Tupperware Brands Reports Second-Quarter Results

- Sales Up 18%, 10% in local currency

ORLANDO, Fla., July 23 /PRNewswire-FirstCall/ -- (NYSE: TUP) Tupperware
Brands Corporation today reported its fifth consecutive quarter of
double-digit sales growth. Second quarter 2008 sales grew 18% year over year
(10% in local currency) to $584 million with growth in all 5 segments.
Chairman and CEO, Rick Goings commented, "We are pleased to report another
quarter of double-digit sales growth with contributions from all segments.
Even with a back drop of spotty economic conditions in some of our markets, we
are optimistic entering the third quarter with a double-digit sales force size
advantage. Our geographic and product diversity coupled with our emerging
market presence continues to act as a natural hedge to help mitigate
challenges we see in isolated markets."
"Our gross margin percentage remained strong in the quarter even with the
big increase in oil and natural gas prices. The 66% gross margin in this
year's second quarter was essentially in line with the prior year. Given our
relatively low cost of sales, to date we've been able to mitigate the impact
of rising resin costs. This reflects our product category mix of 35%
consumables and 65% durables; the mix of the resins we use, with about 40%
more highly engineered where there has been less cost pressure; pricing in
line with consumer inflation in each market; and managing our sales mix given
our price points and promotional strategies. Resins used in our Tupperware
products account for about 17% of our overall cost of goods sold and about 6%
of sales. Our current expectations for resin costs going forward are factored
into our raised earnings outlook for the remainder of the year."
"We expect to continue to achieve local currency sales growth in the
second half of the year and have raised our full-year sales guidance range by
1 point, now calling for an increase in sales in the 14% to 16% range (7% to
9% in local currency). This includes full year mid-teen local currency growth
from the approximately 50% of our business that we generate in emerging market
economies and, on average, a low single digit growth rate from the remainder
of our business that comes from markets operating in established economies."
"We are also raising our GAAP diluted earnings per share guidance range to
$2.54 to $2.59 versus our previous guidance of $2.44 to $2.54. This reflects
a 5 cent increase versus our previous guidance from higher profit from our
segments and a 1-point improvement in our tax rate. We're also raising our
adjusted full-year diluted earnings per share range today by 5 cents to $2.77
to $2.82 versus our previous guidance of $2.67 to $2.77. We've also raised by
$10 million our full-year expectation for cash flow from operating activities,
net of cash outflow from investing activities, to $110 to $120 million." See
detail in Non-GAAP Financial Measures Outlook Reconciliation Schedule.
In the second quarter of 2008, diluted earnings per share was 56 cents,
equal with last year. This year's results included a non-cash impairment
charge related to purchase accounting intangibles of $9.0 million (13 cents
per share). Excluding this charge and certain other adjustment items
impacting comparability, earnings per share rose to 75 cents from 58 cents in
2007, or 29% (15% in local currency). This diluted earnings per share number
was 8 cents above the high end of the guidance range given by the Company in
April from better than expected results in the Tupperware Europe and Asia
Pacific and Beauty Other segments and a lower tax rate. Versus 2007, stronger
foreign currencies had a 7 cent positive impact on the comparison, at the low
end of the previous guidance range of 7 to 9 cents. Profit from the segments
rose 24% (15% in local currency). See detail in Non-GAAP Financial Measures
Reconciliation Schedule.
Tupperware Brands will conduct a conference call tomorrow, Thursday, July
24, at 10:00 am Eastern time. The conference call will be webcast and
archived, along with a copy of this news release on www.tupperwarebrands.com.

