local currency were in
Argentina, Brazil, China, Tupperware Mexico and Tupperware South
Africa, partially offset by Egypt,
Indonesia and Turkey. Established markets were down 3% in
dollars and 5% in local currency, net of a 6% increase in both
dollars and local currency in Tupperware United States and
Canada.
- GAAP net income and diluted earnings per share were
$48.8 million and $0.96, versus $36.2
million and $0.72 in the prior
year, respectively. In 2016, net income includes pre-tax gains of
$24.2 million from transactions in
connection with real estate being developed adjacent to the
Company's Orlando headquarters,
versus $2.0 million in 2015.
Adjusted, diluted earnings per share of $0.87 was 5 cents
above the high-end of the July outlook range, reflecting higher
sales in Tupperware North and South
America, as well as higher profit in Asia despite the lower sales. Versus 2015,
there was a negative 2 cent impact
from changes in exchange rates on the diluted earnings per share
comparisons, in line with the guidance given in July.
- Total sales force of 3.1 million was up 2%, with active sellers
down 4%, versus prior year.
Third Quarter Business Highlights
Europe: Segment sales down
10% in dollars and 7% in local currency
- Emerging markets in Europe
were down 13% in dollars and 7% in local currency, mainly from
continuation of constrained operations in Egypt, as well as the on-going external and
business model challenges in Turkey. These decreases were partially offset
by Tupperware South Africa, up 15% in dollars and 21% in local
currency, and CIS up 7% in dollars and 18% in local currency.
- Established markets were down 8% in dollars and 7% in local
currency, primarily in Austria and
Scandinavia. Germany, the largest
unit in Europe, was even with the
prior year in sales in dollars and local currency.
Asia Pacific: China up double digits, offset by Indonesia, Philippines and Korea
- Sales for the segment were down 1% in dollars and 4% in local
currency.
- Emerging Markets in Asia
Pacific were down 2% in dollars and 3% in local currency.
Indonesia was down 8% in dollars
and 14% in local currency, along with Philippines, down 11% in dollars (9% in local
currency), in connection with the 2015 fashion category exit, and
Korea, down 9% in dollars (13% in local currency), largely due to
pursuing fewer business-to-business sales in 2016. These decreases
were partially offset by China, up
17% in dollars (23% in local currency), and Malaysia/Singapore, up 5% in dollars and local
currency.
Tupperware North America: Tupperware Mexico continued to
leverage strong fundamentals, U.S./Canada building strong foundation under new
sales force compensation plan
- Segment sales up 4% in dollars and 9% in local currency.
Tupperware Mexico sales down 2% in dollars (up 12% in local
currency), with a quarter-end total sales force 10% larger than
prior year.
- Tupperware United States and Canada sales were up 6% in dollars and local
currency.
Beauty North America:
Segment sales were down 19% in dollars and 11% in local
currency
- BeautiControl sales down 24%, mainly in connection with lower
productivity among the career seller base.
- Fuller Mexico sales were down
18% in dollars and 7% in local currency, reflecting a decrease in
sales force size and activity due to lower additions. Total sales
force size was down 14%.
South America: Segment sales
up 30% in dollars and 33% in local currency driven by Brazil
- Brazil was up 52% in dollars
and 36% in local currency, reflecting higher volume from a 23%
advantage in total sellers with increased activity in connection
with sales force additions and onboarding, and effective
merchandising and marketing campaigns.
- Sales in Argentina were down
10% in dollars and up 45% in local currency, one-fourth from
increased volume/mix and the remainder from inflation-related price
increases.
- Segment's active sales force was up 16%.
2016 Outlook
Based on current business trends and foreign currency rates, the
Company's fourth quarter and fiscal 2016 full year outlook is
provided below.
Company Level
|
14 Weeks
Ended
|
|
13 Weeks
|
|
53 Weeks
Ended
|
|
52 Weeks
|
|
Dec. 31,
2016
|
|
Ended
|
|
Dec 31,
2016
|
|
Ended
|
|
Low
|
High
|
|
Dec. 26,
2015
|
|
Low
|
High
|
|
Dec 26,
2015
|
|
|
|
|
|
|
|
|
|
|
USD Sales Growth vs
Prior Year
|
5
|
%
|
7
|
%
|
|
(13)%
|
|
|
(2)%
|
|
(2)%
|
|
|
(12)%
|
|
GAAP EPS
|
$1.34
|
$1.39
|
|
|
$1.15
|
|
|
$4.20
|
|
$4.25
|
|
|
$3.69
|
|
GAAP Pre-Tax
ROS
|
13.9
|
%
|
14.2
|
%
|
|
13.8
|
%
|
|
13.2
|
%
|
13.3
|
%
|
|
11.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Local
Currency+ Sales Growth vs Prior
Year
|
4
|
%
|
6
|
%
|
|
2
|
%
|
|
3
|
%
|
3
|
%
|
|
4
|
%
|
EPS Excluding
Items*
|
$1.37
|
$1.42
|
|
$1.35
|
|
|
$4.30
|
|
$4.35
|
|
|
$4.37
|
|
Pre-Tax ROS Excluding
Items*
|
15.2
|
%
|
15.5
|
%
|
|
15.1
|
%
|
|
13.1
|
%
|
13.2
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
FX Impact on EPS
Comparison (a)
|
$0.03
|
$0.03
|
|
|
|
($0.34)
|
($0.34)
|
|
|
|
(a) Impact of changes in foreign
currency versus prior year is updated monthly and posted at:
Tupperware Brands Foreign Exchange Translation Impact
Update.
