Tupperware Brands Corporation announced third quarter net sales of $302.8 million, a 20% dip from $376.9 million during the third quarter of last year. Gross profit was only slightly down by percentage of net sales at $196.6 million (64.9%) compared to $247.9 million (65.8%) last year.
The company’s Selling, General and Administrative (SGA) expenses were down 7.9% to $175.6 million from the same period last year, but 740 basis points higher because of what the company described as “the magnitude of the sales declines experienced in the quarter.” Adjusted EBITDA was $29.9 million, compared to $77.7 million during the same period last year.
The company ended the quarter with $103 million in cash, down significantly from $267 million at the end of 2021, and total debt was $704 million, up from $684.4 million one year ago.
“While we continue to make investments that are essential for our turnaround, we remain disciplined to ensure we are focused on meeting our debt covenants, while making decisions that we believe will improve long term profitability,” said Mariela Matute, Chief Financial Officer of Tupperware Brands. “Given the revenue trends year to date, we expect to take additional restructuring actions in the fourth quarter, as well as implementing stringent inventory reduction programs.”
