Nu Skin Third Quarter Revenue Falls 16 Percent; Expands Restructuring

Nu Skin Enterprises reported third-quarter 2022 revenue of 537.8 million dollars, down 16 percent from 641.2 million dollars a year earlier, including a 7 percent, or 47 million dollar, foreign-currency headwind. The company posted a loss of 0.51 dollars per share; excluding restructuring and impairment charges, earnings were 0.47 dollars versus 0.97 dollars.

Customers fell 11 percent to 1,239,384, paid affiliates fell 11 percent to 243,276, and sales leaders dropped 22 percent to 49,824. Nu Skin recorded 30.1 million dollars of restructuring and impairment charges and a 26.9 million dollar inventory write-off as it pursued a more aggressive restructuring.

The company projected fourth-quarter revenue of 500 million to 550 million dollars and full-year revenue of 2.20 billion to 2.25 billion dollars. President and chief executive Ryan Napierski cited COVID restrictions in China, weakness in South Korea, inflation and currency, while noting a tenth straight quarter of growth in the United States.