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Tupperware Brands Corporation's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: TUP

Let me begin with our established markets. Just topline a couple of not were these. Germany which you know is a very important market to us, they were up 3% in the quarter and that is really 6% adjusted run rate, and that’s not only – you know it’s in line with the positive trend. We’ve been seeing recently Italy was up 46% which really speaks to our decision to invest in growing that topline. By the way, Italy at Tupperware in more than 40 years has never grown at these kinds of rates.

We also had strong growth in our Nordic businesses which is really eight countries up 17%. Double-digit growth in Portugal which is really encouraging to see in light of their economic difficulties. Worse noting to that none of these businesses that I have just mentioned has seen growth rates like this in recent years, and what it really speaks to is the effectiveness that the continued refreshing of the levers that give a direct selling company like ours competitive advantage. And there’s simply this. Number one, a flow of unique products; we try to put into the barrel 25% of our sales coming from new products every year. Two, entertaining selling methods and relevant selling methods to different consumer groups. Third, a compelling earning opportunity and fourth, I think most important solid direct selling fundamentals.

Now, it’s working in those markets and the good news about the established markets is, there you’ll get a per capita income in the 30,000 to 40,000 year range.

Turning to our emerging markets, India, Indonesia, Brazil each of these big markets had growth rates in the high 30% range and if you just going to account the impact of the extra week that really made the run rate into the 40% range. Also, without taking into account the impact of the extra week, our very nice Turkish business here in Europe was up 17% in the quarter, and by the way that meant they lacked a 32% increase the same period last year. Here in Africa, we’ve got a wonderful business called Avroy 'Shlain, in addition to our Tupperware business, but I have been with the Avroy 'Shlain people that you did business, they were up double-digit in the quarter as well. Also in this portfolio, the emerging markets Malaysia, Singapore up double-digits, China up double-digits. Ditto, Korea. So good news in a lot of markets.

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