05.09.24
Nu Skin Enterprises has announced its first-quarter results. Overall revenue increased 13.3% and its Rhyz business grew 57.5% compared to Q1 2023.
Nu Skin recorded $417.3 million in overall revenue for the first quarter, compared to $481.5 million in Q1 of 2023. The Q1 year-over-year results saw a gross margin of 70.5% compared to 72.3%.
Nu Skin president and CEO Ryan Napierski commented:
"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. We are continuing our business transformation efforts and making progress in developing our integrated beauty, wellness and lifestyle ecosystem.”
In Q1 the Rhyz business drove growth, as well as the strong performance of the ageLOC WellSpa iO, RenuSpa iO, and TRMe launches. The preview of the company’s new MYND360 cognitive health line gained traction for its debut in India next year.
Chief financial officer James D. Thomas said:
"We continue to implement strategic measures to refine our cost structure in line with business performance and strengthen our financial outlook. The additional efficiencies garnered from our cost-saving initiatives underscore our dedication to boosting productivity. We remain vigilant in scrutinizing all facets of our operations and prioritizing initiatives to drive revenue, amplify margins, and secure our financial position. Although negative foreign currency impacted our results more than initially expected and will likely continue to do so, we are keeping our 2024 guidance numbers intact. For the second quarter, we project sequential improvement with revenue of $420 to $455 million, assuming an increased foreign currency impact, with reported earnings per share of $0.01 to $0.10 or $0.10 to $0.20 excluding restructuring charges."
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Nu Skin recorded $417.3 million in overall revenue for the first quarter, compared to $481.5 million in Q1 of 2023. The Q1 year-over-year results saw a gross margin of 70.5% compared to 72.3%.
Nu Skin president and CEO Ryan Napierski commented:
"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. We are continuing our business transformation efforts and making progress in developing our integrated beauty, wellness and lifestyle ecosystem.”
In Q1 the Rhyz business drove growth, as well as the strong performance of the ageLOC WellSpa iO, RenuSpa iO, and TRMe launches. The preview of the company’s new MYND360 cognitive health line gained traction for its debut in India next year.
Chief financial officer James D. Thomas said:
"We continue to implement strategic measures to refine our cost structure in line with business performance and strengthen our financial outlook. The additional efficiencies garnered from our cost-saving initiatives underscore our dedication to boosting productivity. We remain vigilant in scrutinizing all facets of our operations and prioritizing initiatives to drive revenue, amplify margins, and secure our financial position. Although negative foreign currency impacted our results more than initially expected and will likely continue to do so, we are keeping our 2024 guidance numbers intact. For the second quarter, we project sequential improvement with revenue of $420 to $455 million, assuming an increased foreign currency impact, with reported earnings per share of $0.01 to $0.10 or $0.10 to $0.20 excluding restructuring charges."
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