ORLANDO, Sept. 2, 2015 /PRNewswire/ -- Tupperware
Brands Corporation (NYSE: TUP) today updated its third quarter
2015 sales outlook.
Rick Goings, Chairman and CEO
commented, "While we, like many other global consumer products
companies are navigating through a volatile external environment,
particularly in the emerging markets+++, we are pleased
that two months into the quarter we are tracking towards the
high-end of our local currency sales outlook range for the third
quarter as announced in July. We have seen the expected trend
improvement in Indonesia,
France and Italy, and strong growth in our businesses in
Argentina, Brazil, China
and Tupperware Mexico and South
Africa in spite of the macros, which reflects the strength
of our business model and skill of our local leadership."
Based on actual foreign exchange rates for July and August rates
thereafter, the third quarter impact of changes in foreign exchange
rates on the Company's 2015 earnings per share comparison with 2014
would be negative 26 cents per
share. There was a negative 22
cent impact included in the guidance provided in July in the
Company's second quarter 2015 earnings release.
The Company plans to release its third quarter 2015 earnings
results on Tuesday, October 20,
2015.
+ 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.
++ See the September 1,
2015 foreign exchange impact update posted on the Company's
website,
http://ir.tupperwarebrands.com/financial-information/foreign-exchange-impact/default.aspx,
which indicates an impact on the third quarter 2015 versus 2014
sales comparison of negative 18% versus negative 16% in the
Company's second quarter earnings release in July 2015.
+++ 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.
Tupperware Brands Corporation is the leading global
marketer of innovative, premium products across multiple brands
utilizing a relationship based selling method through an
independent sales force of 3.0 million. 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, 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.
The Company updates each month the impact of changes in foreign
exchange rates versus the prior year, posting it on the Tupperware
Brands website,
http://ir.tupperwarebrands.com/financial-information/foreign-exchange-impact/default.aspx,.
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.
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. This includes the impact on sales and earnings from
currency devaluations in Venezuela. 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.
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SOURCE Tupperware Brands Corporation