Second Quarter Segment Highlights*

Tupperware Segments
In Europe, second quarter sales rose by 25% (12% in local currency) over
the prior year. The positive sales force trends continued in the emerging
markets leading to 38% (32% in local currency) growth coming most notably in
Russia, Turkey and Tupperware South Africa. Established markets grew 20% (4%
in local currency) with Germany achieving a 2% local currency sales increase,
its third consecutive quarter of year-over-year improvement. The total sales
force size advantage for the whole segment at the end of the quarter was 16%;
which included an 11 percentage point improvement in the quarter in the
year-over-year sales force size comparison in Germany, from -8% at the end of
the first quarter to +3%. The average active sales force for the segment was
up 8%. Segment profit increased 21% (9% in local currency) reflecting a
slight decrease in return on sales mainly from additional promotional
investment in sales force recruiting in Germany.
Asia Pacific achieved a 23% (13% in local currency) sales increase with
emerging markets up 36% (33% in local currency) led by strong double-digit
growth in Indonesia, Malaysia/Singapore and China. The established markets
were up 14% (-1% in local currency) reflecting lower sales in Japan partially
offset by a double-digit sales increase in Australia/New Zealand. Total sale
force was up 26% and the number of active sellers was up 14% led by Indonesia,
India and Malaysia/Singapore. Operating profit increased 48% (35% in local
currency), an improvement in return on sales of 3 percentage points, primarily
reflecting leverage from the higher sales in the emerging markets.
Tupperware North America had 3% (1% in local currency) higher sales,
reflecting an increase in Mexico and a slight decrease in the U.S./Canadian
market. The quarter end total sales force size was up 7% versus the prior
year and active sellers in the segment were up 19%. There was a 12% increase
(9% in local currency) in operating profit primarily reflecting a better gross
margin percentage as a result of leverage from higher production volume and
sales mix.
Beauty Segments
In the Beauty North America segment, a 10% (6% in local currency) sales
increase reflected a low-double-digit increase by Fuller Mexico and a
low-single-digit increase by BeautiControl North America. Total sales force
size increased 7% coming primarily from Fuller Mexico. The active sales force
was up 10%. Segment profit was in line with last year (down 4% in local
currency), reflecting a lower return on sales, principally at BeautiControl.
The Beauty Other segment achieved a 32% (21% in local currency) sales
increase, reflecting higher sales forces and sales throughout Central and
South America, most notably in Venezuela, Brazil and Argentina. The
Nutrimetics units were down slightly in local currency as a group. The total
sales force in the segment was up 10% and the active sales force was up 9% in
the quarter. The segment had a small loss of $0.4 million in the quarter,
versus a $3.4 million dollar loss in the prior year. The improvement was
primarily from the profit associated with higher sales in Tupperware Brazil
and Venezuela.
* Amounts discussed in Segment Highlights are on a GAAP basis including
purchase accounting amortization. See Non-GAAP Financial Measures
Reconciliation Schedule for information excluding this item.
Year to Date Results
For the first half of 2008 total company sales grew 19% (10% in local
currency) to $1.1 billion. The Tupperware brand segments grew 20% (10% in
local currency) and the Beauty brand segments by 16% (10% in local currency).
Businesses operating in emerging markets, comprising 49% of total company
sales, grew 25% (19% in local currency) and the remaining businesses that
operate in established markets grew 13% (2% in local currency). The total
sales force was 12% higher at the end of June versus the prior year, and
active sellers were up 10% for the year-to-date period. Profit from the
operating segments rose 26% (17% in local currency), driven primarily by an
increase in profit in the Tupperware Europe and Asia Pacific segments led by
the emerging markets, notably Russia, South Africa, China and Indonesia, as
well as the established markets of Australia and France. Diluted earnings per
share was $1.07, up 22% (6% in local currency). Excluding certain adjustment
items for the first half of 2008, diluted earnings per share was $1.31, up 39%
(23% in local currency).
2008 Outlook
The full year 2008 sales guidance is raised 1 percentage point compared
with April 2008, to an increase of 14 to 16% versus 2007 (7 to 9% increase in
local currency) and the GAAP diluted earnings per share outlook is raised 5
cents and is expected to be $2.54 to $2.59, including a 23 to 25 cent benefit
versus 2007 from stronger foreign currencies. Excluding certain adjustment
items full-year diluted earnings per share guidance is also raised 5 cents to
$2.77 to $2.82, up 12% to 14% in local currency compared with 2007, versus 8
to 12% previously (see detail in the Non-GAAP Financial Measures Outlook
Reconciliation schedule). The new outlook includes gains from property sales
and insurance settlements in the second half of the year, which offset the
impact of the non-cash impairment charge recorded in the second quarter, none
of which were included in the Company's previous full-year outlook.
Including the benefit of stronger foreign currencies, sales in the
Tupperware segments are expected to increase 15% to 17% and in the Beauty
segments to increase 12% to 14%. Both are expected to increase 7 to 9% in
local currency. The GAAP segment profit return on sales in the Tupperware
segments is expected to be even with, to slightly higher than, 2007. The GAAP
return on sales in the Beauty North America segment is expected to be even
with to slightly lower than 2007, and a small loss of less than the purchase
accounting amortization recorded in this segment is expected in Beauty Other.
Third Quarter 2008 Outlook
Third quarter sales are projected to increase 13 to 15% (6 to 8% in local
currency) and GAAP diluted earnings per share is expected to be 39 to 44 cents
versus 11 cents last year. Excluding certain adjustment items diluted
earnings per share is expected to be 37 to 42 cents versus 37 cents last year.
This includes a 5 to 6 cent benefit versus 2007 from stronger foreign
