THE WHAT? Tupperware Brands has announced select preliminary financial results for fiscal 2019, but has also revealed that it will file a Form 12b-25 Notification of Late Filing with the SEC to allow time to finalize additional procedures as part of its investigation regarding the impact of certain financial reporting matters in its Fuller Mexico beauty business.
THE DETAILS Full year sales are expected to be in line with expectations, namely down 12 to 14 percent as reported, while the Fuller Mexico full-year 2019 negative impact on adjusted pre-tax basis is expected to be in the range of US$19-21 million.
THE WHY? As Chris O’Leary, the Company’s Interim CEO, explained, “While challenges in Brazil, China, and the US & Canada businesses persisted in the fourth quarter in line with our expectations, our preliminary results were further affected by financial reporting issues in Fuller Mexico. We are working rapidly to address these Fuller Mexico issues in order to finalize our 2019 results. We are also focused on facing the clear headwinds in our core markets and accelerating the pace at which we can achieve meaningful improvement in the business.”