Tupperware Brands (TUPBQ) 4 May 222022 Q1 Earnings call transcript

Good day and thank you for standing by. Welcome to the Tupperware Brands Corporation First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] With that, I would now like to hand the conference over to your speaker today, Alexis Callahan. go please and you ahead. Thank

Good Thank Brands welcome Tupperware and quarter you, XXXX operator. first earnings to morning conference call.

Joining Vice Chair; and Rich Goudis, President are and CEO; CFO Sandra me and Harris, Miguel today Fernandez, COO. Executive

Investor We of prepared Earlier our available XXXX, press announcing which this Q&A, for results our a remarks. our issued is will financial be Relations we the all for release following website. available morning, first on quarter

to website. materials our we found have In and also items prepared addition to press both supplemental remarks today's on release, published our accompany can be Investor Relations

Let following as materially statements. to of responses you Actual may me views X, from your such May statements. remind differ and XXXX, that discussion and may today management's include the questions reflect forward-looking our results

our a of filed currency fluctuations. factors also made is period disclosure forward-looking Please subsequent note filings basis. statements on noted, about that results press otherwise release. to today our on note XX-K continuing enabling all made prior a application in impact the foreign exchange constant that current operations rate being and this three on basis, release rate SEC Please all page any the potentially could our for which references results, financial Form information press morning. excluding references, unless comparisons, with of XXXX, foreign are exchange of the in today's impact included the Additional reflects review period that Please are being the

discuss normalized to we'll measures, refer as this those certain including non-GAAP call, we measures. During

be you that, measures has GAAP including to available with on of me press measures, non-GAAP comparable reconciliations the Rich. call be Relations to later found of Investor will regarding can let Investor call been our website. posted in website most the which over Relations A today's this these Additional our disclosures And release, measures, today. to and replay turn these explanations

Alexis. Thank you,

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turning using end, we around this was we input our countries successful growth. business our make use progress in that selling our to up coupled are X%. if and stabilize in can will in can business, this affected. business, to actually selling able the effectively the from which seen to To to justified to Mexico's while driving with insights, leadership we confidence other that up you know, only was learning but cost driving are In be team an gives not our fix business. revenue has new core we that both direct force, sustainably dramatically these approach, structure from it. business direct in we core the analytical are profitability As core be We the embraced omnichannel business, approach grow our independent that contribution analytical as making long make With sales quarter, term, a are investments the direct open us embracing investments make Mexico, believe same to is and we and lower-than-expected our selling more decisions growth. to only continue

in on make progress to invest the grows we capabilities, In more turn systems insights We business, we we the open consumer do account our accelerate confidence capture, and to and consumers. to brand we this continuing are to growth more channel work in and Tupperware the more for strategic up excitement open more reintroduce consumers Tupperware expansion, progress preparation The to our efforts buyers world. doors to channels. to key also around the talent packaging, made new new acquisition, relationships the meet we to the into more around all

first further poor revenue fix back for in improve not to digging Management making call take we profitability. this let changes are understand management, root and to Before performance. I me and been to results to investment has acceptable these turn necessary are issues, deeper assumptions, they and quarter the us, responsibility any full for decisions foundational help the causes modifying to the missed strategic its reiterate,

call Now, let to over turn Miguel. the me

external in morning brand and clearly of causes. cities as consumer came COVID, of we the strict ahead you combination I our factors. those as well comments of most quarter. Starting to and sales of force made caused Russia been business for a our expand another first everyone. results businesses. for conflict the Rich a and Results more will plan. by shut Europe. international It and country us in in order Ukraine through below the and Thank has challenging then down activity both the quarter, updates you, we confidence on macro well on disappointing with the Also, and this quarter was the our lot drivers three particularly as businesses, impacted This significant selling key direct provide and China performance pinpoint most goods walk and March. for the well Late external exposure, most of expectations, of consumer in iconic to last challenging with show and in the can the as Rich, outbreak first status Today's of a in reported the internal weeks the turnaround in quarter turn have basically work many good around. results lockdowns

announced two than and I and is the quickly our should cost the input was have impacted Additionally, for sales the significantly prices much productivity. of costs. on determine costs plan. lag and cost the profitability events and members, field came boosting and of freight modify those activity rising to turnaround and miss quarter. higher impacted in of quarter, how direct our as our selling year-over-year these ahead what when the increases force by processes, issues, our in gatherings lack promotional in energized efforts, and trips that both was incentive lower expectations were between the anticipated, inefficient and we also service Internally, to react have years the now investments price we upgrading in-person in factoring increasing offset increasingly outdated and impacted weighting including historically wouldn't These buying note increases. systems sales efficiencies of versus liquidity Profitability management processes. source planning, and late systems Because increased time material effectively by were significantly inflationary extreme pressures, investments, resin, by particularly product demand and

four In XX% were down terms segments region, the impacts greatest in Pacific, of decline by Asia all the responsible with Europe regions two year-over-year with for coming of from those and sales. performance reported

