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Tupperware Brands Tupperware Brands Corporation Reports 6th Quarter of Turnaround Plan Progress Continues to Build Foundation for Growth and Expansion Orlando , FL - November 3 , 2021 - Tupperware Brands Corporation ( NYSE : TUP ) , a leading global consumer products company , today reported operating results for the third quarter ended September 25 , 2021. In connection with the disposition of certain key brands of the Company's beauty business , the Company has determined that the necessary criteria have been met to classify these brands as held for sale assets and discontinued operations , beginning in the third quarter of 2021. Accordingly , the presentation below reflects results from continuing operations only . Divesting Beauty Businesses Repurchases Common Stock Third Quarter 2021 Financial Highlights , from continuing operations Net sales were $ 376.9 million , a decrease of 11 % year over year ( or 13 % on a constant currency basis ) Gross profit was $ 247.9 , or 65.8 % of net sales ● Income from continuing operations was $ 60.4 million Diluted earnings per share was $ 1.14 " We are continuing to build the foundation that will enable us to strengthen and evolve our business into a global , omnichannel , premium - branded company , and by expanding into new channels and product categories , we will achieve sustainable growth over the long term , " said Miguel Fernandez , President and Chief Executive Officer of Tupperware Brands . " Despite challenging year - over - year comparisons and the persisting negative effects of the global pandemic , we are proud of our ability to post solid results during our ongoing turnaround . We are as confident as ever in our business outlook , our strategy , and our ability to execute . " ● Adjusted diluted earnings per share ( non - GAAP ) was $ 1.19 Adjusted EBITDA ( non - GAAP ) was $ 68.9 million Debt to EBITDA ( as defined in the Company's Credit Agreement ) was 2.28 " We continue to execute on our high priority strategic initiatives , including the divestiture of our non - core beauty businesses and excess land holdings , the utilization of our share repurchase authorization , and further implementation of our tax strategy . These actions will further optimize our capital structure and position us well to drive long - term growth , " said Sandra Harris , Chief Financial Officer and Chief Operations Officer of Tupperware Brands . " Our third quarter results demonstrate our ability to continue delivering on our Turnaround Plan , even while we respond to changing market conditions . " Third Quarter 2021 Operating Results , from continuing operations Total net sales were $ 376.9 million , a decrease of 11 % ( or 13 % on a constant currency basis ) compared to the prior year period . Net sales in Asia Pacific were $ 112.9 million , a decrease of 13 % ( or 15 % on a constant currency basis ) compared to the prior year period , driven primarily by lockdowns and disruptions caused by the pandemic . Net sales in Europe were $ 91.3 million , a decrease of 19 % ( or 20 % on a constant currency basis ) compared to the prior year period , driven primarily by elevated levels of summer vacationing . Net sales in North America were $ 103.1 million , a decrease of 11 % ( or 15 % on a constant currency basis ) compared to the prior year period , driven primarily by disruptions resulting from the implementation of a new sales force solution . Net sales in South America were $ 69.6 million , an increase of 6 % ( or 9 % on a constant currency basis ) compared to the prior year period , driven primarily by recruiting efforts and improvements made to onboarding and training . Gross profit was $ 247.9 million , or 65.8 % of net sales , as compared to 68.7 % for the prior year period . The decrease was driven primarily by higher input and logistics costs , country and product mix , and strategic growth investments , partially offset by operational efficiencies . Net income was $ 60.4 million , as compared to $ 29.4 million for the prior year period . Diluted earnings per share was $ 1.14 , as compared to $ 0.56 for the prior year period . The increase was primarily driven by a lower tax rate , partially offset by volume loss . Adjusted diluted earnings per share ( non - GAAP ) was $ 1.19 , as compared to $ 1.12 for the prior year period . The increase was primarily driven by a lower tax rate , partially offset by volume loss . A reconciliation of non - GAAP measures to comparable GAAP measures can be found in the tables included in this release . 1