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ï»؟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 m7taj.comm7taj.comm7taj.comm7taj.com 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. 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. 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 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. gucci occhiali giubbotti peuterey giuseppe zanotti shop online http://www.cantinevilladora.it/fckeditor/hermes.asp christian louboutin sale nike free shield 5.0 mulberry bag http://www.sienidanza.it/soon/readme.asp mulberry outlet mulberry bag giuseppe zanotti sale Editors' Picks New record set for world's thinnest condom A Chinese manufacturer has set the record for the world's thinnest latex condom with one measuring 0.036 millimeters (0.0014 inches), Guinness World Records said on Thursday. peuterey uomo chanel bags outlet http://www.eagleserpentstudios.com/n...llery/dior.asp http://www.eagleserpentstudios.com/images/jerseys.asp http://www.aleatechnology.eu/wp-content/mulberry.php http://ristorantepizzeriafranco.it/C...ns/freerun.asp mulberry recipes adidas jeremy scott http://www.neomed.it/eng/Burberry.asp giuseppe zanotti shop online giubbotti peuterey http://www.cantinevilladora.it/css/dior.asp In the late 19th century, the land that is now called Ushuaia was inhabited entirely by Yamana Indians and a handful of missionaries. At the time of writing (October 2005), there is allegedly one pure blooded native speaking Yamana Indian left. An excellent book on the history of the Yamana and their demise is The Uttermost Part of the Earth by E. Lucas Bridges, the son of one of the early missionaries. His father, Thomas Bridges, documented what he could of the Yamana language and found that it had a far larger vocabulary than the English language. Darwin, who famously sailed through the Beagle Channel, thought that the Yamana, were "the missing link".Today the town is growing fast as a result of increased tourism since the 2002 economic crash. The government has encouraged this growth by designating Tierra del Fuego a virtually tax free zone to encourage people to settle (many of the inhabitants of today's Ushuaia come from Chaco, in the north of Argentina). The cost of living however, is relatively high as all goods have to be transported long distances, usually by container ship.Climate wise, Ushuaia is warmer than many assume; although (arguably) the southernmost city in the world, it is no further south than Belfast is north, and temperatures rarely drop below 10 However, summers tend not to climb much above +12 and, as in all of Patagonia, strong winds add a significant wind chill factor.[edit] Get in[edit] By planeThere are daily flights to Ushuaia Malvinas Argentinas International Airport (USH) on Aerolineas Argentinas [1] and LAN flights [2] from Buenos Aires. LAN Chile, through its LAN Express services, flies daily from Santiago de Chile, stopping over in Puerto Montt and Punta Arenas. Flights can be booked from the Aerolineas Argentinas [3] office, as well as from some local travel agencies. The local LAN Chile [4] representative is the Rumbo Sur travel agency. LAN Chile tickets can be purchased online; With Aerolineas Argentinas [5] you can make a reservation online but the ticket must be purchased in person at an Aerolineas office within 24 hours (Jan 2008).[edit] By busBuses from/to all destinations (apart from Puerto Natales) all stop at Rio Gallegos. It can be cheaper to just buy a ticket to Rio Gallegos and purchase an onward ticket from there. However, it is often much longer.[edit] Get aroundThere are city buses within Ushuaia, but they only reach few of the tourist attractions. They are good to get to Playa Larga, for example, or from one part of the center to another, along the east / west axis.Tours / transport to the main tourist attractions can be booked through the Tourist Office (on San Martin) or through many of the hostels. Regular minibuses leave for the National Park, Glaciar Martial, the trailhead of Laguna Esmeralda, or other places, from a parking lot at the corner of Maipu and Fadul.Taxis are another option, costing, for example, Ar$50 to get from the city centre to either the airport or Glaciar Martial. There are also several car / bicycle hire companies.[edit][add listing] SeeView of a restored wing of Presidio. Exhibits are located in each prison cell.Museo Mar Yagones y Gobernador Paz [6]. Located in an old prison displays a collection of the history of Tierra del Fuego. Admission includes entry into the Presidio which is on the same site as el Museo Mar Presidio Museum of the historical military prison of Ushuaia. One wing of the museum has been converted to an art gallery featuring the work of local artists. Museum admission 90 pesos for adults, 70 pesos for students.Museo del Fin del Mundo, [7]. Highlights include the largest exhibited collection of birds from Tierra del Fuego, the figurehead of the Duchess of Albany (a sunken vessel), and library dedicated to the history and nature of Tierra del Fuego. Admission price of 20 pesos.Estancia Harberton Open only in the summer months, Estancia Harberton is a worthwhile trip for those interested in the Bridges family and their role in the local history. It is located about 40 miles East of Ushuaia on the Beagle Channel.Mastil de General Belgrano A remote area west of the city of Ushuaia on Isla Redonda, paying tribute to one of the founders of Argentina, and to the navy cruiser named after him which was sunk by the UK in the Falklands War. It was a stop on one of the televised Amazing Race contests, and features a one person post office for sending letters from the end of the world. Accessible by boat from Playa Larga (approx Can$20).Museo Mundo Ymana, [8]. Privately run museum with several dioramas of traditional Yaghan/Ymana life, origins and migrations, as well as displays of the period of early contact with Europeans. Located at 56 Rivadavia, near the Museo del Fin del Mundo. Admission price 35 pesos as of November 2012.[edit][add listing] DoHike the Glacier Martial Provided that you wear comfortable shoes and have the patience, a hike up the Glacier Martial will provide a very beautiful view of Ushuaia and the Beagle Chanel. There is also a single ski slope open during the winter months, and ski hire is available from the site.Catamaran trips Catamaran trips will take you around the Beagle channel and give you nice views of the mountains, cormorants, sea lions and penguins.Tierra del Fuego National Park This national park provide some nice day hikes on well marked trails. Longer treks are also possible, such as Paso de la Oveja (2 days) or the Sierra Valdivieso Circuit (4 days). These treks cross part of the national park but start and end elsewhere. The Compania de Guias de la Patagonia and Club Andino Ushuaia can help with organisation and renting gear.Cerro Castor This centre for winter sports offers skiing and snowboarding. Nearby, you can also ride snowcats or husky sleighs.Kayak the Beagle Channel Kayaks can be hired near the Aeroparque on the promontory jutting out from Ushuaia. Just checked (2011) there are no kayaks for hire anymore without the guide.Motonave Barracuda sail ship trips will take you around the Beagle channel and give you nice views of the mountains, cormorants, sea lions and penguins.Ushuaia Golf Club Located west of town just before the entrance to the National Park. Probably the southernmost golf course in the world.Tren del Fin del Mundo Located west of town just before the entrance to the National Park. A pleasant 45 minute train ride into the park on a narrow guage railway rebuilt on part of the roadbed of the old logging train. 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