Nu Skin Enterprises Reports Loss of $37 Million in Q3 2023 Results

Nu Skin Enterprises Inc. reported a loss of $37 million in its third quarter 2023 fiscal results, yielding $498.8 million.

 

On a per-share basis, the company said it had a loss of 74 cents. Earnings, adjusted for one-time gains and costs, were 56 cents per share.

 

“Our third quarter results were softer than expected as persistent macro-economic challenges in several of our key markets negatively affected consumer spending and customer acquisition, particularly in our Mainland China and Americas segments, along with a continued strong US dollar,” said Ryan Napierski, Nu Skin president and CEO. “Although we are disappointed in the third quarter results of our Nu Skin business, we are encouraged by stabilization and modest growth in three of our Nu Skin reporting segments, highlighted by double-digit gains in Europe/Africa. We are also pleased with accelerated growth of our Rhyz businesses as we lean further into our synergistic enterprise ecosystem.”

 

Napierski said the company continues to advance key initiatives aimed at driving long-term success, including its introduction of ageLOC WellSpa iO, a smart device system focused on holistic wellness and beauty, as well as rolling out a new channel growth incentive and gaining additional traction in monthly active users of its Vera and Stela apps.

 

“Given the current global headwinds and their impact, we are strategically re-evaluating several aspects of our Nu Skin business, including our product portfolio, global processes and organization, and operational footprint,” added Napierski. “This is to ensure we continue executing on the transformational initiatives that will shape Nu Skin's future, including the introduction of a new mental wellness category in 2024. We are also aggressively managing costs to help drive growth and profitability as we work toward our long-term vision.”