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lower buying in demand and note grew sale although on XX% significant and force I two-year issues and systems, sell-through lower a inventory service price should experienced experienced stack. of it Additionally, increases, Canada that ahead the US

time. We by and – a this changes these selling early that in These bright fundamental optimize on they been market, in will some and the that result in May, changes quarter, up which changes our have force it our time changes and X% we've effective are more been made first year-over-year, sales making price XX% up communicated to selling have stack. rapid driven force to actions Mexico and communicated including business believe improve quite sales in increases business. to the sustainable is in taken pricing direct is spot was and our we we direct a two-year a XX%

and X% Studios in Our and our sales confidence down XX% which with retail in could quarter performance seeing the however, up conditions of due expansion BXB store locations country our led direct business volatile Brazil are the stack model, this China XX%. therefore with selling largely performance line channels expansion two-year physical be stabilizing outside Mexico. a in in markets economic business programs were which in grew as strong to studio year. our a was well the our retailers. include is year-over-year, On Other core in by as Korea. was election throughout challenging expectations loyalty

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specialized across As globe, grow invested last talent partnered tools technology developed mentioned third-party in implemented labeling. develop to our partnerships, with we've distributors retail call, packaging we and and the on and

of front. new progress outside compete All Tupperware are forward capabilities channels direct this sharing We to look to necessary but selling. to of in these on

and the expectations, a identifying we're quarter to of number the While results items. of actions these below address immediate taking were

First, taking the second with half raise mentioned second last prices most we have planned quarter, quarter. of them as in effect to of the

continue. increases more while to even that proactive to we're pressures to We're going sufficient be gross take aggressive us maintain will closely to continued taking margins prices inflationary and monitoring increases be cost ensure we were Now choosing forward. price

to The demand Eco the carrier water seller Mexico, like And bottle. the our on focus the in for continues us. of was on one be Mrs. Marvelous Maisel. series many capabilities. Service Bowl demand and a items experienced signals chain featured that in Amazon Wonderlier to to quarter to service to number process planning improve the we've continuing related supply with we're visibility our issues This help our will Second, evolve overselling popular of

closer our our and in activities in leadership Third, long-term evaluated directions given Fourth, these our opportunities our the see selling we weeks and current that delayer hedging excess referral we're leaders restructured to process customer quarter intensively to is enable although communications Europe through decisions data making exposure. that to expansion illuminated. to our core and quickly the Asia in, recent in these on we business. One utilizing markets. programs to business in limit we control our changes Pacific And them Ukraine, that we're And visibility aggressively we inventory improve and to of promotional selling lockdowns opportunity the intercompany our reiterate to we're We activity. efforts rightsizing the selling our feel we market we're on to certain locally. All strategy both element in rightsize our manage have and and elements end, business taking profitability. the and will direct implement technology. and focused factors an Fifth, FX both channels. with volumes the direct across in and with and react bring ensure have refocus lastly, foundationally our loans outside organization they COVID boosting is To retailing advisers in improving like business to in recurring can macro fit this respond the move more segmenting of this effort commitment globe or conflict cannot

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expenditures system to our make significant in Canada address especially sales technology a our on in actively we're are and this lot resolve require with We continuing them lastly, quickly working force work, working the possible. Again topic on as And turnaround issues still enormous the as we're with the quarter. progress we these and of US and of but continue the towards undertaking. important efforts, to to

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in great this continue important We make progress to area.

this greater uncertainty anticipated. we Given that previously and have visibility acknowledge performance, we quarter's lower than

Rich As withdrawing we lightly. not decision we're guidance. should already issued mentioned, the therefore I that previously are guidance our to taking pull note

