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News Release
 
Tupperware Brands Corp.
 
14901 S. Orange Blossom Trail
 
Orlando, FL 32837
 
Investor Contact: Jane Garrard (407) 826-4475
 

Tupperware Brands Reports Preliminary 2019 Results
Provides Full-Year Fiscal 2020 Outlook


Orlando, Fla., February 24, 2020 - (NYSE: TUP) Tupperware Brands Corporation (the “Company”) today announced select preliminary financial results for the fiscal year ended December 28, 2019. The Company also announced it will file a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission to provide a 15-calendar day extension within which to file its Form 10-K for the fiscal year ended December 28, 2019. The extension will provide the Company time to finalize additional procedures as part of its investigation regarding the impact of certain financial reporting matters in its Fuller Mexico beauty business and to finalize its tax rate as further described below.

As a result, the earnings call on February 25, 2020 at 8:30 a.m. Eastern Time will not be held as scheduled.

Full-Year Preliminary Financial Updates
Full-year sales are expected to be in line with previously provided outlook ranges of down 12% to 14% as reported and down 8% to 10% in local currency+
GAAP pre-tax return on sales is expected to be approximately 6%
GAAP diluted E.P.S. is expected to be in the range of breakeven to $0.34 versus $3.11 in the prior year. The current year was negatively impacted by $40 million for the non-cash impairment of goodwill and intangible assets and $35 million of re-engineering costs
The Fuller Mexico full-year 2019 negative impact on an adjusted* pre-tax basis is expected to be in the range of $19-21 million
Impact of taxes on adjusted* E.P.S. is expected to be in the range of $1.66-$1.98 in 2019
Adjusted* pre-tax return on sales is expected to be approximately 10% or 12% excluding the Fuller Mexico impact, versus 14% in the prior year
Adjusted* diluted E.P.S. is expected to be $1.35-$1.70 versus $4.30 in the prior year, including $0.26 cents from foreign currency

The primary drivers of the decline in profit are expected to be:

The Company increased its valuation allowances for deferred tax assets related to foreign tax credits and disallowed interest deductions due to the Company’s multi-year declining domestic performance resulting in an elevated GAAP
tax rate of 84% to 100% and operating tax rate of 55% to 66% for fiscal 2019.

The Company experienced continued execution challenges and unfavorable macro-economic trends most notably in its core markets of Brazil, China, and U.S. & Canada. The impact on segment profit is expected to be approximately $83 million or $0.75 cents per share, excluding Fuller Mexico of $19-21 million.



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The following information was filed by Tupperware Brands Corp (TUP) on Tuesday, February 25, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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