Full Year 2016
- Fiscal year includes a 53rd week estimated to have a positive
impact on the year-over-year comparison of 1 point.
- Tax rate estimated at 27.6% on a U.S. GAAP basis and 25.5%
excluding items.
- Excludes land sales that may occur in the fourth quarter.
Segment Level
- For the full year, sales are expected to be down 8% in dollars
(5 or 6% in local currency) in Europe, down about 1% in dollars (up 1% in
local currency) in Asia Pacific,
up about 2% in dollars (9% in local currency) in Tupperware North
America, down about 20% in dollars (10% in local currency) in
Beauty North America and to increase in South America by about 16 or 17% in dollars
(30 or 31% in local currency).
- Segment profit return on sales, excluding items, is expected to
decrease in Europe by about 3
points in dollars (about 2 ½ points in local currency), to increase
in Asia Pacific about 1 point in
dollars and local currency, to increase in Tupperware North America
by about ½ point in dollars (about 1 point in local currency), to
decrease in Beauty North America by about 3 points in dollars
(about 2 ½ points in local currency) and to increase in
South America about 3 points in
dollars (about 2 points in local currency).
* See Non-GAAP Financial Measures Reconciliation Schedules.
** The Company classifies Established Market Units as those
operating in Western Europe,
including Scandinavia, the United
States, Canada,
Australia and Japan and its remaining units as Emerging
Market Units.
+ Local currency changes are measured by comparing
current year results with those of the prior year translated at the
current year's foreign exchange rates.
Third Quarter Earnings Conference Call
Tupperware Brands will conduct a conference call today,
Wednesday, October 19, 2016, at 8:30 am
Eastern time. The conference call will be webcast and
accessible, along with a copy of this news release and slides
presented during the conference call, on
www.tupperwarebrands.com.
Tupperware Brands Corporation, through an independent
sales force of 3.1 million, is the leading global marketer of
innovative, premium products across multiple brands utilizing
social selling. Product brands and categories include
design-centric preparation, storage and serving solutions for the
kitchen and home through the Tupperware brand and beauty and
personal care products through the Avroy Shlain, BeautiControl,
Fuller Cosmetics, NaturCare, Nutrimetics, and Nuvo brands.
The Company's stock is listed on the New York Stock Exchange
(NYSE: TUP). Statements contained in this release, which are not
historical fact and use predictive words such as "outlook",
"guidance", "expects" or "target" are forward-looking
statements. These statements involve risks and uncertainties
that include recruiting and activity of the Company's independent
sales forces relating to governmental actions and otherwise, the
success of new product introductions and promotional programs,
governmental approvals of materials for use in food containers and
beauty and personal care products, the success of buyers in
obtaining financing or attracting tenants for commercial and
residential developments, the effects of economic and political
conditions generally and foreign exchange risk in particular and
other risks detailed in the Company's periodic reports as filed in
accordance with the Securities Exchange Act of 1934, as
amended.
The Company updates each month the impact of changes in foreign
exchange rates versus the prior year, posting it on Tupperware
Brands Foreign Exchange Translation Impact Update. Other than
updating for changes in foreign currency exchange rates, the
Company does not intend to update forward-looking information,
except through its quarterly earnings releases, unless it expects
diluted earnings per share for the current quarter, excluding items
impacting comparability and changes versus its guidance of the
impact of changes in foreign exchange rates, to be significantly
below its previous guidance.
Non-GAAP Financial Measures
The Company has utilized non-GAAP financial measures in this
release, which are provided to assist readers' understanding of the
Company's results of operations. These amounts, identified as items
impacting comparability, at times materially impact the
comparability of the Company's results of operations. The adjusted
information is intended to be indicative of Tupperware Brands'
primary operations, and to assist readers in evaluating performance
and analyzing trends across periods. These results should be
considered in addition to, not as a substitute for, results
reported in accordance with GAAP.
The non-GAAP financial measures exclude gains from the sale of
property, plant and equipment and insurance settlements related to
casualty losses, other income in connection with real estate
related operations, inventory obsolescence in conjunction with
decisions to exit or significantly restructure businesses, certain
asset retirement obligations, re-engineering and fixed asset
impairment charges and pension settlements. While the Company
is engaged in a multi-year program to sell land adjacent to its
Orlando, Florida headquarters, and
also disposes of other excess land and facilities periodically,
these activities are not part of its primary business
operations. Additionally, amounts recognized in any given
period are not indicative of amounts that may be recognized in any
particular future period. For this reason, these
amounts are excluded as indicated. The Company excludes
significant charges related to casualty losses caused by
significant weather events, fires or similar circumstances. It also
excludes any related gains resulting from the settlement of
associated insurance claims. While these types of events can and do
recur periodically, they are excluded from indicated financial
information due to their distinction from ongoing business
operations, inherent volatility and impact on the comparability of
earnings across periods. Also, the Company periodically records
exit costs accounted for using the applicable accounting guidance
for exit or disposal cost obligations and other amounts related to
rationalizing its supply chain operations and other restructuring
activities, including upon liquidation of operations in a country,
the recognition in income of amounts previously recorded in equity
as a cumulative translation adjustment, and pension settlements,
and believes these amounts are similarly volatile and impact the
comparability of earnings across periods. Therefore, they are also
excluded from indicated financial information to provide what the
Company believes represents a useful measure for analysis and
predictive purposes.
The Company believes that excluding from reported financial
information costs incurred in connection with a significant change
in its capital structure that is of a nature that would be expected
to recur sporadically, also provides a useful measure for analysis
and predictive purposes. The Venezuelan government over the last
several years has severely restricted the ability to translate
bolivars into U.S. dollars. Due to volatility in changes in the
mandated exchange rates, the Company's non-GAAP measures exclude
for analysis and predictive purposes, the impact from devaluations
on the bolivar denominated net monetary assets and other balance
sheet positions that impact near term income, since they appear in
the income statement at the exchange rate at which they were
originally translated rather than the exchange rate at which
current operating activity is being translated.
The Company has also elected to present financial measures
excluding the impact of amortizing the purchase accounting carrying
value of certain definite-lived intangible assets, primarily the
value of its Fuller trade name recorded in connection with the
Company's December 2005 acquisition
of the direct selling businesses of Sara Lee Corporation. The
amortization expense related to these assets will continue for
several years. Similarly, in connection with its evaluation
of the carrying value of acquired intangible assets and goodwill,
the Company has periodically recognized impairment charges.
The Company believes that these types of non-cash charges will not
be representative in any single reporting period of amounts
recorded in prior reporting periods or expected to be recorded in
future reporting periods. Therefore, they are excluded from
indicated financial information to also provide a useful measure
for analysis and predictive purposes.
As the impact of changes in exchange rates is an important
factor in understanding period-to-period comparisons, the Company
believes the presentation of results on a local currency basis, in
addition to reported results, helps improve readers' ability to
understand the Company's operating results and evaluate performance
in comparison with prior periods. The Company presents local
currency information that compares results between periods as if
current period exchange rates had been the exchange rates in the
prior period arising from the translation impact on sales and
earnings from currency devaluations. The Company uses results on a
local currency basis as one measure to evaluate performance. The
Company generally refers to such amounts as calculated on a local
currency basis, as restated or excluding the impact of foreign
currency. These results should be considered in addition to, not as
a substitute for, results reported in accordance with GAAP. Results
on a local currency basis may not be comparable to similarly titled
measures used by other companies and are not measures of
performance presented in accordance with GAAP.
In information included with this release, the Company has
referred to Adjusted EBITDA and a Debt/Adjusted EBITDA ratio, which
are non-GAAP financial measures used in the Company's credit
agreement. The Company uses these measures in its capital
allocation decision process and in discussions with investors,
analysts and other interested parties, and therefore believes it is
useful to disclose this amount and ratio. The Company's calculation
of these measures is in accordance with its credit agreement, and
is set forth in the reconciliation from GAAP amounts in an
attachment to this release; however, the reader is cautioned that
other companies define these measures in different ways, and
consequently they will likely not be comparable with similarly
labeled amounts disclosed by others.
TUPPERWARE
BRANDS CORPORATION
|
THIRD QUARTER 2016
SALES FORCE STATISTICS*
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
All
Units
|
Reported
Inc/(Dec)
vs. Q3
'15
%
|
Restated+
Inc/(Dec)
vs. Q3
'15
%
|
|
Active
Sales
Force
|
Inc/(Dec)
vs. Q3
'15
%
|
|
Total
Sales
Force
|
Inc/(Dec)
vs. Q3
'15
%
|
Europe
|
(10)
|
(7)
|
|
88,793
|
|
(3)
|
a
|
733,506
|
|
3
|
Asia
Pacific
|
(1)
|
(4)
|
|
227,712
|
|
(9)
|
c,f
|
1,089,772
|
|
(1)
|
TW North
America
|
4
|
9
|
|
51,101
|
|
7
|
|
412,061
|
|
7
|
Beauty North
America
|
(19)
|
(11)
|
|
186,874
|
|
(12)
|
|
389,409
|
|
(13)
|
South
America
|
30
|
33
|
d
|
126,513
|
|
16
|
|
487,158
|
|
17
|
Total All
Units
|
—
|
2
|
|
680,993
|
|
(4)
|
|
3,111,906
|
|
2
|
|
|
|
|
|
|
|
|
|
Emerging Market
Units
|
|
|
|
|
|
|
|
|
Europe
|
(13)
|
(7)
|
|
65,058
|
|
(4)
|
a
|
537,664
|
|
4
|
Asia
Pacific
|
(2)
|
(3)
|
b
|
192,440
|
|
(11)
|
c
|
973,093
|
|
(1)
|
TW North
America
|
1
|
13
|
|
38,620
|
|
9
|
|
308,299
|
|
10
|
Beauty North
America
|
(18)
|
(7)
|
|
167,703
|
|
(12)
|
|
327,303
|
|
(14)
|
South
America
|
30
|
33
|
d
|
126,513
|
|
16
|
|
487,158
|
|
17
|
Total Emerging Market
Units
|
2
|
5
|
|
590,334
|
|
(5)
|
|
2,633,517
|
|
2
|
|
|
|
|
|
|
|
|
|
Established Market
Units
|
|
|
|
|
|
|
|
|
Europe
|
(8)
|
(7)
|
e
|
23,735
|
|
(1)
|
|
195,842
|
|
1
|
Asia
Pacific
|
—
|
(9)
|
f
|
35,272
|
|
6
|
f
|
116,679
|
|
—
|
TW North
America
|
6
|
6
|
|
12,481
|
|
2
|
|
103,762
|
|
—
|
Beauty North
America
|
(24)
|
(24)
|
g
|
19,171
|
|
(8)
|
|
62,106
|
|
(4)
|
South
America
|
—
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total Established
Market Units
|
(3)
|
(5)
|
|
90,659
|
|
—
|
|
478,389
|
|
—
|
* Sales force statistics as collected by the Company and, in
some cases, provided by distributors and sales force. The Company
classifies Established Market Units as those operating in
Western Europe, including
Scandinavia, the United States,
Canada, Australia and Japan, and its remaining units as Emerging
Market Units. Active Sales Force is defined as the average number
of people ordering in each cycle over the course of the quarter,
and Total Sales Force is defined as the number of sales force
members of the units as of the end of the quarter.