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brand been taking performance So we not selling, there a try in has direct will some selling to nonlinear necessarily do omnichannel. be what as financial done direct

regardless as continue confidence take that the right that of changes noise, remains these strategy our And However, near-term root, this we strategy believe the feels our one. will pay-off. to

still Our iconic is strong. superior, is brand products our are demand consumer and

optimizing business increasing confident and to to and and and taking first and initiatives performance, priorities. new fundamental In confident time foundation thank lastly as and been we as had to brand our to the who levels; look of will will be. to in experience a to impacts strategic Mariela Tupperware that what has consumer much are the her I'm and Chief a currently to Sandra reintroducing is who that control. than increasing Matute while search, the turnaround many growth and adjustments our Operating to that to achieve call optimizing and Tupperware quarter announce immediate comes channels; is her the well all this And our result. right-size executive would align our address role her seasoned now also and be making is consumer we to improve product executive improving consumer She this. products right The data; for contributions quarter update. company thank enabling current service first conflict, experience manufacturing health. to and our COVID one will then with and changes So our Mariela that XX roles the forward systems where the this to of four-fold; leadership brand organization will a grow and will towards lengthy later dedicate organizational this to going business sectors better operations to take remain able we're Harris, us say actions Russia-Ukraine I and ongoing transition access that and years strategy and providing a Officer turn gives our strategy quarter more Sandra both required stronger we Sandra more us we executing a Mariela. After expanding more as to a us despite who iconic more We discuss core plan and to COO, efficient be build within contributions as transform to CFO state selling a and team. technology, we the financial by will to detail. expand. on have thoughtful has stronger, our have opportunity we're summary using joining its towards finance and focus pleased and important will consumers we we profitable to into categories products it I'm to in to hired serving opening join And entering bring senior our permission will on with situations. blue our as more business We final new the us to I her I year organization forward predictable new this that and our am in a look company. Chief performance continue more profitable direct in our disappointed big than to chip Chief strengthening to Financial Officer be Officer of Ms. of you month. financial now want over business. area for Financial forward and

supply Thanks, excited the forward across to our journey. to Miguel. I improve enable turnaround on focusing and I'm a Tupperware's to our basis. chain continue look on organization, operations optimize efficiency and is to entire There go-forward operations and opportunity

channels in profitability all sourcing to in During the the and stemming coupled expansion conflict, from contributed unforeseen global future will sales IP, investments make new of periods. which China, business Russia-Ukraine on pressure the Those and the additional we the lockdowns with office are effect opted in from advance anticipated quarter, the in an our significant of come quarter. investments that

we the our Before and beauty discussion a quick financial our held-for-sale and in the to reminder, our year classify change third quarter accounting begin results, sold of care last of main personal consistent operations, results and businesses is business our expansion has comments operations with core our today efforts. strategy reflect performance discontinued to from our on which only. of the focus Therefore, continuing

issues, quarter, the mentioned. top to external of decrease as were million, our sales sales a by net compared consumer force perspective, sales by conflict impacted by internal European three regional our the disruption last both a by driven were caused For sentiment business factors line drivers: lower by first, previously $XXX of From service year, Ukraine. in and main weakness and XX% representing were lower and activity exasperated caused primarily first which

in March. improve promotions revenue loyalty $X with of our last in Asia-Pacific service larger weakness BXB Second, the forecasting as in weeks lockdowns in have in as was exasperated year. of opportunity And planning general. during issues last markets better several China, the third, well to demand strict quarter coordinate million, we the and demand up by namely program $X products Omicron-related from available million three

We BXB quarter also through compared of great indicators working. are year. sold our the in These to strategic XX six of area this as channels focus last in

also promotions. essentially studio the economic of all an was of closings quarter in region, business cities. which stabilizing each in performance by excluding model next productivity X% The of decreased one as sales four in affecting the impacted of sales XXXX. COVID well by the in there and force down first net quarter, activity be also part Russia-Ukraine in region, regions, Pacific the due strict for pushed lockdowns, continues our largest sales Performance by remainder new due brand driven in the impacted recent by XX% and the market by by overall the to performance sentiment markets. severely the as XX%, activity. force net our decreased our consumer impacted outbreak March, In to in in weeks in acutely Europe, lower arrangement China last China caused were the by was we'll China's late Asia conflict. shutting fewer underperforming three China the sales lockdowns important driven as lower sales by delay openings. Tupperware quarter, was via recruitment priorities was the recruitment holiday that Turning COVID zero disruption our to down primarily to and COVID QX discuss Sales impacted by to including in by and one activity country lower region Asia-Pacific, and In specific down policy, sales from XX%. a were region was QX. in and many BXB changes, Both

