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Tupperware's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: TUP

In line with our previous earnings call, style wise, Mike and I are going to try to do our best to keep our opening comments brief, so we can spend more time on answering questions that are important to you.

We did achieve a 5% currency sales increase in the quarter. Our emerging markets, which really comprised 61% of our sales in the quarter that continued to do very well, up 14%, which was in line with our first quarter after adjusting up the first quarter comparison for that extra week we had last year.

Our established markets were down 6%. When I take a look at our portfolio, it is worth noting that there are really only a handful of markets that aren’t performing well and at the level we would like them to and we are a portfolio. I’ll go through the main ones in a bit and also what -- what we’re doing in those markets.

Our adjusted EPS of $1.31, that came in above the high-end of guidance. This really came from better management of the value chain in several of our businesses in Asia, Tupperware North America and South America. We also had several adjustment items in the quarter that impacted it. Mike will get into this.

We did see some impressive performance so in a number of markets, both emerging and established and I’ll highlight some of those, and then we’ll go to the ones where we had performance issues.

Let me begin with our emerging markets. Asia-Pacific is the standout. It was up 24% as a group, as well as our South American markets, which were up 36%. In Asia-Pacific, the real stars there continue to be India and Indonesia, both up 40%.

The momentum of this business is really driven by a growing sales force. Total -- not only total but active and now more than 140,000 sales force in each of these markets, who are really in breaking the earning opportunity that is changing lives for them and their families.

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