Nu Skin Enterprises, Inc. announced its third quarter financial results, reporting earnings per share (EPS) of $0.97 and revenue of $641.2 million. These results are a decrease from the third quarter of 2020, which saw revenue of $703.3 million and an EPS of $1.08.
“As we previously announced, our third quarter revenue was lower than anticipated due to COVID delta variant disruptions as unexpected government restrictions interrupted selling and promotional activities in several markets, specifically in Mainland China and Southeast Asia,” said Ryan Napierski, Nu Skin President and Chief Executive Officer. “Despite these short-term impacts, we are encouraged by our continued growth in the U.S., which was driven by our Beauty Focus Collagen+ launch and double-digit growth in Korea due to successful product promotions and sales leader initiatives.”
Third quarter gross margin was up slightly at 75.2% while selling expenses held steady at 39.9%. For the fourth quarter, the company anticipates revenue between $645 million to $675 million.
“Looking ahead, we anticipate the ongoing rollout of our Collagen+ and ageLOC Meta products in Q4 will build momentum going into next year,” Napierski said. “For 2022 and beyond, we remain focused on our vision of becoming the world’s leading beauty and wellness company, powered by our dynamic affiliate opportunity platform. We will work toward this by introducing our EmpowerMe personalized beauty and wellness strategy with connected beauty devices, increasing adoption of our affiliate-powered social commerce business model and expanding our digital platform. Amidst global uncertainty, we are confident in this strategy as we transform our company toward our vision for the future.”
The company now forecasts 2021 full-year revenue between $2.67 billion and $2.7 billion and a 2021 EPS of $3.93 – $4.03.
“We are adjusting our 2021 forecast based on third quarter results and continued COVID uncertainty,” said Mark Lawrence, Chief Financial Officer. “Despite the difficult operating environment, we anticipate annual revenue growth of three to five percent on top of strong growth in 2020, with earnings per share growth of eight to 11 percent.”