For its second quarter of 2015, Tupperware Brands Corporation reported net sales of $588.9 million.
Rick Goings, chairman and CEO, Tupperware Brands Corp., stated, “Second quarter sales results were up four percent in local currency, just marginally below the low end of our guidance. While we continue to see strong performances in Argentina, Brazil, China, and Tupperware U.S. and Canada, the actions taken to improve performance in Indonesia gave us a smaller sequential improvement in the quarter than we had expected.”
He continued, “Our strong global management team continues to enhance and execute the levers of our business model to support and enable the growth of our global sales force. We also remain focused on the execution of our strategies to contemporize the business model, strengthen our core business fundamentals and extend our reach to continue to provide value to all of our stakeholders.”
Tupperware United States and Canada sales were up 13% in local currency with strong underlying indicators, according to the company. Emerging markets accounted for 67% of sales, and achieved an 8% increase in local currency with contributions most significantly from Brazil, China and the Middle East and North Africa. Established markets were down 2% in local currency, a four point sequential improvement from the first quarter, primarily from good performance in Germany and Tupperware United States and Canada.
GAAP net income was reported at $62 million, up 30% versus prior year including benefits from land transactions and lower impacts from Venezuelan currency devaluations, along with better profitability in the Tupperware North and South America segments, the company noted. Excluding the impact of foreign currency rates on the comparison, adjusted net income was up 12% versus prior year.
The sales force size closed 14% above the prior year, the company noted.