Herbalife International
November 1, 2023
LOS ANGELES, November 1, 2023 --
Herbalife Ltd. reported third-quarter 2023 net sales of 1.281 billion dollars, down 1.1 percent from 1.295 billion dollars a year earlier and down 1.5 percent in constant currency, marking a third straight quarter of improving year-over-year trends. Net income fell to 42.8 million dollars from 82.2 million dollars, or 0.43 dollars per diluted share, while adjusted diluted EPS was 0.65 dollars and adjusted EBITDA was 163.3 million dollars.
Gross margin narrowed 170 basis points to 76.3 percent as input-cost inflation outweighed pricing gains. China net sales fell 19.1 percent to 89.5 million dollars. The company recognized about 5 million dollars of pre-tax expenses tied to its Transformation Program, now expects at least 60 million dollars of program savings in 2023 with about 20 million dollars realized in the quarter, and repurchased 65.5 million dollars of convertible notes due 2024.
Chairman and Chief Executive Michael Johnson said Herbalife remained on track to return to year-over-year net sales growth in the fourth quarter. The company launched a new Herbalife.com site in Singapore on its Herbalife One digital platform and said it planned to roll it out to about 40 more markets, representing roughly 80 percent of sales, by the end of 2023.