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Tupperware Brands Corporation TUP Management Discusses Q2 2013 Results Good morning. My name is Kimberly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tupperware Brands Corporation Second Quarter 2013 Earnings Conference Call. [ Instructions] I would now like to turn the call over to your host, Mr. Rick Goings, Chairman and CEO. Please go ahead, sir.Thank you, Kimberly, and good morning to everyone. For me it s good night. I m in Manila, Philippines for a leadership seminar. Mike and Teresa there are in Orlando, and I would say that if we have any disruptions with the telephone service, Mike and Teresa will pick it up from there.As always, similar discussions will involve forward looking statements about the business, and you all know the drill about this. By the way, in an effort to really improve the clarity and crispness of our communications, particularly on a quarterly basis, you ll notice that we ve gone through a new format. We sought a lot of input from what we believe were the best in class with regard to financial reporting and plus we want to thank a number of you that gave us input.Frankly, we thought the inclusion of the business highlights section in each quarter in our earnings release could be really helpful in tracking performance in a much more substantive way. Also, for those of you on the call, we ve added a presentation on our website to coincide with the call, so those of you who are on the webcast, you can see it. Slides will automatically change as we progress through this call. And there s some supplemental information as well in the appendix. By the way, the presentation is entirely available on our website.By the way, we will also we re going to adjust to this new approach, and Mike and I will do our best to guide you through what slide we re on. And as we re on each slide, I m going to do my best not to simply read slides to you. Number one, it takes too long; and number two, it s boring. What I ll try to do is paraphrase what s going on.Before I get into the slides, let me make 4, I believe, important points that really reinforces this business model we have. Number one, we are a business that generates strong cash flow, and what we do with that cash flow mostly is return it to our shareholders. We do that primarily through the support of the dividend. As you know, we ve moved our payout ratio to 50%. The yield right now at current stock price is about 3% plus. And with regard to share repurchase, we ll do about $400 million this year. That s about 10% of the market cap of the company. And we re going to do about $100 million in the second quarter and $200 million in the overall first half.At any rate, you ll see Michael get into more of this, but what we re really trying to do here by this mix between raising of the dividend and share repurchase is to maintain the flexibility that we believe we need to have to be committed to this dividend yield. And ever since the company went public in 1996, no matter what we went through, we ve been always committed to dividend. We re going to stay that way.Number two, we are an and story. Some people tend to think we re just an emerging market story. We re very much an and story. The established markets of the world offer high per capita income, but at the same time, they re not going to offer much growth because there isn t much population there. But we have discovered lots of white space in those markets, so we ll continue to grow in those markets. But the real engine of growth will be the emerging markets of the world. 87% of the population lives in emerging market. So we re an and story.Third point I want to make, the levers that are disposed of in this business really provide the opportunity to mitigate a lot of the negatives that are going on in the world: political disruption, economic issues that are going on in different markets of the world. And as I get into my comments, I ll drill down on that.And fourth and the final the fourth thing I would really mention to you is that our penetration, it s still early days for us, and we ve got a lot of runway left. We ve got runway in established markets where there s this higher per capita income. And if you think of these established markets, almost like the high density metropolitan centers of countries like France, Germany, Italy, that s where we re under penetrated, because in the past we simply didn t have the product line for younger working women who really don t want to cook but they still love our product line. We ve also had to alter the way we sold, and there it went from a traditional Tupperware party to a much more of a girls night out.Now in our emerging markets, it s just a question of 2 things: penetration, we re at very low levels; and productivity gains of the party, as we introduce new products. So we really think we re going to grow in both of those ways. So that s the fourth thing: penetration and productivity.Now let me get to the slides, and I ll I m going to go right now to Slide 3. That basically summarizes what happened in the second quarter. You see the 8% rise in sales. And I ll tell you, in this kind of a global market, 8% makes us happy. ugg boot outlet We have some markets we re not happy with, but the top line, when we put it all together, looks good. It was strong across our emerging markets and improving trends in a number of our established markets. So you see this mix of up 14% in emerging and in established down 1 point.Total sales force, we made progress there. Mike will get into that. Now it s plus 3%, but we re still cleaning out in some of the markets. But this was the delta of 2 points