changes the second primarily XX% by productivity. the quarter. it culture in In on had in organizational hit by the in driven market the XX%. also expect for impact, in decreased made X% top net Maisel. challenging increased X% by in sales showcased conditions planned success Canada also bowl by of positive driven with US increases opportunity Net recruiting. by by on Mrs. The America, a recent XX% A driven in mix Tupperware quarter, was buy the North South down Brazil beyond the here we quarter impacting In in Marvelous And service collection decreased sales sales America, sales were and higher it will issues. branding recruitment lower our the forward, ahead economic after price sales United spot by the Wonderlier Net however, decreased great this States. and in Going bright Mexico was Net along sales product help. and quarter, being Amazon's technology of vintage

XX.X% quarter points down of that vast last year, year. margin. offset and XXX cost of will quarter the effective increases reserves. represents net moving an last Gross primarily the not P&L decrease basis Now, compared increase well the to the sales, driven until second of the inflationary of as become in announcing we increases half the majority or the as to $XXX a that they on in was million first We in that mentioned would by our obsolescence which second were pressures profit in approximately process call price help to

in various stages are earlier, most mentioned As of of now these increases implementation. Miguel

fact lagged hit. rise that the they already that significantly have are the they in costs process, input in nevertheless despite However,

will a slow. Going in relies be forward, noting lag also in times markets we proactive last worth to contributed our quarters. still that physical are which the It's many taking of printed margins. protect two in printed in in has pricing Regardless, be upon business actions order catalogs compression few only the seen to a to significantly causing margin this year we've changes much

coverage Although, as was cost an in down of compared a first in absolute due prior XX.X% to million it allowance percentage volumes, SG&A the year. higher driven in service. year-over-year, costs lower government on a basis a China award X.X was last The increase to credit was the improve enterprise XX.X% year higher for sales percentage to losses, quarter third-party and fixed local by lower the received period warehousing

IT pricing or such our treasury support implementation lower support million reflects as X% around strategies for higher also mentioned. that quarter exchange $XX business of which also the higher of and all to efforts We've investment expense-related action we EBITDA professional omnichannel latency cash impact our previously services of foreign enhance to the input to and associated We first strategy made sales, with specifically management. to investments and sales, tax EDI was implement. the costs, continued retail and spend Adjusted continue

same in last operating quarter tax as rate compared year. quarter first Our XX.X% the XX.X% to was

driven was and our rate a which tax tax operating benefit. Our US produce losses do increases lower not in global earnings US currently by

in factors by $X.XX compared mentioned. year was to share $X.XX first per quarter previously earnings all Adjusted share. the per last earnings driven Now

$X.XX to EPS quarter. positively in adjusted approximately repurchase share contributed accelerated Our the

negative with last capital. business, At we as combined leverage first pleased the below from times, total two quarter operations flow to capital of We a cash Turning reported terms in in levels. refinancing investing paying and business On our value lower lower both net in balance cash cash ratio allocation of to million $XXX now was the made noncore debt by remains mentioned, the significant capital past cash to the and to a previously the required driven to selling year a in returning reflecting healthy priority balance over $XXX assets. In flow basis, in are allocation, After with down earnings working was sheet, quarter our an balance flow end, years $XX increase consolidated our have X.X negative million investing ended investing debt, of historical net progress of regard debt next balance which sheet. strengthening and operating $X million. million and covenant shareholders. our is compared and