currencies, partially offset by an income tax rate about 11 percentage points
higher than 2007, accounting for a negative impact on the comparison of about
6 cents.
Rick Goings, Chairman and CEO of Tupperware Brands commented, "We expect
our portfolio of direct selling companies to continue to act as a natural
hedge to help offset negative trends that we might see in isolated markets.
While we can't control what has been going on in the world we can help
mitigate its impact on our businesses. The heavy lifting for sustained growth
is largely completed, we have established business units in all the emerging
markets with the highest potential, we have repositioned our company from a
durables direct selling company to a global portfolio of direct selling
companies and our flexible business model allows us to react to changes within
the market. All of these factors provide us confidence in our improved
outlook for sales and profit in 2008 and going forward."
Tupperware Brands Corporation is a portfolio of global direct selling
companies, selling premium innovative products across multiple brands and
categories through an independent sales force of 2.2 million. Product brands
and categories include design-centric preparation, storage and serving
solutions for the kitchen and home through the Tupperware brand and beauty and
personal care products for consumers through the Avroy Shlain, BeautiControl,
Fuller Cosmetics, NaturCare, Nutrimetics, Nuvo and Swissgarde brands.
The Company's stock is listed on the New York Stock Exchange (NYSE: TUP).
Statements contained in this release, which are not historical fact and use
predictive words such as "outlook" or "target" are forward-looking statements.
These statements involve risks and uncertainties which include recruiting and
activity of the Company's independent sales forces, the success of new product
introductions and promotional programs, the ability to obtain all government
approvals on land sales, the success of buyers in attracting tenants for
commercial developments, the effects of economic and political conditions
generally and foreign exchange risk in particular and other risks detailed in
the Company's most recent periodic report as filed in accordance with the
Securities Exchange Act of 1934. The Company does not intend to regularly
update forward-looking information other than through its quarterly earnings
releases or in between such releases in the event it expects earnings per
share, excluding adjustment items, to be significantly below its previous
guidance.
Non-GAAP Financial Measures
The Company has utilized non-GAAP financial measures in this release,
which are provided to assist readers' understanding of the Company's results
of operations. The adjustment items materially impact the comparability of the
Company's results of operations. The adjusted information is intended to be
more indicative of Tupperware Brands' primary operations, and to assist
readers in evaluating performance and analyzing trends across periods.
The non-GAAP financial measures exclude gains from the sale of property,
plant and equipment and insurance settlements; re-engineering costs; purchase
accounting intangible asset amortization; purchase accounting intangible asset
and goodwill impairment costs; and costs associated with terminating the
Company's previous credit agreement. While the Company is engaged in a multi-
year program to sell land adjacent to its Orlando, Florida headquarters, and
also disposes of other excess land and facilities periodically, these
activities are not part of the Company's primary business operation.
Additionally, gains recognized in any given period are not indicative of gains
which may be recognized in any particular future period. For this reason,
these gains are excluded as indicated. Further, the Company excludes
significant charges related to casualty losses caused by significant weather
events, fires or similar circumstances. It also excludes any related gains
resulting from the settlement of associated insurance claims. While these
types of events can and do recur periodically, they are excluded from
indicated financial information due to their distinction from ongoing business
operations, inherent volatility and impact on the comparability of earnings
across quarters. Also, the Company periodically records exit costs as defined
under Statement of Financial Accounting Standards No. 146, "Accounting for
Costs
Associated with Exit or Disposal Activities" and other amounts related to
rationalizing manufacturing and other re-engineering activities, and believes
these amounts are similarly volatile and impact the comparability of earnings
across quarters. Therefore, they are also excluded from indicated financial
information to provide what the Company believes represents a more useful
measure for analysis and predictive purposes.
The Company has also elected to present financial measures excluding the
impact of amortizing the purchase accounting carrying value of certain
definite-lived intangible assets, primarily the value of independent sales
forces, recorded in connection with the Company's December 2005 acquisition of
the direct selling businesses of Sara Lee Corporation. The amortization
expense related to these assets will continue for several years; however,
based on the Company's current estimates, this amortization will decline
significantly as the years progress. Similarly in connection with its
evaluation of the carrying value of acquired intangible assets and goodwill in
the third quarter of 2007 and second quarter of 2008, the Company has
recognized impairment charges. The Company believes that these types of non-
cash charges will not be representative in any single year of amounts recorded
in prior years or expected to be recorded in future years. Therefore, they
are excluded from indicated financial information to also provide a more
useful measure for analysis and predictive purposes.
Finally, in the third quarter of 2007, the Company entered into a new
credit agreement, which triggered the non-cash write off of previously
deferred debt costs and costs associated with the settlement of floating-to-
fixed interest rate swaps that were hedging the borrowings under the previous
agreement. These costs are also not expected to be incurred in most reporting
periods and for comparison purposes have also been excluded from the indicated
financial information.

