In the first quarter of 2024, Nu Skin Enterprises experienced a 13.3% decrease in net sales compared to the same period in the previous year, with revenue totaling $417.3 million, down from $481.5 million in the preceding quarter.
In the quarter, Nu Skin continued to achieve significant growth in its Rhyz business, with a nearly 60% year-over-year increase. However, the company’s Nu Skin core business faced challenges in affiliate and customer growth worldwide due to the macroeconomic environment. Nonetheless, company representatives are optimistic about the performance of recent launches, including ageLOC WellSpa iO, RenuSpa iO, and TRMe.
From a regional perspective, all regions experienced a decline in revenue in the first quarter of this year. Revenue in the Americas decreased by 25.7% to $75.03 million, while Mainland China saw a 10.2% decrease to $61.067 million. Among them, South Korea experienced the largest decline, reaching 41.7%.
“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,” said Ryan Napierski, Nu Skin president and CEO. “We are continuing our business transformation efforts and making progress in developing our integrated beauty, wellness, and lifestyle ecosystem.”
