05.09.24
Net sales for Nu Skin Enterprises declined 13.3% in Q1 2024 compared with the prior-year quarter.
Revenue was $417.3 million compared to $481.5 million the quarter prior.
“Our first quarter revenue came in at the mid-point of our guidance, negatively impacted more than anticipated by foreign currency headwinds, while our cost management efforts helped us post earnings per share in the upper half of our guide,” said Ryan Napierski, Nu Skin president and CEO. “We are continuing our business transformation efforts and making progress in developing our integrated beauty, wellness and lifestyle ecosystem.”
During the quarter, Nu Skin again drove strong gains in its Rhyz business, growing nearly 60% year-over-year. In its Nu Skin core business, the macro-economic environment impacted affiliate and customer growth around the globe, but company officials are encouraged by the performance of its ageLOC WellSpa iO, RenuSpa iO and TRMe launches.
“At our annual top sales leader event, we aligned around the upcoming preview of our new MYND360 cognitive health line and saw healthy energy for the opening of India next year,” said Napierski. “We also introduced some new early affiliate rewards and top leader incentives to help drive customer acquisition and business growth. While we continue to navigate the challenges of a business transformation amid these disruptive times, we continue to evolve our strategy for both our Nu Skin and Rhyz businesses and remain focused on generating long-term growth and returning value to shareholders.”
Q2 and Full-Year 2024 Outlook
In Q2 2024, the company said it expects revenue to jump from $420 million to $455, with 2024 revenue from $1.73 billion to $1.87 billion.