+ Local currency, or restated, changes are measured by
comparing current year results with those of the prior year,
translated at the current year's foreign exchange rates.
Notes
a Better total than active seller comparison primarily
reflected a less active sales force in Turkey due to a change in emphasis from sales
force manager personal sales to manager group sales and in Avroy
Shlain due to the timing of month-end in relation to pay day for
workers in South Africa.
b Less of a decrease in local currency sales than in the
active seller comparison reflected: a mix shift toward China under its outlet model and away from
India, which has a smaller than
average order size; increased productivity in China due to more sales of high price point
products and product launches; higher order sizes in India in connection with a change in the
compensation model that has led to more grouping of orders;
partially offset by lower sales per active seller in Indonesia reflecting distributor ordering
decisions.
c Better total than active seller comparison reflected
good additions but a lower activation rate under the programs in
place in the Philippines.
d Better local currency sales than active seller
comparison reflected inflation-related price increases throughout
the region.
e More of a decrease in local currency sales than in the
active seller comparison reflected decreased productivity in
Scandinavia due to fewer parties per average active sales force
member and in Germany due to
campaigns focused on number of parties, which resulted in a higher
number of smaller order sizes.
f Decrease in local currency sales despite an increase
in active sellers reflected a mix shift away from Japan and Australia/New
Zealand, which have higher than average order sizes, and
toward Nutrimetics Australia/New
Zealand, which has a smaller than average order size. Also,
there was a decrease in productivity in Nutrimetics
Australia/New Zealand reflecting a
greater share of sales of lower priced offers than in 2015.
g The worse local currency sales than active seller
comparison mainly reflected lower productivity of career-level
sellers at BeautiControl based on a lower volume of end customers
reached.
TUPPERWARE
BRANDS CORPORATION
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
(In millions,
except per share data)
|
13 Weeks
Ended
|
|
39 Weeks
Ended
|
|
Sep 24,
2016
|
|
Sep 26,
2015
|
|
Sep 24,
2016
|
|
Sep 26,
2015
|
Net sales
|
$
|
521.8
|
|
|
$
|
521.0
|
|
|
$
|
1,612.2
|
|
|
$
|
1,691.7
|
|
Cost of products
sold
|
168.4
|
|
|
172.5
|
|
|
518.3
|
|
|
553.2
|
|
Gross
margin
|
353.4
|
|
|
348.5
|
|
|
1,093.9
|
|
|
1,138.5
|
|
|
|
|
|
|
|
|
|
Delivery, sales and
administrative expense
|
284.2
|
|
|
288.5
|
|
|
871.1
|
|
|
912.0
|
|
Re-engineering and
impairment charges
|
2.4
|
|
|
0.3
|
|
|
5.4
|
|
|
18.0
|
|
Gains on disposal of
assets
|
24.2
|
|
|
2.0
|
|
|
25.1
|
|
|
13.4
|
|
Operating
income
|
91.0
|
|
|
61.7
|
|
|
242.5
|
|
|
221.9
|
|
|
|
|
|
|
|
|
|
Interest
income
|
0.8
|
|
|
0.5
|
|
|
2.3
|
|
|
1.5
|
|
Interest
expense
|
12.8
|
|
|
11.3
|
|
|
36.1
|
|
|
36.6
|
|
Other (income)
expense, net
|
(0.3)
|
|
|
0.3
|
|
|
1.0
|
|
|
8.6
|
|
Income before income
taxes
|
79.3
|
|
|
50.6
|
|
|
207.7
|
|
|
178.2
|
|
Provision for income
taxes
|
30.5
|
|
|
14.4
|
|
|
63.1
|
|
|
50.5
|
|
Net income
|
$
|
48.8
|
|
|
$
|
36.2
|
|
|
$
|
144.6
|
|
|
$
|
127.7
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.97
|
|
|
$
|
0.72
|
|
|
$
|
2.86
|
|
|
$
|
2.56
|
|
Diluted earnings per
share
|
$
|
0.96
|
|
|
$
|
0.72
|
|
|
$
|
2.85
|
|
|
$
|
2.54
|
|
TUPPERWARE
