Tupperware Brands (TUPBQ) 28 Oct 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter 2020 Earnings Conference Call. At this time, all participants’ lines are in a listen-only mode. Later, we will conduct question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to hand the conference over to Jane Garrard, Vice President of Investor Relations.

begin. may You

Earlier we our press and to conference The page. Welcome Operations Investor Rich Brands quarter our financial third our available Chief press Harris, Thank on our Financial website With the issued me earnings President Fernandez, Miguel call. Vice are release release and on on XXXX Sandra Relations XXXX. Officer. Executive our and you. Chairman; Tupperware CEO; today's Goudis, for September the XX, a announcing company our results third this morning, quarter ended is call

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Now to let over call the Sandra. me turn

Miguel. Thanks,

Turnaround our Plan As well underway. you've read is today, heard and

growth posted XX%, revenue Eliminating and last local the America our currency year. XX% markets Our impact in increased last sales increased from The XX% the increased quarter the compared year. to North our was XX%. sales majority America currency XX% compared local South Europe increased improved reported same quarter. to FX, of

region that down X% currency. quarter, only in the was the local Asia in declined

million. in Asia total Philippines, on Excluding that are would China the X%. a our weak estimate Europe branches reliant We in products mentioned, outside region, results affect COVID-XX access In strategy. the to negative in to element our $XX just that down third this with our America. is X% Miguel the for approximately we total in selling our had foot traffic. direct almost that Increasing specifically all XX% growth business XX% Korea remaining North of where key have quarter China, quarter, been and the of have revenue partnerships through approximately markets and predominantly a the impact or was of studios in COVID-XX continue the of company

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sales in savings that of reflecting a Three and positive this $XXX was improved Plan attributable our profit impact at initiatives of achieved achieved And third to cost of of XX% a year. address million million point year. basis higher million regions structurally all goal. last the have SG&A I Plan the America operating of XX%, versus developed in million Turnaround Our XXX with improvement as were basis happy X,XXX cost sales $XXX XX% rightsize to savings last nearly points percent X,XXX our quarter, of basis $XX am report Segment to than ending in or of excess problem. the $XXX returns or quarter. we gross Year-to-date quarter points North of the XX% Turnaround

$X obligation quarter Specifically dramatically rate of of versus XX% XX% from was a to rate. able our improved profit, loss other of year. highlighting the and to taxable foreign GILTI million million up The credits, last sales. XX% the with tax effective the impact extinguishment year, reserved a a previously gain which tax for segment that return was Europe, at tax unutilized credits last quarter on The company offset early favorable XXXX debt $XX had on ending the the on

of As a year. which from $X.XX were was or over by Operationally, offset share a strong $X.XX improvement by earnings of $X.XX FX. one-time XXX% $X.XX of $X.XX, per of this $X.XX last items. improvements diluted performance, result or change the operational savings our Plan non-recurring offset of Turnaround was slightly

gain prior adjustments debt current reserve on this repeat year; not the While included $X.XX two the and year share, impact certain that retirement of growth diluted in one-time for and of business negative no ERP Beauty aligned $X.XX a strategic software-related came are The plan. rollout with the write-off that $X.XX of sales $X.XX and solutions year. from front-end our impairment force intangible longer a to the in early did prior the per items and both year, Fuller including earnings impact negatively positively write-off the positive adjustments impacted of global

digital from force a breed shift it push consumer model of monolithic we evident that pool we more a both best different became As model and less push tools sales IT distributor need solutions. for cloud-based and

range revenue in segment $X.XX gain in of the other was deliver prior and business with to was of an earnings up positive the including increase should from per share us combined Plan. of impact our the XXX% earnings last profit rate, impact year from At efforts per Turnaround indicative rightsizing $X.XX, items reflecting on non-recurring landfills. adjusted of $X our an share of of the of investors earnings certain year tax going from negative potential this adjusted level More forward. a additional Finally, expect there $X.XX the to