TUPPERWARE BRANDS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

13 Weeks 13 Weeks 26 Weeks 26 Weeks
Ended Ended Ended Ended
June 28, June 30, June 28, June
30,
(In millions, except per share data) 2008 2007 2008 2007

Net sales $583.6 $492.9 $1,127.0 $949.8
Cost of products sold 199.3 167.6 394.1 328.8
Gross margin 384.3 325.3 732.9 621.0

Delivery, sales and administrative
expense 316.8 272.2 614.6 529.8
Re-engineering and impairment
charges 3.5 0.8 5.7 3.6
Impairment of goodwill and
intangible assets 9.0 - 9.0 -
Gains on disposal of assets 0.6 2.1 0.6 4.6
Operating income 55.6 54.4 104.2 92.2

Interest income 1.4 0.9 2.5 2.0
Interest expense 10.1 10.9 18.8 22.7
Other expense 0.7 0.6 2.1 1.5
Income before income taxes 46.2 43.8 85.8 70.0
Provision for income taxes 10.2 8.3 17.7 14.9
Net income $36.0 $35.5 $68.1 $55.1

Net income per common share:

Basic earnings per share: $0.59 $0.58 $1.11 $0.91

Diluted earnings per share: $0.56 $0.56 $1.07 $0.88

TUPPERWARE BRANDS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(Amounts in millions, 13 Weeks 13 Weeks Reported Restated Foreign
except per share) Ended Ended % % Exchange
June 28, June 30, Inc (Dec) Inc (Dec) Impact

Net Sales:
Europe $203.3 $162.1 25 12 $19.9
Asia Pacific 85.6 69.4 23 13 6.2
TW North America 84.2 81.5 3 1 1.9
Beauty North America 134.0 122.1 10 6 3.9
Beauty Other 76.5 57.8 32 21 5.6

$583.6 $492.9 18 10 $37.5

Segment profit (loss):
Europe $29.9 $24.8 21 9 $2.6
Asia Pacific 17.2 11.6 48 35 1.1
TW North America 9.4 8.3 12 9 0.3
Beauty North America 20.1 20.1 0 (4) 0.9
Beauty Other (0.4) (3.4) (86) (87) (0.2)

76.2 61.4 24 15 $4.7

Unallocated expenses (9.4) (8.9) 7
Gains on disposal of
assets 0.6 2.1 (73)
Re-engineering and
impairment charges (3.5) (0.8) +
Impairment of goodwill
and intangible assets (9.0) - +
Interest expense, net (8.7) (10.0) (14)

Income before taxes 46.2 43.8 5
Provision for income
taxes 10.2 8.3 23
Net income $36.0 $35.5 1

Net income per common
share (diluted) $0.56 $0.56 0

Weighted Average number
of diluted shares 63.6 62.9

TUPPERWARE BRANDS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(Amounts in millions, 26 Weeks 26 Weeks
except per share) Ended Ended Reported Restated Foreign
June 28, June 30, % % Exchange
2008 2007 Inc (Dec) Inc (Dec) Impact

Net Sales:
Europe $423.5 $340.5 24 11 $42.6
Asia Pacific 155.8 126.0 24 13 12.0
TW North America 153.7 144.1 7 4 3.3
Beauty North America 248.7 226.3 10 7 6.2
Beauty Other 145.3 112.9 29 16 12.5

$1,127.0 $949.8 19 10 $76.6

Segment profit (loss):
Europe $68.0 $53.6 27 14 $6.0
Asia Pacific 27.1 17.6 54 40 1.8
TW North America 12.4 9.5 30 26 0.3
Beauty North America 34.5 34.0 2 (2) 1.4
Beauty Other (6.0) (7.1) (15) (21) (0.5)

136.0 107.6 26 17 $9.0

Unallocated expenses (19.8) (17.9) 11
Gains on disposal of
assets 0.6 4.6 (87)
Re-engineering and
impairment charges (5.7) (3.6) 56
Impairment of goodwill
and intangible assets (9.0) - +
Interest expense, net (16.3) (20.7) (21)

Income before taxes 85.8 70.0 22
Provision for income
taxes 17.7 14.9 19
Net income $68.1 $55.1 24

Net income per common
share (diluted) $1.07 $0.88 22

Weighted Average number
of diluted shares 63.3 62.4

TUPPERWARE BRANDS CORPORATION
RECONCILIATION
(In millions except
per share data)
13 Weeks Ended 13 Weeks Ended
June 28, 2008 June 30, 2007
Excl Excl
Reported Adj's Adj's Reported Adj's Adj's
Segment profit (loss)
Europe $29.9 $0.1 a $30.0 $24.8 0.2 a $25.0
Asia Pacific 17.2 0.4 a 17.6 11.6 0.6 a 12.2
TW North America 9.4 - 9.4 8.3 8.3
Beauty North America 20.1 1.0 a 21.1 20.1 1.5 a 21.6
Beauty Other (0.4) 0.9 a 0.5 (3.4) 1.1 a (2.3)
76.2 2.4 78.6 61.4 3.4 64.8

Unallocated expenses (9.4) - (9.4) (8.9) (8.9)
Gain on disposal of assets 0.6 (0.6)b - 2.1 (2.1)b -
Re-eng and impairment chgs (3.5) 3.5 c - (0.8) 0.8 c -
Impairment of goodwill and
intangible assets (9.0) 9.0 d - - - -
Interest expense, net (8.7) (8.7) (10.0) (10.0)
Income before taxes 46.2 14.3 60.5 43.8 2.1 45.9
Provision for income taxes 10.2 2.4 e 12.6 8.3 0.8 e 9.1
Net income $36.0 $11.9 $47.9 $35.5 $1.3 $36.8

Net income per common share
(diluted) $0.56 $0.19 $0.75 $0.56 $0.02 $0.58

26 Weeks Ended 26 Weeks Ended
June 28, 2008 June 30, 2007
Excl Excl
Reported Adj's Adj's Reported Adj's Adj's
Segment profit (loss)
Europe $68.0 0.2 a $68.2 $53.6 0.5 a $54.1
Asia Pacific 27.1 0.8 a 27.9 17.6 1.1 a 18.7
TW North America 12.4 - 12.4 9.5 9.5
Beauty North America 34.5 1.9 a 36.4 34.0 3.0 a 37.0
Beauty Other (6.0) 1.8 a (4.2) (7.1) 2.1 a (5.0)
136.0 4.7 140.7 107.6 6.7 114.3