BRANDS CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
39 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
Sep 24,
2016
|
|
Sep 26,
2015
|
|
%
|
|
%
|
|
Exchange
|
|
Sep 24,
2016
|
|
Sep 26,
2015
|
|
%
|
|
%
|
|
Exchange
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
Net
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europea
|
$
|
107.3
|
|
|
$
|
118.9
|
|
|
(10)
|
|
|
(7)
|
|
|
$
|
(3.1)
|
|
|
$
|
399.6
|
|
|
$
|
451.0
|
|
|
(11)
|
|
|
(7)
|
|
|
$
|
(22.4)
|
|
Asia
Pacifica
|
188.9
|
|
|
191.4
|
|
|
(1)
|
|
|
(4)
|
|
|
4.5
|
|
|
554.8
|
|
|
572.5
|
|
|
(3)
|
|
|
(1)
|
|
|
(14.4)
|
|
TW North
America
|
88.1
|
|
|
84.9
|
|
|
4
|
|
|
9
|
|
|
(4.3)
|
|
|
264.4
|
|
|
258.2
|
|
|
2
|
|
|
10
|
|
|
(17.3)
|
|
Beauty North
America
|
43.2
|
|
|
53.5
|
|
|
(19)
|
|
|
(11)
|
|
|
(4.8)
|
|
|
145.5
|
|
|
182.3
|
|
|
(20)
|
|
|
(10)
|
|
|
(21.1)
|
|
South
America
|
94.3
|
|
|
72.3
|
|
|
30
|
|
|
33
|
|
|
(1.3)
|
|
|
247.9
|
|
|
227.7
|
|
|
9
|
|
|
30
|
|
|
(37.0)
|
|
|
$
|
521.8
|
|
|
$
|
521.0
|
|
|
—
|
|
|
2
|
|
|
$
|
(9.0)
|
|
|
$
|
1,612.2
|
|
|
$
|
1,691.7
|
|
|
(5)
|
|
|
2
|
|
|
$
|
(112.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europea
|
$
|
(1.8)
|
|
|
$
|
5.4
|
|
|
—
|
|
|
—
|
|
|
$
|
(0.7)
|
|
|
$
|
38.0
|
|
|
$
|
60.8
|
|
|
(37)
|
|
|
(32)
|
|
|
$
|
(4.8)
|
|
Asia
Pacifica
|
46.8
|
|
|
43.8
|
|
|
7
|
|
|
5
|
|
|
0.5
|
|
|
130.4
|
|
|
124.6
|
|
|
5
|
|
|
8
|
|
|
(4.2)
|
|
TW North
America
|
17.2
|
|
|
15.3
|
|
|
13
|
|
|
24
|
|
|
(1.4)
|
|
|
51.2
|
|
|
48.5
|
|
|
6
|
|
|
18
|
|
|
(5.1)
|
|
Beauty North
America
|
(2.0)
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
(0.5)
|
|
|
(2.3)
|
|
|
3.2
|
|
|
—
|
|
|
—
|
|
|
(2.3)
|
|
South
America
|
23.9
|
|
|
12.9
|
|
|
86
|
|
|
74
|
|
|
0.9
|
|
|
52.5
|
|
|
29.8
|
|
|
76
|
|
|
+
|
|
|
(5.2)
|
|
|
84.1
|
|
|
77.6
|
|
|
8
|
|
|
10
|
|
|
(1.2)
|
|
|
269.8
|
|
|
266.9
|
|
|
1
|
|
|
10
|
|
|
(21.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(14.6)
|
|
|
(17.9)
|
|
|
(18)
|
|
|
(19)
|
|
|
(0.2)
|
|
|
(48.0)
|
|
|
(49.0)
|
|
|
(2)
|
|
|
(7)
|
|
|
(2.4)
|
|
Gains on disposal of
assets
|
24.2
|
|
|
2.0
|
|
|
+
|
|
|
+
|
|
|
—
|
|
|
25.1
|
|
|
13.4
|
|
|
87
|
|
|
87
|
|
|
—
|
|
Re-engineering and
impairment charges
|
(2.4)
|
|
|
(0.3)
|
|
|
+
|
|
|
+
|
|
|
—
|
|
|
(5.4)
|
|
|
(18.0)
|
|
|
(70)
|
|
|
(70)
|
|
|
—
|
|
Interest expense,
net
|
(12.0)
|
|
|
(10.8)
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
(33.8)
|
|
|
(35.1)
|
|
|
(4)
|
|
|
(4)
|
|
|
—
|
|
Income before
taxes
|
79.3
|
|
|
50.6
|
|
|
57
|
|
|
61
|
|
|
(1.4)
|
|
|
207.7
|
|
|
178.2
|
|
|
17
|
|
|
35
|
|
|
(24.0)
|
|
Provision for income
taxes
|
30.5
|
|
|
14.4
|
|
|
+
|
|
|
+
|
|
|
(0.4)
|
|
|
63.1
|
|
|
50.5
|
|
|
25
|
|
|
42
|
|
|
(6.1)
|
|
Net income
|
$
|
48.8
|
|
|
$
|
36.2
|
|
|
35
|
|
|
39
|
|
|
$
|
(1.0)
|
|
|
$
|
144.6
|
|
|
$
|
127.7
|
|
|
13
|
|
|
32
|
|
|
$
|
(17.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
0.96
|
|
|
$
|
0.72
|
|
|
33
|
|
|
37
|
|
|
$
|
(0.02)
|
|
|
$
|
2.85
|
|
|
$
|
2.54
|
|
|
12
|
|
|
31
|
|
|
$
|
(0.36)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of diluted shares
|
50.8
|
|
|
50.3
|
|
|
|
|
|
|
|
|
50.7
|
|
|
50.3
|
|
|
|
|
|
|
|
* 2016 actual compared with 2015 translated at 2016 exchange
rates
+ Greater than 100% increase
aEffective from the first quarter of 2016, the
Nutrimetics business in France,
previously reported in the Asia
Pacific segment, is being reported in the Europe segment. Comparable information from
prior periods has been reclassified to conform with the new
presentation. In full year 2015, Nutrimetics France generated less
than one half percent of total sales.