$XXX and and strengthening in year-to-date. net $XXX our This activity and capital with Cash from investing efforts Now associated $XX our million was to debt. Turnaround operations inventory lower our to spending improved improvement liquidity, million of attributable flow primarily assets. with a year, announced the quarter Plan. structure capital reducing Previously, the represented commitment million the our management associated last and over efforts we non-core exiting to

expect capital improve our a and of We liquidity to our on work transactions to few these structure fourth in strengthen divestitures to continue the close quarter. and

address notes maturity the $XXX purchases of our current continued further balance the In par outstanding resulting reduced also million third XXXX We we open below obligation. efforts quarter, our debt in of market $XXX June by to proactive million. through a our

to to We continue unlocking ended refinancing June debt-to-adjusted-EBITDA X.XX to investors our with to the covenant with cash from and restoring future. today Plan our ratio times, initial provide are the our growth times. to requirement results will business, we sheet, reported the quarter competitive more, balance actively efforts continue strengthening non-core We X.XX of than We the Turnaround proof the rightsizing into sales for channels, our our a well new liquidity options of advisers and evaluate company that create core below of stronger improving asset pursue a less working, maturity. business, believe with the address expansion XXXX

of from back now answers. the guidance due to questions impact at the the call time. and the Lastly, financial turn this will I provide ,we will pandemic concerns global ongoing not for over

of question Nicholson. the from line comes first Your Instructions] [Operator Wendy

Your open. line is

management a change morning. you first actually pending there China. do there. with has question Good to My was said, Hi. know I

strategic store think a Do you model? up still shifts you think products you what can making anticipate you sort offer? of, market back person about big takes With get to it's Do have of and the direction it growing? coming do to retail Kind China? you right mostly the talk of new in that what in,

Wendy, hi, So, Good this morning. is Miguel.

Hi.

you business And two us, process in the right as a for is an know, takes our want takes starting of a ideal the candidate. to three, we And really candidate but it retail primarily there. if are one. So China or whatever us month we a search it have

we outlets terms of way of it the business, the combination our is with a In or studios see e-commerce.

offer experience. product to of lot online to be we the and be also off-line have of innovation. want based to it's So out a able to studios an going And

know offering probably we is world, we're you up -- specific the only we China. As going now but the portfolio limited. right not that But China other our rest opening focused product product in sell also innovation to to the very to be around of on

bit going So more product of a be a and more in innovation lot of it's to China. little e-commerce

overall huge China. our strategy the China one that's big But again, huge, markets potential. and So in see we with of as

That mentioned in that it great. recruiting between chain supply the hold? were issues question you slowdown the then same September is will North given Fair. growth might as you makes sales maybe of also similar issues. any you chain of took if the But if October, August, order talked look or see quarter remarkable you those through sort supply did And the sales that chain the sounds impact, second in you or Brazil. trends some retention of sort I in did sense And and the America issues sales or or think of, rates my you terms just some about supply have

So going up. they actually kept on

our announced in trend in solving chain. is pressure the supply we script, positive over you promotion puts good issues as -- So that heard take temporarily. which She's recently news, immersed to those also Sandra's COO even position. fully we're more we but But in the have the it's -- still

there's Yes. to we're been is our types has within Sandra. as rates I'll that by focused supply Hi, really growth just Wendy. surely internal internally the speak a of limited finite manufacturing quickly seeing fact and This network. Tupperware historically, now its the

third-party So that's we're more working we're or supply manufacturing and whether external turning third-party more contractors. with to sourced whether

network that. And demand timely so help And increased to in actively that can so manner. then to the that's investing us we meet extend we're our a in going distribution

forward, going partnerships on more so And be expand we'll focusing supply to chain. our

balance me. -- made you then And last question. I sheet. progress Thank it. just Got indulging mean phenomenal the on for It's you've obviously, my

as you cash the to So that that my just I is or need Mexico. in question like you is up Do you specifically don't divestiture say sale this still isn't actually Fuller to could there, think us. know opportunity grow cash. for candidate do asset you or an But a regard been with that's business the the a future? drum maybe if contemplated

if even still really we So don't divest it? we the to need cash want

Yes.