the first and volume Despite as remaining opportunities to given to debt Board ongoing needed currently of X.X to for repurchase will program. capital. stock be current expect we're to Board retired execution magnitude we shares deploy as in of regarding will making the a in authorized in announcement to repurchased in pricing of we the shareholders. complete either across quarter capital below share was million investing China the to environment we under well expansion and said, committed of and look we the us. second in our of our to returning adjust cash that time of note number when flow our our it outside came the manage quarter us this weighted fundamental our our with it efficiently appropriate. We paying these program. We and summary, our as against move current million control. last last available we remain execute end core strategies, We're efficiently repurchased results, I to In down uncertainty within a those we a that especially price had largely Ukraine, our our actions year, have June. million in issues in monitor half continuing are million certain to of be our -- average And Our that, business should and million hitting quarter of And given a XX quarter on program and as enable efforts control making operate the or of allocation more the function strategy remaining expectations, have trends in buybacks. June and better to have late let's taken will shares That in value the address on to place and in the by in We of forward. the share continue continue action timing returned already $XXX capacity disappointing year, common we're changes third upon to another believe the to term immediately will reliance program the plans the and framework to inflationary the shareholders that spending we of uncertainty the February and On And million repurchase little $XXX XXXX, through consumer of and $XXX of year. conflict Q&A. the effectively capital changes of half original going results well announced $XX effectively allocation $XX business business liquidity authorization the business, we'll react. address of many accelerated year, of to the

Sidoti question comes of you. & from Company. line Anthony Thank [Operator Our the Instructions] first Lebiedzinski from

open. is Your Please ahead. line go

the taking Yes. Good you morning for thank questions. and

first, looking the So, just at quarter.

versus you the tough assess any month, as guys about the I thus obviously, were that to second and be as updating helpful far you've to out, we mean, you is year quarter our should called think can worse to March could March models? way the of additional the much seen sales -- color you how we if in And you then on wondering rest comment a as in experiencing of what were that the would the far sales? any there February? but what provide as of So being how January sort just cadence monthly try

Yes.

this Anthony, is Sandra. So,

at and So, compelled at end the you March. obviously, guidance in what to were were that wasn't to time. indicating definitely we we talked pretty occurred what seeing February of give we And that

were and things happened. happened And between many so what that March, February there

Russia impact Russia call that the just on had As Ukraine, our talked obviously, Ukraine about the our European in area. in invading specifically we the big entire on region today, businesses, not and across but businesses, a

timing of well we factors, really which performs the this year. then that had and obviously -- had the typically the would was have softer first with the that's in or then advance which several external in in you've just program via China followed happening done completely is last in March programs news, we was from shutdowns, the of that the I promotional that announcement that anticipated QX. the largely based by was it significant in It different situation quarter And price anticipate. we thing aggressive ahead. to the it I month late holiday also everything on other and weeks regions. three if had where mentioned is, lockdowns in that happened The just increase didn't in unanticipated And one Malaysia, U.S. QX Europe we Europe, shifted significant the also mentioned BXB

it same and So of end that what time the did say really I between you March all quarter until at time February spoke the is happen what last the the would in largely happened we to unfortunately. in happened

Right.

far to March, or seeing has then And you're it similar what comments? can as improvement? Is QX thus Okay. give in there been us far, kind relative any you any of as

this is Anthony, morning. So, Miguel. Good

internal a selling of worst know give and our that our systems. now in any And external, the obviously, lot war distractions. So and right we're distractions had direct around COVID of we you are facing distractions this but first share also is APAC, thing service selling can direct happen in are don't but of guidance, like we company markets nature the as to the normally

still So -- have we a things it. still combination we with that transitory, of Today, we're they're still us. but are it's believe

the So, of pretty beginning the we much in same quarter. at trend the see least

Got it.

premium-priced price as so your the then products as increases, already. are generally And far Okay.

do As are price look what elasticity -- you implement be the to be how price think price concern certainly consumers whether higher prices able about And far actually guys to competition? as of that? -- increases, about as is those reaction you increases as will demand? How versus your the far will as those what

increased world, haven't going So, that new our market Anthony, elasticity I'm because we fortunately, account all in to many of And the the the lot of that one the a markets. we increasing nature all parts obviously, of the one take or say the the experience price that's just prices have business. we is we into in -- US.

but to So as as competition the same also that tend as pressures the with having that much seeing inflationary And don't we the have price is history, that competition. we we're -- have. is we

So in got, we've that front. surprises we the countries that have had no on

you expect a parts estimate? in replicate when in then your so Mexico, be you success have the Any you would ballpark reasonable would And Mexico to business? of as timeframe of had to to other sort Thanks. Okay. success mentioned what that

absolutely. Yeah, yeah

right? Brazil some And closer to varies to early benchmark. in they're ones that that we countries that frank we're it management like There country, are senior the have and those are faster other still there by some be -- to more So stages. and getting

and single our of business. meetings is -- I a point of positive in we going it's So many countries coming which as to away service, in-person by the call, the distraction little. of around and because around key is retailing, to going see then mentioned and basic developing conflict around have recurring elimination we from a time again you're see starting or the to effect. We're world. every or in part But here little our systems, takes incentives the had haven't it parts And distractions,

we time world, soon -- we're that So feel it the in it. this is to have we going rest is this of because pretty the and the need

they're So by come little. to little going

be to Some going of other them way than faster are ones.

