Mannatech Second Quarter Sales Fall 15 Percent on Weak Asia Demand and Supply Constraints
FLOWER MOUND, Texas, August 13, 2024 --
Mannatech reported second-quarter 2024 net sales of 27.7 million dollars, down 14.9 percent from 32.6 million dollars a year earlier, or 12.9 percent in constant dollars. The company blamed supply chain constraints, back-ordered items and weaker economic conditions in Asia.
The net loss narrowed to 0.6 million dollars, or 0.33 dollars per diluted share, from 1.1 million dollars, or 0.59 dollars, helped by 1.1 million dollars of foreign exchange gains, including a one-time gain from liquidating its Swedish entity. Selling and administrative expenses fell 17.0 percent to 10.9 million dollars, and cash rose to 9.2 million dollars.
President and CEO Landen Fredrick said demand stayed weak worldwide and was weakest in Asia/Pacific. He expects economic challenges to continue for the rest of 2024 but said the company remains focused on adding sales associates and preferred customers while keeping tight control of costs.
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