Herbalife Nutrition announced first quarter 2021 financial results, including an 18.9% increase over the same quarter last year, creating a new company record of $1.5 billion.
“This quarter we delivered record first quarter results with net sales growth of 18.9%, as our distributors delivered valuable nutrition solutions to consumers around the world,” said John Agwunobi, Chairman and CEO of Herbalife Nutrition.
Five of the company’s six geographic regions reported year-over-year net sales growth for the first quarter of 2021, with India setting a new growth record of 37%, as consumer demand for health and wellness products continues to drive sales. The company’s targeted nutrition category grew by 21% and the core weight management product category grew by 16% in the quarter.
“Due to the ongoing performance of our materially enlarged sales force and the increased awareness and consumer demand for our rapidly expanding product portfolio, we have meaningfully raised and narrowed our full year 2021 guidance. We believe in the long-term growth opportunity of our business,” Agwunobi said.
The company also sought to drive shareholder value through a repurchase of approximately $621 million in shares.
“We repurchased $621 million in shares in the first quarter,” said Alex Amezquita, Chief Financial Officer, Herbalife Nutrition. “We will continue to keep a sharp focus on enhancing shareholder value and capital allocation as we look to deploy excess cash to the almost $1.5 billion remaining on our share repurchase program.”
