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Rich business our As underlying line the early during expectations. the our were the trends in stated, with in and of performance first quarter part
opened exceeding XXXX. For higher January, the in outlets XXX new and entire quarters four example, of than plan China
business, limited global pronounced of did most in However, France, our and COVID-XX Italy, Europe including Philippines. we where this markets, impact country negatively wide as operations quarter but the Pacific, not partial in or been China, has the and various to, experienced impact Asia lockdowns progressed, and
families, Our protecting Salesforce top consumers our our operations. employees, and priority the their is and
be to local quarter first while segments. contributed and XXXX XXX sales Looking XXX points. were versus forces currency. estimate down the all in points the and COVID-XX XX we sales million impact the was sales XX% in year XX% XX% down across basis first declines approximately decline, at last of BXB of basis sales Active quarter, were
currency was XX% on in QX. a Asia down basis local net sales for
rent late quick the while COVID-XX retail our and were owners and and to we beginning health see action last China subsidies launching food store studio by Tupperware to under to January, in impact began a We by beginning equals healthy campaign, support cook the eating in of using India, Tupperware Philippines, and March. offering product March, China, In longer. home for in products lockdown marketing to Malaysia to targeting February took and at
performing decline to the the classes use lockdown. also platform online demonstrations sales cooking of and force and sales during stem holding WeChat, the quickly help shifted our that Our product
flat continue began to fourth ended the to to studios quarter. with lower consumer spending. China QX progressed from we closures emerge and traffic As we did approximately open and new experienced with but and X,XXX new in lower studios, due COVID-XX, productivity foot the quarter, the essentially XXX studios, quarter
Turning now to Europe.
points down While XXXX BXB sales And XX% million lockdown increased, in decline. down numerous to as impact countries accounted local was basis, currency of March XX on core program XX from a percentage for beginning in ship. were COVID-XX X%. only the and A were net were the the in unable
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I affected As during the March pandemic results discussed, first the largely COVID-XX quarter.
While pandemic negatively expect while the have the this is that duration affected. be of severe of second will impact, the also may most periods uncertain, severity and we XXXX subsequent
effect I discussing business, As about the to in the move structure pandemic. cost the plus of talk to from I'll right taking actions the earnings, sizing our expected we're response fixed
costs year. $X.XX share associated Diluted earnings to per impact of was $X.XX the turnaround per to plan. consulting quarter compared with year share of due re-engineering, earnings in transition first and includes last loss $X.XX the leadership Current earnings
I impact primarily the COVID-XX The $X.XX. sales cost base, with taxes high and XX.X% talk has savings at after expenses high lower update S&A to approximately combined XX.X% XX% fixed on for XX program impact year. by versus flow. costs in the by plan on estimate XXXX. the decline about million will to We accelerate led actions cash turnaround driven be The including sales of COVID-XX specific was prior increase and you cost our remaining fixed I the also to us
onetime from of is lower tax tax to some sales profit, valuation benefit tax quarter that which associated is rate similar no with and year-over-year by the improvement. and the losses costs profitability reflective recorded. of year, majority is allowance BXB therefore have a COVID-XX the the quarter, first is expected remainder XXXX the impacted and are The negative impact. rate the is associated countries turnaround not The rate from indicative to The with plan which be also lower in of of full
of $XX of with consistent the flow investing approximately outflow activity, net year from our which of million, traditional operations, last Cash was was with an seasonality line in and business.
opportunities position. in to provide to accelerating globe for regionally, opportunities on improve sell Orlando inventory our inventories focus identify continue versus fresh to to We're our We capital. products to real And business sales lower working the now and our excess we're and to utilizing our estate balances. our market increase to attention inventory, each core and also globally liquidity across improve
in agreement consolidated or the and ended equal the quarter. bank or new than the we amend in to February, covenant The than second X.XX. XXXX, the our guarantees the and received less ratios rates exchange first X.X in to quarter and first the our our additional for at support In consolidated leverage in collateral. debt of quarter quarter fourth to modify equal times of are credit the equal to leverage ratio within than to to X.XX third less revised times with less times X.XX EBITDA We or
measure down credit $XXX agreement, $XXX provide and drew we of on enhance was quarter, XXth, environment additional the the quarter under from our working resulting for financial $XX million the which liquidity The the of XXXX. uncertain proactive million second to customary at pandemic. remaining second Further beginning drawn the March a million of flexibility, given COVID-XX of amount the was needs capital as drawn during
$XX contributing Now In more that transformation program our would million million from the that about took organizational savings reducing the first of plan, We XXXX, XXXX $XXX the come million other million savings anticipated $XX XXXX. of now had head target. $XXX the organizational leveraging detail spend by communicated streamlining count, in $XX of be and drive we million the design. we with the sourcing, and cost XX-K, savings toward in on procurement actions our reductions that specifically globally January, organization in We our from reassessed half would turnaround half and gross to manufacturing.
and the and and direction savings the the leadership realignment stabilize program enhanced committed million. At cost it COVID-XX, impact have costs. $XX part to to are fixed the by team turnaround of accelerated reductions our reduce We're now the as in further organizational core and we to to expected executing plan, necessary business referring in in increase order our new the and have to XX% and due of XXXX
first our organization the the and directly worldwide the planned announced Fernandez, back will commercial a allowing China, On Miguel focus and of from U. while by and we top April exclusively our on to be who function, remaining functions company, CEO, marketing the our will realignment led also the Canada S. our oversee report step activities to countries. separating of market, sales. Brazil, The Xth, President, now the Commercial the execution Patricio sales for office Cuesta, markets, to the all of commercial Mexico, driving new four markets
In experience. distribution, Departments research new aligned Wright, and standardization, of customer and COO, to Human efficiencies. the controls manufacturing, including been Legal, reporting individual centrally to Bill Finance, And improve and addition, operation now markets ensure development operational reporting procurement, our have functions, efficiency improved versus are under care, improved and and to Resources service lastly, customer
We expect half be to the the these full XXXX. second changes implemented impact in of of
Now to COVID-XX.
Vice in for merit reduction increases QX I discretionary actions and just and capital XXXX. response the of XX%, expenses Chairman, company's are to globally, increased President elimination quarter. Commercial COVID-XX. XXXX second COO, the taken impact plan incremental attributable that we've the operating the corporate and expenditures, spending ourselves continuation XX% the nonessential mentioned, of for travel As savings the of Executive suspended salary our in including partially We've we've a from the of and fee began also unit The CEO, by
fees. and pay, quarter a XX% wages furloughs, and waivers for we've level cash Board a globally. associates in reduction certain in second factory corporate, reduction of our market Directors’ temporary without board across other taken Additionally, retainers And the leave of
debt our to now upcoming Turning maturity.
approximately have the XXXX. million notes We outstanding maturity date senior of June XXX of with
to We and cash financial and now to flow turn are relative to call. to Rich? proactively our out address with our various needs advisors the our options back Rich liquidity sources to working close I'll call evaluate maturity. this