the prioritizing we're that countries the obviously, in we to imagine, bigger make place. can You sure fundamentals have

you. Got

for Okay. me. And the question last

your systems outdated. mentioned you many of that So

looking them do the that cost to the want to what's systems long to how to the you within where the And this business, you new So of think given changes get be do systems? will take the you're estimated be?

Yeah. our point I'll just systems. overall generally about

years debt our comes every So, and business that have working system customizations to of different definitely with out a release create technical areas, complexities That system solution. I many new we're in as the issues US. also unique yes, specifically the and in of happen. debt upgrades complexities creates time, mean technical the because is the we the XX And then

forward. with level of technical the managing the are So to US upgrades and that deep systems in here is, that's debt we struggling with support going what business products we the to continually have

mentioned investments, We continuing I to investments had disproportionately retail IT. quarter in the shifted we're So those that in make we those to the businesses. support

for with been as ready have digital as solutions we well implementing channels. the retail So getting

it's investments invoicing with a into comes so businesses, with the And channel, our decline made sales over taking that for of will that of come in are will more obviously, the business different business, things one of the we've different reasons investments those EDI, and for those And year. a expansion, which we've second and happen sales like ahead those half which fundamental in QX. the the that, investments are made order in QX

value disclosed the haven't investment take dollar the technical but We be all out obviously yet, significant truly the would future in to debt. there

that in are multi-channel systems markets So profitable changing and big markets and very most and and solutions, that areas the is most strategic our our we're being the markets definitely moving make out that the which infrastructure and in the growing. toward enhancing the are difference,

the line comes Doug from [Operator Research. Lane from next Instructions] Lane of question Our

go Please open. is line ahead. Your

any think to like had the the what put started the of the part bit Yes, color for live you an I schedule want a meetings everybody. to little live that's to try If course. and rest on have I quarter? Miguel, hi. morning yet? this have And you of that? just more model Good say just important Have for you in, could is more get year? larger in you meetings, the on whole your I'd And did of meetings specific first

in couple ago, US, ago, started the for we come Mexico major weeks smaller ones a to a in meetings the in ready we're Yes, in weeks big Doug. now started of also absolutely, summertime. Yes, but started. few with getting We the markets. the We've

be Asia? North that There's Europe, no And that regions in goes... would in America, in

Yes. Absolutely, It's yes. going to everywhere. be

weaker to large give indicated March? than an March. out you the a sharp helpful. and That's, And another And color in slowdown a anticipated. indicated April already April relative direct here clearly Okay. us Can some weak least, seller us from with March you had -- was on you how help at then directionally footprint, global

seeing in similar Yes. What back a Again to go one trend we're that the as is March. I'll we it's distraction. saw the

get -- we away that used complex to inflections is one world little EMEA, question, less Latin less America in hasn't activities. COVID with in have We many frequency. Americas seeing of If APAC, our lot better. because restriction solution little Americas and we we be service anything, The perhaps recovering in or a products, in we changed always the bit a a the from to of products frequency. start a those take get start point in offer with big changed. to you So all know can normality we a then and bit a lot COVID once And that things we these of of people if time or way China

with a good to So becomes challenge sometimes up keep a it service.

on -- outlook And you Ukraine, do of last And has you this what that there? much have and specifically Okay. a see if for you touch Russia business how year? Can I just your do -- how one comment. impacted

Russia-Ukraine it's overly well, can start The piece as Miguel business address we that about with significant. X% revenue and Yes, X% is and not financial of the Pakistan itself. to put in I'll so the our

Yes.

the sides people you instead that talking not about again, is products, In have business right? an then conflict. time obviously, our general terms And that that impact it's you activity. that that by about in people they're doing both of of fact, the talking in emotional our people And in of just have

the in which from Europe. pricing, could the more aftermath the most that consumer the in more takes in sentiment activity. more So pressure pressure that is, -- is of that even our vendor more time is even or our the current But the cost impact it in

So that's, unfolding be could what in EMEA.