our the on core estate And divest whether a looking opportunity Wendy, real I really focused beauty. core to on call prior think, not anything or So we're that's said we've business. of for that that's we're

so are we that continuing focus on to making and And priority a that.

brokers help on with and core non-core. to the execute We us are will divest look working to that the on we focus to and of priority the

Great. so Thank much. you

next comes line Bolton Linda question Weiser. the Our of from

question. your ask may You

Hi. you into Thank best good, wondering little the that been to being about would main that that you a strategy? to come? strategy of, you. bit that, how you've elaborate referring Miguel And or sub-brand exactly I still already put a under that the execute Is to. was could go Thanks. umbrella you or consider, starting practice, better, brand would if sort on is

Hi, Linda. morning. Good Yes.

force and if value in other change sales competitor same our product offer to So consumer to started we versus a know And pilots world. strategy sure around you we've the the quality make as with of what any pay and competitive amount that we chain, already some even is the to are. the pricing whole compared normally we our regardless -- a it's

So to be sure our achieve offering make also and those of points. that we some adjusting margins price we're going to those

continue we'll more of it S-class say C, We do we're we're decided umbrella premium. going traction Echo -- Mercedes-Benz any the like to be we're to It of names within them brand develop going and to to be be as could to the -- under we're probably to where But the brands just developing Tupperware and the of would Tupperware brand. it's their the have get to sub-brands In brand. we're terms but going E have our other getting going Tupper mid major umbrella going more haven't sub-brands still yes, we're conversations. still brand, in

done Is you you. now initiatives I just forward? did cost And this for clarify, and is then that productivity structure Thank to you've cost are curious to an earnings Thank you're job come share what And XXXX? thinking right-sized going kind forward. the was there or of your the quarterly amazing more earnings Once Great. end going you on on of the out, that? reduction ongoing and you. guess, I amazing. of it? you've level $X.XX Sandra, $X Is what meant margins to cost do you by mean plan per

Yes. Thanks Linda.

to start the reinforce to COVID-XX. revenue somewhere revenue savings would cost that did related basis quarterly last a me we $X.XX. with of $X.XX the said expect is the for sustainability Let to reference. that. of we to at that $X margins, reduction and on say Last Yes, level be $XXX that I'll $X.XX portion what also we at million level, around quarter gross In to that the tax this regard a rate, quarter and

XX% of that do we expect year. carries into next that So

basis still the of quarter, levels cost sales SG&A enterprise. necessarily majority very new haven't opportunities across that opportunity. commitment to leverage also we XX% would go-forward So the across think there's high. basis are our the steady. on about room that that lot spending go than assume I'm enterprise. COO in there's do opportunity regionally been specific is I those would a of noted and our achieved and savings less I and that, I stayed we've know leverage guidance or emphasize we further spend that I that on have a we I optimize of and signified board giving XXX there a that on We've savings market SG&A. made to to role this And continue happy there's forward. impact point the What very of but if and is have roughly if But that a would as think this margin everything across

And you. final question just then me. for Thank one

sales, expand and a channel conflict. of exploration you of to model selling In that terms your you partnership direct can how your continuing BXB in explain avoid

So a on retailer sold kind a if sales product impact rep of at other do or the how partner, you channel business the selling a negative conflict? direct sees some avoid Thanks. being from

you, thank Linda. So

So be that I'm -- the the and It one. products same different I'll categories, same to it and the is quality the way same different going take under call still brand R&D -- could easiest behind.

or So that's and sizes with colors little sold even to similar where or even product play one. the be things But there's the easiest a you can the co-branding on. so

with the our it's always really close collaboration different around leaders world. local relationship there's So But sales having importantly, ways of working and most a around that.

it's selling can we don't a and and on So penetration that on. is it. channel in you to see any times we they our coming a one together actually coming in sector it can channel know, the what Many country it's right work how to direct way and of get do a have different so which

that we're this with elements. those into So you customers all feeding be be approach going they're excited of advantage going very we're lot that current of about And direct positive. to can the we're that also are leads following. And our which going is synergistic to to to get our play very I'm brand. could big new they base for those going -- a that to see us sellers,

Okay. Thank you. That’s for all me.

