Previous Statements by TUP
» Tupperware Brands' CEO Discusses Q4 2011 Results - Earnings Call Transcript
» Tupperware Brands Corporation's CEO Discusses Q3 2011 Results - Earnings Call Transcript
» Tupperware Brands CEO Discusses Q2 2011 Results - Earnings Call Transcript
» Tupperware Brands Corp. Q4 2009 Earnings Call Transcript
Now, let me get on with the quarter. We understand your time is valuable. So I am going to make some opening statements, trying our best again not to be redundant with what you’ve seen in the release. Michael will do that and I’ll turn it over to questions and we’ve had, and in a point in time where I was somewhere else in the world and communication wasn’t what it should be. So I would ask your patience if I fall off the call. Mike will finish it.First quarter 2012 was a record for us. We were up 3% on local currency, came in the high end of the guidance range. However, it is important to note when comparing this quarter to last year, the impact of one last week, we try to put together what that impact was and we think it was five percentage points. So it means our first quarter was up, on a plus to a plus about 8%. Included EPS without items was $1.03, which is also a record in Q1, $0.04 above the high end of the range and this really came in from better profitability in our segments along with $0.01 of foreign exchange benefit. Michael will go through those new answers when we does his section. We did see impressive performance in a number of our markets, in both the portfolio of emerging and in the established. I am going to highlight some of those and in a bit I am also, I want to comment on some of the markets where there were some performance issues. Again, I would remind you that we are a global portfolio of countries and as I mentioned, I am here with 27 of them and there’s only a very short list of our markets where we have any issues. And I got to say that I have only had one year of my business career, we got a portfolio, there were no issues.
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. Read the rest of this transcript for free on seekingalpha.com