Tupperware Brands Corporation (NYSE: TUP), a leading global consumer products company, today reported operating results for the third quarter ended September 24, 2022.
Third Quarter 2022 Financial Summary:
Net sales were $302.8 million, a decrease of 20% year over year (or 14% on a constant currency basis), compared to $376.9 million in the prior year period.
Gross profit was $196.6 million, or 64.9% of net sales, compared to $247.9 million, or 65.8% of net sales, in the prior year period
(Loss) income from continuing operations was $(3.8) million, compared to $60.4 million in the prior year period
Diluted (loss) earnings per share from continuing operations was $(0.09), compared to $1.14 in the prior year period
Adjusted diluted earnings per share (non-GAAP) from continuing operations was $0.14, compared to $1.19 in the period year
period
Adjusted EBITDA (non-GAAP, per debt covenant)1 from continuing operations was $29.9 million, compared to $77.7 million in the prior year period
Consolidated Net Leverage Ratio (non-GAAP) was 4.17, within the 4.5 debt covenant limit for the quarter
The Company continues to implement its Turnaround Plan; fixing the core, right sizing the business, divesting non-core assets and
opening new channels of distribution.
“While we are excited to expand the Tupperware ecosystem to have some of our products available at