Unallocated expenses (19.8) - (19.8) (17.9) (17.9)
Gain on disposal of assets 0.6 (0.6)b - 4.6 (4.6)b -
Re-eng and impairment chgs (5.7) 5.7 c - (3.6) 3.6 c -
Impairment of goodwill and
intangible assets (9.0) 9.0 d - - - -
Interest expense, net (16.3) - (16.3) (20.7) (20.7)
Income before taxes 85.8 18.8 104.6 70.0 5.7 75.7
Provision for income taxes 17.7 3.6 e 21.3 14.9 1.9 e 16.8
Net income $68.1 $15.2 $83.3 $55.1 $3.8 $58.9

Net income per common share
(diluted) $1.07 $0.24 $1.31 $0.88 $0.06 $0.94

(a) Amortization of intangibles of acquired beauty units.

(b) Other income of $0.6 million for the second quarter 2008 was
insurance proceeds from flood damage in Indonesia. In the second quarter of
2007, there was a $2.1 million gain related to sale of excess land in
Australia. In addition, in 2007, a $2.5 million gain reported in the first
quarter related to insurance recovery from 2006 fire at a former manufacturing
facility in Tennessee
(c) The first six months of 2008 includes $0.3 million related to the
relocation of the Company's Belgium and BeautiControl manufacturing
facilities,
$0.5 million impairment charge for obsolete software in the South Africa
beauty business, and $4.9 million for severance costs incurred to reduce
headcount in the Company's BeautiControl, Belgium, France, Germany, Italy,
Mexico, Malaysia, Netherlands and Philippines operations, of which $3.5
million was incurred in the second quarter. The first half of 2007 includes
$1.8 million related to the relocation of the Company's BeautiControl
manufacturing facility, $0.5 million for impairment charges related to
facilities in Japan and Philippines, and $1.3 million related to severance
costs incurred to reduce headcount in the Company's Australia, Mexico, Japan,
Philippines and Switzerland operations, of which $0.8 million was recorded in
the second quarter.
(d) In the second quarter of 2008, the Company reviewed the value of
intangible assets of its acquired beauty businesses. As a result of this
review, its Nutrimetics and Naturcare tradenames were deemed to be impaired,
resulting in a non-cash impairment charge of $9.0 million.
(e) Provision for income taxes represents the net tax impact of adjusted
amounts.
See note regarding non-GAAP financial measures in the attached press
release.

TUPPERWARE BRANDS CORPORATION
NON-GAAP FINANCIAL MEASURES OUTLOOK RECONCILIATION SCHEDULE
July 23, 2008

($ in millions, except per share amounts)
Full Year Full Year
2007 Actual 2008 Outlook
Range
Low High

Income before income taxes $141.4 $210.0 $214.0

% change from prior year 48% 51%

Income tax $24.5 $48.8 $49.5
Effective Rate 17% 23% 23%

Net Income (GAAP) $116.9 $161.2 $164.5

% change from prior year 38% 41%

Adjustments(1):
Gain on disposal of assets and
insurance settlements $(11.8) $(13.6) $(13.6)
Re-engineering costs 9.0 10.0 10.0
Acquired intangible asset
amortization 13.6 9.5 9.5
Purchase accounting intangibles
and impairment 11.3 9.0 9.0
Costs associated with implementing
new credit agreement 9.6
Income tax (2) (7.4) (0.8) (0.8)
Net Income (Adjusted) $141.2 $175.3 $178.6

% change from prior year 24% 26%

Exchange rate impact (3) 15.1 - -
Net Income (Adjusted and 2007
restated for currency changes) $156.3 $175.3 $178.6

% change from prior year 12% 14%

Net income (GAAP) per common share
(diluted) $1.87 $2.54 $2.59

Net Income (Adjusted) per common
share (diluted) $2.25 $2.77 $2.82

Average number of diluted shares
(millions) 62.6 63.4 63.4

(1) Refer to Non-GAAP Financial Measures section of attached release for
description of the general nature of adjustment items
(2) Represents income tax impact of adjustments

(3) 2007 restated at current currency exchange rates

TUPPERWARE BRANDS CORPORATION
NON-GAAP FINANCIAL MEASURES OUTLOOK RECONCILIATION SCHEDULE
July 23, 2008

($ in millions, except per share amounts)
Third
Quarter Third Quarter
2007 Actual 2008 Outlook
Range
Low High

