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Revenue was in-line with company expectations.
August 9, 2024
By: Lianna Albrizio
Associate Editor
Net sales in Q2 2024 for Nu Skin Enterprises Inc. jumped 12.2% from the prior-year quarter to $439.1 million.
Revenue was in-line with expectations per company CEO Ryan Napierski.
“We are pleased with our progress as we perform to plan on our transformational efforts, and we are on track as evidenced by our second quarter results,” said Napierski. “Our revenue was in-line with our expectations despite a 4% FX headwind, while adjusted earnings per share slightly exceeded our projections due to heightened operational discipline, excluding our restructuring and impairment charges. As our core Nu Skin business continues to navigate the macro-economic environment, we were encouraged by sequential gains in several of our markets including the US and most of Southeast Asia/Pacific. Additionally, our Rhyz business grew 32% versus the prior-year quarter led by strong performances in our Mavely affiliate platform and manufacturing companies.
The company is also working to enhance its developing market strategy including a revised business model, targeted product offering and streamlined operating infrastructure beginning with Latin America and parts of Southeast Asia in the second half. In addition, it says it’s intensifying its plans to enter India with a proprietary business model that officials hope will be a “catalyst” for expansion into other emerging markets.
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