Nu Skin Enterprises Inc. announced its fourth quarter and full year 2023 financial results. Fourth quarter revenue for the company fell by 6% from the previous year’s quarter to $488.6 million. Customers in the fourth quarter totaled 977,039, a 15% decline from Q4 2022, and sales leaders fell 10% to 44,059.
Revenue for the full-year 2023 reached $1.97 billion, a 12% decline from 2022.
The Americas proved to be the strongest market segment for the company during the fourth quarter of 2023, with Mainland China following close behind.
“We are committed to generating long-term enterprise value by repositioning our company to win in the rapidly evolving beauty and wellness industries by further transforming our core Nu Skin business and accelerating investment in our rapidly growing Rhyz ecosystem,” said Ryan Napierski, