Nu Skin Enterprises
November 1, 2023
PROVO, Utah, November 1, 2023 --
Nu Skin Enterprises reported third-quarter 2023 revenue of 498.8 million dollars, down 7 percent from 537.8 million dollars a year earlier, including a 1 percent negative currency impact. The company posted a loss of 0.74 dollars per share, or earnings of 0.56 dollars excluding a 65.7 million dollar inventory write-off tied to accelerated product-portfolio optimization. Customers fell 21 percent to 978,907, paid affiliates fell 23 percent to 186,162 and sales leaders fell 6 percent to 47,031.
Nu Skin cut its 2023 revenue outlook to 1.92 billion to 1.96 billion dollars, down 12 to 14 percent, and projected fourth-quarter revenue of 440 million to 480 million dollars. President and Chief Executive Ryan Napierski cited weak consumer spending and customer acquisition in Mainland China and the Americas and a strong U.S. dollar, and said the company was re-evaluating its product portfolio, global processes, organization and operational footprint.
In an accompanying Form 8-K, Nu Skin said its board adopted a global restructuring program on October 27 that includes workforce reductions, with fourth-quarter severance charges estimated at 15 million to 25 million dollars and completion expected in the first half of 2024. The company also said Connie Tang, executive vice president and chief global growth and customer experience officer, resigned effective October 31 for family health reasons and would remain a strategic advisor through April 2024, with Napierski directly overseeing her organization.