Income before income taxes $4.8 $33.6 $37.0

% change from prior year 600% 671%

Income tax $(2.0) $8.5 $9.1
Effective Rate -42% 25% 25%

Net Income (GAAP) $6.8 $25.1 $27.9

% change from prior year 269% 311%

Adjustments(1):
Gains on the disposal of assets
and insurance settlements $(5.5) $(5.6) $(5.6)
Re-engineering costs 3.0 1.2 1.2
Acquired intangible asset
amortization 3.4 2.4 2.4
Purchase accounting intangibles
and impairment 11.3
Costs associated with implementing
new credit agreement 9.6
Income tax (2) (5.1) 0.9 0.9
Net Income (Adjusted) $23.4 $23.8 $26.8

% change from prior year 2% 15%

Exchange rate impact (3) 3.0 - -
Net Income (Adjusted and 2007 restated
for currency changes) $26.4 $23.8 $26.8

% change from prior year -10% 2%

Net income (GAAP) per common share
(diluted) $0.11 $0.39 $0.44

Net Income (Adjusted) per common share
(diluted) $0.37 $0.37 $0.42

Average number of diluted shares
(millions) 62.9 63.6 63.6

(1) Refer to Non-GAAP Financial Measures section of attached release for
description of the general nature of adjustment items

(2) Represents income tax impact of adjustments

(3) 2007 restated at current currency exchange rates

TUPPERWARE BRANDS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

Jun. 28, Dec. 29,
(In millions) 2008 2007

Assets

Cash and cash equivalents $89.8 $102.7
Other current assets 665.3 596.8
Total current assets 755.1 699.5

Property, plant and equipment, net 274.8 266.0

Other assets 943.5 903.2

Total assets $1,973.4 $1,868.7

Liabilities and Shareholders' Equity

Short-term borrowings and current portion
of long-term debt $21.5 $3.5
Accounts payable and other current
liabilities 453.3 446.8

Total current liabilities 474.8 450.3

Long-term debt 591.5 589.8

Other liabilities 297.4 305.9

Total shareholders' equity 609.7 522.7

Total liabilities and shareholders'
equity $1,973.4 $1,868.7

Total Debt to Capital Ratio 50%
Capital is defined as total debt plus
shareholders' equity

TUPPERWARE BRANDS CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

26 weeks ended 26 weeks ended
June 28, June 30,
(In millions) 2008 2007

OPERATING ACTIVITIES
Net cash provided by operating activities $5.4 $63.8

INVESTING ACTIVITIES
Capital expenditures (24.4) (19.2)
Proceeds from disposal of property,
plant & equipment 2.4 4.6
Proceeds from insurance settlements 7.5 3.7

Net cash used in investing activities (14.5) (10.9)

FINANCING ACTIVITIES
Dividend payments to shareholders (27.1) (26.7)
Payments to acquire treasury stock (7.3) -
Repayment of long-term debt and
capital lease obligations (1.8) (68.2)
Net change in short-term debt 15.7 -
Other, net 13.6 24.5

Net cash used in financing activities (6.9) (70.4)

Effect of exchange rate changes on cash and
cash equivalents 3.1 1.1

Net change in cash and cash equivalents (12.9) (16.4)

Cash and cash equivalents at beginning
of year 102.7 102.2

Cash and cash equivalents at end of period $89.8 $85.8

TUPPERWARE BRANDS CORPORATION
SUPPLEMENTAL INFORMATION
Second Quarter Ended June 28, 2008

Sales Force Statistics (a):

Segment AVG. ACTIVE % CHG. TOTAL % CHG.

Europe 105,365 8 475,603 16
Asia Pacific 43,837 14 344,892 26
TW North America 86,252 19 233,902 7
Tupperware 235,454 13 1,054,397 17

Beauty North America 376,403 10 641,891 7
Beauty Other 243,386 9 534,462 10
Beauty 619,789 9 1,176,353 8

Total 855,243 10 2,230,750 12

(a) As collected by the Company and provided by distributors and sales
force.
SOURCE Tupperware Brands Corporation

Teresa Burchfield of Tupperware Brands Corporation, +1-407-826-4560