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
(UNAUDITED)
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks Ended Sep
24, 2016
|
|
13 Weeks Ended Sep
26, 2015
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign
Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl
Adj's
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
(1.8)
|
|
|
$
|
0.3
|
|
b
|
$
|
(1.5)
|
|
|
$
|
5.4
|
|
|
$
|
(0.7)
|
|
|
$
|
—
|
|
|
$
|
4.7
|
|
Asia
Pacific
|
46.8
|
|
|
0.4
|
|
a
|
47.2
|
|
|
43.8
|
|
|
0.5
|
|
|
0.6
|
|
a
|
44.9
|
|
TW North
America
|
17.2
|
|
|
0.2
|
|
b
|
17.4
|
|
|
15.3
|
|
|
(1.4)
|
|
|
—
|
|
|
13.9
|
|
Beauty North
America
|
(2.0)
|
|
|
1.3
|
|
a
|
(0.7)
|
|
|
0.2
|
|
|
(0.5)
|
|
|
1.7
|
|
a
|
1.4
|
|
South
America
|
23.9
|
|
|
0.4
|
|
a,c
|
24.3
|
|
|
12.9
|
|
|
0.9
|
|
|
2.2
|
|
a,c
|
16.0
|
|
|
84.1
|
|
|
2.6
|
|
|
86.7
|
|
|
77.6
|
|
|
(1.2)
|
|
|
4.5
|
|
|
80.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(14.6)
|
|
|
(0.4)
|
|
b,g
|
(15.0)
|
|
|
(17.9)
|
|
|
(0.2)
|
|
|
—
|
|
|
(18.1)
|
|
Gains on disposal of
assets
|
24.2
|
|
|
(24.2)
|
|
d
|
—
|
|
|
2.0
|
|
|
—
|
|
|
(2.0)
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(2.4)
|
|
|
2.4
|
|
e
|
—
|
|
|
(0.3)
|
|
|
—
|
|
|
0.3
|
|
e
|
—
|
|
Interest expense,
net
|
(12.0)
|
|
|
—
|
|
|
(12.0)
|
|
|
(10.8)
|
|
|
—
|
|
|
—
|
|
|
(10.8)
|
|
Income before
taxes
|
79.3
|
|
|
(19.6)
|
|
|
59.7
|
|
|
50.6
|
|
|
(1.4)
|
|
|
2.8
|
|
|
52.0
|
|
Provision for income
taxes
|
30.5
|
|
|
(15.0)
|
|
f
|
15.5
|
|
|
14.4
|
|
|
(0.4)
|
|
|
(0.9)
|
|
f
|
13.1
|
|
Net income
|
$
|
48.8
|
|
|
$
|
(4.6)
|
|
|
$
|
44.2
|
|
|
$
|
36.2
|
|
|
$
|
(1.0)
|
|
|
$
|
3.7
|
|
|
$
|
38.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
0.96
|
|
|
$
|
(0.09)
|
|
|
$
|
0.87
|
|
|
$
|
0.72
|
|
|
$
|
(0.02)
|
|
|
$
|
0.07
|
|
|
$
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 Weeks Ended Sep
24, 2016
|
|
39 Weeks Ended Sep
26, 2015
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign
Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl Adj's
|
Segment
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
38.0
|
|
|
$
|
0.3
|
|
a,b
|
$
|
38.3
|
|
|
$
|
60.8
|
|
|
$
|
(4.8)
|
|
|
$
|
—
|
|
|
$
|
56.0
|
|
Asia
Pacific
|
130.4
|
|
|
1.3
|
|
a
|
131.7
|
|
|
124.6
|
|
|
(4.2)
|
|
|
1.9
|
|
a
|
122.3
|
|
TW North
America
|
51.2
|
|
|
0.8
|
|
b
|
52.0
|
|
|
48.5
|
|
|
(5.1)
|
|
|
—
|
|
|
43.4
|
|
Beauty North
America
|
(2.3)
|
|
|
4.2
|
|
a
|
1.9
|
|
|
3.2
|
|
|
(2.3)
|
|
|
5.4
|
|
a
|
6.3
|
|
South
America
|
52.5
|
|
|
4.4
|
|
a,c
|
56.9
|
|
|
29.8
|
|
|
(5.2)
|
|
|
13.5
|
|
a,c
|
38.1
|
|
|
269.8
|
|
|
11.0
|
|
|
280.8
|
|
|
266.9
|
|
|
(21.6)
|
|
|
20.8
|
|
|
266.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(48.0)
|
|
|
(0.2)
|
|
b,g
|
(48.2)
|
|
|
(49.0)
|
|
|
(2.4)
|
|
|
—
|
|
|
(51.4)
|
|
Gains on disposal of
assets
|
25.1
|
|
|
(25.1)
|
|
d
|
—
|
|
|
13.4
|
|
|
—
|
|
|
(13.4)
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(5.4)
|
|
|
5.4
|
|
e
|
—
|
|
|
(18.0)
|
|
|
—
|
|
|
18.0
|
|
e
|
—
|
|
Interest expense,
net
|
(33.8)
|
|
|
—
|
|
|
(33.8)
|
|
|
(35.1)
|
|
|
—
|
|
|
—
|
|
|
(35.1)
|
|
Income before
taxes
|
207.7
|
|
|
(8.9)
|
|
|
198.8
|
|
|
178.2
|
|
|
(24.0)
|
|
|
25.4
|
|
|
179.6
|
|
Provision for income
taxes
|
63.1
|
|
|
(13.1)
|
|
f
|
50.0
|
|
|
50.5
|
|
|
(6.1)
|
|
|
1.0
|
|
f
|
45.4
|
|
Net income
|
$
|
144.6
|
|
|
$
|
4.2
|
|
|
$
|
148.8
|
|
|
$
|
127.7
|
|
|
$
|
(17.9)
|
|
|
$
|
24.4
|
|
|
$
|
134.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
2.85
|
|
|
$
|
0.09
|
|
|
$
|
2.94
|
|
|
$
|
2.54
|
|
|
$
|
(0.36)
|
|
|
$
|
0.48
|
|
|
$
|
2.66
|
|
* 2016 actual compared with 2015 translated at 2016 exchange
rates.