Linda. Thanks,

Steve of comes the Your O'Hara. from next question line

open. Your line is

taking Thanks question. for morning. Good Hi. the

Hi, Steve.

of kind tax it corporate think the to than rate about Kind more earnings the the we my tax that to this Hi. less, Is or quarter forward. around expectations. the just mean guess way was I I least low rate, that this guess, going moving rate about? at still to think higher Is right kind forward? or commentary about is relative to to the think of on of going right tax I it it typical way going be much

Yes. lot and in generated Steve, some strategy. as on now have internationally starting working we U.S. profits actively we're been the time our for that's quite to regrow shifting A of our are

an important factor. that's so And

in started to based strategy our lower also rate more overall more work We to with tax in U.S. our line tax companies.

quarter the as strategy lumpy action say an we is I not in will rate and ability in official retirement to annual GILTI debt. rather beneficial be back that our to things that year, fact started the this taking quarterly just Those on area. a our so us but rate -- credits of have foreign lot the because this of year of offset as that us go are the on the an because a use calculate And our working of gains will to the and word, tax in continue credits, we actually to forward favor. to that tax that basis such tax were a for some we

international be normalized And as XX.X%. navigate. we're go rate while. a some work than so of in will But on that before we based had a the tax strategy we and we a just be quarter other previously tax of Last this to we will credits quarter, a more quarter-by-quarter we with both our also for U.S. do much reported at XX.X%, have our difficult as lower become little companies way upon we to ended these Definitely use with we've rate portfolio.

of kind think purchase there the unallocated, there? debt think the Okay. on That's in on related to adjusted just jumped it I an Was it or it up And in basis? Was I quarter. maybe something then million was $XX anything? helpful. the

mind, of for don't Steve, And caused On anything I so SG&A with we on change. totally, that nothing have quarter. note. get the unallocated improved point our know at this would to to that unallocated back really the you coming is can the ratably

And back you're unallocated we'll about. so, the look specific at amount that talking

maybe then, harvest me, year of Okay. the so not be kind previous be left in just kind in And the of case, then, to or a think than remind than the third XQ? quarter. Can of get kind this that's that the to in cost to what's terms different typically the savings is -- And left likely reason for fourth I is stronger quarter that of you years? XQ. there Is case

Yes, Steve.

time, the that, we just have due we the last continued savings for the things. and to to We've to cost around the year quarters. our So $XXX uncertainties two is guidance want impact don't for within total the committed goal of the other quarter at million. of provide is this that really What fourth million pandemic $XXX delivered

is that to right of that. regard by the have making the think So, and that. we'll the million to And at to provided and in purchases the right performance million it's market make assume, year. $XX patients remaining $XXX the our we continue on time And we also we're debt end track we've we remaining that then, after decision into insights with on which the open deliver work that our reasonable to

I So that's information. future what of can you form give the in

Okay. Thank much. right. you, very All

Miguel no for call Fernandez further this closing will to remarks. time. There question turn back at Mr. the I

you. Thank

I'm recruiting sales signs performance, of the We're business financial and the quite our initial with by force. our fixing pleased in even our force of evidenced increased and I'm activity levels the more core retaining not seen productivity at encouraged sales time. While some by

force change component and ability tomorrow. proud challenges the tools remains the and brand meet and long-term of today meet sales this to household above use Their techniques I'm embrace of our of strategy evolving our team an ensures continue commitment to consumers' needs. unwavering to to Our will iconic the members' digital growth important

be strategy our elements growth with we Over of share future look calls. the and earnings next on results those year, to other implemented you forward key will