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Tupperware Brands Corporation (TUP) delivers innovative kitchen and home solutions through its iconic direct-selling model and modern retail partnerships. This page provides investors and stakeholders with centralized access to official company announcements and market-moving developments.
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Tupperware Brands Corporation (NYSE: TUP) reported preliminary financial results for 2022, highlighting an 18% decline in net sales to $1,305.6 million and a loss from continuing operations of $28.4 million. The fourth quarter alone saw a 20% decrease in net sales at $313.7 million. Gross profit for the year was $836.4 million, a margin of 64.1%. Challenges included COVID-related lockdowns in China and declining consumer sentiment in Europe. The company aims for improved financial flexibility through a revised credit agreement and ongoing re-engineering efforts, anticipating 2023 as a transition year.
Tupperware Brands Corporation (NYSE: TUP) is set to release its fourth quarter 2022 financial results on March 1, 2023, prior to market opening. A conference call to discuss the results will be held at 8:30 a.m. ET on the same day. Tupperware is a renowned global consumer products company, known for its innovative food storage solutions. Founded in 1946, the company holds over 8,500 patents for its kitchen and home products. Tupperware operates in nearly 70 countries, primarily through independent representatives. For more information, visit Tupperwarebrands.com.
Tupperware Brands Corporation (NYSE: TUP) announced a Second Amendment to its Credit Agreement, enhancing its financial flexibility for the current fiscal quarter. The amendment raises the maximum permitted Consolidated Net Leverage Ratio from 4.25 to 5.25 to 1.00 for Q4 2022, with a planned reduction to 4.25 to 1.00 for Q1 2023. Additionally, it shortens the maturity date of the Credit Agreement to November 23, 2025, and reduces the maximum borrowing capacity to $435 million. The company is in ongoing discussions with lenders for further covenant relief to support its Turnaround Plan.
Tupperware Brands Foundation and the National Park Foundation have reported significant achievements from their multi-year partnership aimed at waste reduction in national parks. Since October 2020, Tupperware's support has facilitated the installation of 44 water refill stations across seven parks, diverting approximately 10 million single-use plastic bottles from landfills annually. In 2023, an additional 26 refill stations will be installed, projected to divert one million more bottles. This initiative enhances sustainability efforts for over 300 million annual visitors, showcasing Tupperware's commitment to environmental stewardship.
Tupperware Brands Corporation (NYSE: TUP) reported a 20% decline in net sales, totaling $302.8 million for Q3 2022, due to lower sales force activity and macroeconomic challenges. The gross profit decreased to $196.6 million, with a gross margin of 64.9%. The company faced a loss from continuing operations of $(3.8) million, leading to a loss per share of $(0.09). Despite challenges, Tupperware continues to implement its Turnaround Plan, focusing on restructuring and distribution expansion.
Tupperware Brands Corporation (NYSE: TUP) is set to release its third quarter 2022 financial results on November 2, 2022, before the market opens. A conference call to discuss these results will take place at 8:30 a.m. ET the same day. Founded in 1946, Tupperware is known for its innovative food storage solutions and has over 8,500 patents for kitchen and home products. The company operates in nearly 70 countries, primarily through independent representatives. For additional details, visit Tupperware's investor relations page.
Tupperware Brands Corporation (NYSE: TUP) announced a settlement with the U.S. Securities and Exchange Commission regarding an inquiry into accounting practices of its divested House of Fuller beauty business in Mexico from 2016 to 2020. The company will pay a civil penalty that is considered immaterial and was accrued in Q2 2022. CEO Miguel Fernandez emphasized the company’s commitment to ethical practices, stating they took proactive measures upon discovering the issues. Tupperware sold the House of Fuller business in Q2 2022 as part of its strategy to focus on core operations.
Tupperware Brands Corporation (NYSE: TUP) has appointed Douglas Lane as the new Vice President of Investor Relations and Strategy, effective today. With over 30 years of industry experience, Lane previously founded Lane Research LLC and has worked for notable companies including Jefferies & Company. His expertise in direct selling and equity research aligns with Tupperware's omnichannel strategy, essential for the company's turnaround efforts. CEO Miguel Fernandez expressed confidence in Lane's leadership to enhance shareholder value.
Tupperware Brands Corporation (NYSE: TUP) announced the election of Mark Burgess to its Board of Directors, effective August 4. Burgess brings extensive experience from his roles in leading packaging and manufacturing companies, including as CEO of Mauser Packaging Solutions and Diversey Inc. His expertise in packaging and business transformation is expected to support Tupperware's strategy for sustained growth. With this appointment, the Board now consists of 12 members, as stated by Susan Cameron, Chair of the Board.
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