a Amortization of intangibles of acquired beauty
units.
b Pension settlement costs.
c As a result of devaluations in the Venezuelan bolivar,
the Company had negative impacts of $0.3
million and $4.2 million in
the third quarter and year-to-date periods of 2016, respectively,
and $2.0 million and $13.1 million in the third quarter and
year-to-date periods of 2015, respectively. These amounts
related to expense from re-measuring bolivar denominated net
monetary assets at the lower exchange rates at the times of
devaluations, along with the impact of recording in income amounts
on the balance sheet when the devaluations occurred, primarily
inventory, at the exchange rates at the time the amounts were made
or purchased, rather than the exchange rates in use when they were
included in income.
d Gains on disposal of assets is primarily from
transactions related to land held near the Orlando, FL headquarters.
e In both years, re-engineering and impairment charges
were primarily related to severance costs incurred for headcount
reduction in several of the Company's operations in connection with
changes in its management and organizational structures. Also
included is a $13.5 million fixed
asset impairment in Venezuela in
2015.
f Provision for income taxes represents the net tax
impact of adjusted amounts.
g Other income from real estate related operations.
See note regarding non-GAAP financial measures in the attached
press release.
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
39 Weeks
Ended
|
|
39 Weeks
Ended
|
|
September 24,
2016
|
|
September 26,
2015
|
Operating
Activities:
|
|
|
|
Net cash provided by
operating activities
|
$
|
92.3
|
|
|
$
|
72.2
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
Capital
expenditures
|
(38.2)
|
|
|
(42.4)
|
|
Proceeds from
disposal of property, plant & equipment
|
31.8
|
|
|
17.5
|
|
Net cash used in
investing activities
|
(6.4)
|
|
|
(24.9)
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
Dividend payments to
shareholders
|
(104.0)
|
|
|
(103.6)
|
|
Repurchase of common
stock
|
(1.1)
|
|
|
(0.9)
|
|
Repayment of
long-term debt and capital lease obligations
|
(1.7)
|
|
|
(2.1)
|
|
Net change in
short-term debt
|
33.0
|
|
|
82.0
|
|
Debt issuance
costs
|
—
|
|
|
(0.7)
|
|
Proceeds from
exercise of stock options
|
0.6
|
|
|
7.6
|
|
Excess tax benefits
from share-based payment arrangements
|
0.3
|
|
|
2.5
|
|
Net cash used in
financing activities
|
(72.9)
|
|
|
(15.2)
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
5.7
|
|
|
(16.0)
|
|
Net change in cash
and cash equivalents
|
18.7
|
|
|
16.1
|
|
Cash and cash
equivalents at beginning of year
|
79.8
|
|
|
77.0
|
|
Cash and cash
equivalents at end of period
|
$
|
98.5
|
|
|
$
|
93.1
|
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
Sep 24,
2016
|
|
Dec 26,
2015
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
98.5
|
|
|
$
|
79.8
|
|
Other current
assets
|
493.6
|
|
|
470.7
|
|
Total current
assets
|
592.1
|
|
|
550.5
|
|
|
|
|
|
Property, plant and
equipment, net
|
256.3
|
|
|
253.6
|
|
Other
assets
|
781.5
|
|
|
794.1
|
|
Total
assets
|
$
|
1,629.9
|
|
|
$
|
1,598.2
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
|
199.9
|
|
|
$
|
162.5
|
|
Accounts payable and
other current liabilities
|
407.8
|
|
|
451.5
|
|
Total current
liabilities
|
607.7
|
|
|
614.0
|
|
|
|
|
|
Long-term
debt
|
606.9
|
|
|
608.2
|
|
Other
liabilities
|
224.6
|
|
|
215.0
|
|
Total shareholders'
equity
|
190.7
|
|
|
161.0
|
|
Total liabilities and
shareholders' equity
|
$
|
1,629.9
|
|
|
$
|
1,598.2
|
|
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
October 19,
2016
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fourth
Quarter
|
(In millions,
except per share data)
|
2015
Actual
|
|
2016
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
81.7
|
|
|
$
|
86.6
|
|
|
$
|
90.2
|
|
|
|
|
|
|
|
Income tax
|
$
|
23.6
|
|
|
$
|
18.2
|
|
|
$
|
19.2
|
|
Effective
Rate
|
29
|
%
|
|
21
|
%
|
|
21
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
58.1
|
|
|
$
|
68.4
|
|
|
$
|
71.0
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
18
|
%
|
|
22
|
%
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
(0.3)
|
|
|
—
|
|
|
—
|
|
Re-engineering,
impairments and pension settlements
|
3.8
|
|
|
3.9
|
|
|
3.9
|
|
Net impact of
Venezuelan bolivar devaluations
|
1.8