take the point. Yes. was impairment in just related only one last reserves to We And the Ukraine. did financial It $XXX,XXX quarter. Doug, and

you. Thank helpful. That’s Okay.

you. Thank

[Operator from Instructions] Bolton-Weiser comes line question Our next D.A. of the from Linda Davidson.

line ahead. is go Please Your open.

you. Thank Hi.

planning you status market which you for entry year? an half So I think just Are planned update what that? the retail in of us were the proceeding the was I can US, second just curious, of you there? the with the And into your give is

Yes, Yes, with are morning. Good we plans. absolutely, proceeding Linda. our

full-blown some the expect towards QX. of and We in full-time QX activity to see end

when we about would When be? might will or be hear partners the And timing you what of that? retail your to would announce partner

think be about in we to or could three think we the and appeal And have a summertime, be final. soon probably about have timing. be as I that could I it's going months. as It everything two

a just know entered with I a curious in sold know UK, then, is of product UK, retail I'm you in at that going? the the just Europe how curious, And regular about UK is I being retail Like currently partner. the had there's I'm lot on Okay. that but stuff going and that

their so excited a year. every the build QX And we doing very lineup. that is and have very, the brand obviously, to want be us, going other we're the of seasonality to we and single everything So QX and always an to very since activity on. channels, we're great we timings is consumers that their direct with positive. the out us partners excited. research products follow the few around there of not we latest in we part into rest had with are as option the the there, we're they're with in All very Everyone that a which UK And next is from we we in is in around UK, do response, in going which in retail, going we probably had or UK. yet. And has business response be we're the approaching of going -- and a going of and -- need lineup. sustainable way The And might

just on located like just operating people is you are but to mean you operating just be have up or shut mean any that down? there, I Russia. or in completely it sized I then And Russia? it is currently clear Okay. you not Do

We're not We operating. are closed.

we're – self-sustainable and it a So business. trying to make

then I there. have already declines big And you China, Okay. mean in just

would projected I though that was what XX% I we it even than maybe had think mean something that's – much anyway. or not So have you worse down

what maybe you So because planned of us of there I'm Is size how the just give way shutdowns? any curious the actually how much up worse a say impacts it sense what to had happening there? just was just it was versus are to

in of more towards what January And but sales million up retail were were our everything $X.X expectations. of than March. activity unraveled the and ahead impact per of beginning February estimate studios anticipating to million opening were year, of the we $X at end higher around We week So actually and was the we in an China.

That's And minute. on Thanks. Okay. a China helpful. then for just

I new a believe. put place in management did You

there still similar lifting see think place, so And hearing Thank hopeful formulating or to you in of you restrictions China start the there's Are plan? of that And in think kind I you. another company actually can mid-May. be a things a you're thing? they will apart like that Do plan feel that said from you in improve. Estee the you Lauder shutdown are

releasing different So are little cities. hearing we that in by are little they

So we specific a really time. don't have

I gradual process. going a be think it's to

retail X,XXX a important it's local is locations company products. key because class and Chinese this for I of that obviously the saw In waiting plans. were We middle very you are and And manufacturing, that We XXX thinking there big there's there's terms overall But feel that results and October have very, our China's we confident. for was our think not have management a December we for we February. of our the January out million and liked thing in November a as to know point we in contribution that very right about. product need we obviously, and

We Fernandez, any remarks. at Mr. questions have no this please Instructions] closing time. ahead further for [Operator go

first results of our full much. in you very nature was internal challenges and both the external In Thank closing, that. and quarter XXXX of reflect

put learned company great the to represents the or addressed of we will acknowledge plans a We only causes. address a it delay but result. not quarter have those deal have that number and stronger setback be issues a We this we a time to as place in

commitment improve However, us our which business, turnaround to serve core well will client going our we reiterate those areas forward. within

have our to our for This tireless team this all Tupperware our team, as Tupperware of increase our confidence ability to our moment is in as us. their commitment Our and making business associates, making sales brand. achieve want effort for a iconic strategy the company of and our our you of vision access our right our goal and force, I as executive brand consumer one the remains unwavering our as Board entire brand. our big big to thank to to I trying

Thank it we with that and forward look with I soon. that know you I to today. stronger believe However, for you speaking being ultimately succeed. we us be for will will

call. participating. This conference concludes today's you Thank for all

a great You may now disconnect. day. Have