sequential improvement on our sales force comparison from the previous quarter. We re pleased too to see cash flow significantly ahead. And also nice to see we returned so much cash to our shareholders, and there you see the numbers on that third slide.Let me turn to Slide 4 with regard to our sales increase. There, you really do see the segments, and it shows Q2 year over year emerging market growth and the percentage of the emerging versus established markets for the second quarter. Now we re up to emerging markets, they re up 65%, and we had growth everywhere except Beauty North America. And by the way, we expect that number to keep. ugg cardy boots on sale But again, 87% of the population lives in emerging markets. If you look at Maslow s hierarchy of needs food, clothing and shelter if you get an emerging middle class, our product line is the sweet spot, so don t be surprised that probably before I m gone, that, that number is in the mid to high 70s.Turning to Slide 6. We really had a drilling down there, and it shows you some of the main drivers of our business on Slide 6 during the quarter. And I ll kind of jump in, if you will, on the middle of the page, on Europe. France, this is good to see that 10%. But while it was good to see, we told you last year our issues in the first half of the year were the malaise in consumers as they waited to see who was going to be elected. But we ve got our back our step back again. Again, we were also up 10% in the first quarter.Italy, this is good to see. And I commented, particularly when we ve been in individual meetings, we ve never had a great Italian business. We put in one of our most dynamic Managing Directors, and that business is starting to come alive. We re starting to see strong recruiting, double digit increases with the size of our sales force and much, much better profitability.I ll comment, while we re on that, right next to or above Italy, you see Germany. I ll drill down a little bit on that. But you see, minus 7%. I ve got to tell you, I ve got no real concerns about Germany. I was just there last week, and you ll remember in the first quarter, we had 18 year record snow, so we had a huge party cancellation rate in the first quarter. And guess what that led to. I was kind of I laughed and somebody asked me about this. We ve had incredible flooding in the second quarter. And somebody was saying, "Well, that s amazing. Why so much flooding?" I said, "The snow melt." But they re doing fine. We ve got a great management team there, a good sized sales force. And so I still think we re going to have a good year in Germany.If I turn to the emerging markets in Europe, Turkey was up 27%. And I was also there last week. And the dynamic management team and I ll comment some on the political situation in a little bit. But the business is doing well.The CIS, which is really the former Soviet Union, or the core of the Russia, Ukraine and Kazakhstan, up mid single digit. And what s nice there, we re starting to see the underlying trends. That business, it really strengthened.If I move a little bit east on that page to Asia Pacific, starting with the established markets, it s good to see Japan up, after being down double digit in the first quarter. Now we ve got a nice double digit advantage in the size of the sales force and plans look good. NaturCare Japan, by the way, it s a very small business. But it was also I can t remember the last time we were able to report an increase in that business, but we re pleased to take that. That s one of the businesses that came to us when we ve got all the other Sara Lee businesses.Both the Australian units and Asia Pacific were up in the quarter as well. And by the way, for our Tupperware business there, that was the third consecutive quarter of sales increase.On that same slide now, talking on Asia Pacific. Indonesia, plus 36%. Largest Tupperware market in the world, and it s just amazing what s going on there. China also. And I m going to be really highlighting China toward my last comments, but top line, it was up 20%. And I was in China australian made ugg boots in I think it was last month, in June, but I ll dig further into it in just a moment.India, up 24%. The pattern in India for the first half of the year has been a little bit lumpy, particularly with regard to the southern part of the country. But feeling good about how the market is doing.Let me turn to Tupperware North America. and Canada, up 4%. Frankly, we wish that number would have been higher, and at the same time, we believe we spent too much on promotions in that market, which we re not going to do in the future. But at least it was a plus.Emerging markets. Mexico. Tupperware s business there was up 12%. That was good news.In South America. Brazil, in spite of what you re reading in the newspapers, strong sales force recruiting and activity, and we were up 42% there.Venezuela was up 13%, but if you dig under the we re holding out long there right now because the bulk of this was really a result of a very high inflation rate. Units were down modestly. So at any rate, as I said, we ve got an 8% increase in this is kind of a global environment, and we ll sign up for that.Let me comment on a couple of soft spots. Malaysia/Singapore is down 4% of the quarter, primarily a result of uncertainty with regard to the elections, very similar to the France situation last year. But it appears to be settling down, and we don t really have any fundamental concerns. By the way, Malaysia/Singapore was 2 years ago, I guess, it was Michael named it Country of the Decade for Asia Pacific, so a very strong business there.
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