|
|
|
2.0
|
|
|
2.0
|
|
Acquired intangible
asset amortization
|
2.5
|
|
|
1.8
|
|
|
1.8
|
|
Income
tax(2)
|
2.5
|
|
|
(6.4)
|
|
|
(6.4)
|
|
Net Income
(adjusted)
|
$
|
68.4
|
|
|
$
|
69.7
|
|
|
$
|
72.3
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
1.3
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2015 restated for currency changes)
|
$
|
69.7
|
|
|
$
|
69.7
|
|
|
$
|
72.3
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
—
|
%
|
|
4
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
1.15
|
|
|
$
|
1.34
|
|
|
$
|
1.39
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
17
|
%
|
|
21
|
%
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
1.35
|
|
|
$
|
1.37
|
|
|
$
|
1.42
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
1.38
|
|
|
$
|
1.37
|
|
|
$
|
1.42
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(1)%
|
|
|
3
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
50.5
|
|
|
51.0
|
|
|
51.0
|
|
(1) Refer to Non-GAAP Financial Measures section of
attached release for description of the general nature of
adjustment items
(2) Represents income tax impact of adjustments on an
item-by-item basis
(3) Difference between 2015 actual and 2015 translated
at current currency exchange rates
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
October 19,
2016
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Full
Year
|
|
Full
Year
|
(In millions,
except per share data)
|
2015
Actual
|
|
2016
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
259.9
|
|
|
$
|
294.3
|
|
|
$
|
297.9
|
|
|
|
|
|
|
|
Income tax
|
$
|
74.1
|
|
|
$
|
81.3
|
|
|
$
|
82.3
|
|
Effective
Rate
|
29
|
%
|
|
28
|
%
|
|
28
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
185.8
|
|
|
$
|
213.0
|
|
|
$
|
215.6
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
15
|
%
|
|
16
|
%
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
$
|
(13.7)
|
|
|
$
|
(25.1)
|
|
|
$
|
(25.1)
|
|
Re-engineering,
impairments and pension settlements
|
21.8
|
|
|
9.3
|
|
|
9.3
|
|
Net impact of
Venezuelan bolivar devaluations
|
14.9
|
|
|
7.0
|
|
|
7.0
|
|
Acquired intangible
asset amortization
|
10.2
|
|
|
7.6
|
|
|
7.6
|
|
Income
tax(2)
|
1.5
|
|
|
6.6
|
|
|
6.6
|
|
Net Income
(adjusted)
|
$
|
220.5
|
|
|
$
|
218.4
|
|
|
$
|
221.0
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
(16.7)
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2015 restated for currency changes)
|
$
|
203.8
|
|
|
$
|
218.4
|
|
|
$
|
221.0
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
7
|
%
|
|
8
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
3.69
|
|
|
$
|
4.20
|
|
|
$
|
4.25
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
14
|
%
|
|
15
|
%
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
4.37
|
|
|
$
|
4.30
|
|
|
$
|
4.35
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
4.03
|
|
|
$
|
4.30
|
|
|
$
|
4.35
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
7
|
%
|
|
8
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
50.4
|
|
|
50.8
|
|
|
50.8
|
|
(1) Refer to Non-GAAP Financial Measures section of
attached release for description of the general nature of
adjustment items
(2) Represents income tax impact of adjustments on an
item-by-item basis
(3) Difference between 2015 actual and 2015 translated
at current currency exchange rates
TUPPERWARE BRANDS
CORPORATION
|
ADJUSTED EBITDA
AND DEBT/ADJUSTED EBITDA*
|
(UNAUDITED)
|
|
|
|
As of and for
the
four quarters ended
|
|
September 24,
2016
|
Adjusted
EBITDA:
|
|
Net income
|
$
|
202.7
|
|
Add:
|
|
Depreciation and
amortization
|
59.6
|
|
Gross interest
expense
|
47.1
|
|
Provision for income
taxes
|
86.7
|
|
Equity
compensation
|
21.2
|
|
Deduct:
|
|
Gains on land sales,
insurance recoveries, etc.
|
(25.4)
|
|
Total Adjusted
EBITDA
|
$
|
391.9
|
|
|
|
Consolidated total
debt
|
$
|
806.8
|
|
Divided by adjusted
EBITDA
|
391.9
|
|
Debt to Adjusted
EBITDA Ratio
|
2.06
|
|
* Amounts and calculations are based on the definitions and
provisions of the Company's $600
million Credit Agreement dated September 11, 2013, as amended and restated
("Credit Agreement") and, where applicable, are based on the
trailing four quarter amounts. "Adjusted EBITDA" is calculated as
defined for "Consolidated EBITDA" in the Credit Agreement.
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SOURCE Tupperware Brands Corporation