Nu Skin announced its financial results for the second quarter of 2022, including earnings per share (EPS) of $0.67 and adjusted EPS of $0.77, down from $1.15 in the second quarter of 2021. Revenue for the quarter reached $560.6 million, a significant drop from $704.1 million last year.
“As previously announced, our second quarter results were impacted by extended COVID-related factors in Mainland China, distractions in EMEA related to the ongoing conflict, weaker global economic conditions impacting emerging markets and the record strength of the U.S. dollar,” said Ryan Napierski, Nu Skin president and CEO. “Despite these challenges, we delivered our ninth consecutive quarter of growth in the U.S. on the strength of new product launches and our social commerce model. Additionally, we drove year-over-year growth in our Southeast Asia/Pacific and Hong Kong/Taiwan segments due to the successful launch of ageLOC Meta and early social commerce adoption.”
The company now projects third quarter revenue between $550-$590 million and a Q3 EPS in the range of $0.04-$0.22. Full-year revenue guidance now resides between $2.33-$2.41 billion with a full-year EPS of $2.46-$2.76 and non-GAAP EPS between $3.30-$3.60.
“Given the current landscape, we are taking aggressive measures to re-align our capabilities and resources with a focus on delivering Nu Vision 2025, which will result in a restructuring event in the second half and reduced operating expenses going forward,” Napierski said. “While we anticipate macro factors will continue to weigh on the business in the short-term, we remain confident in the direction and potential of our vision.”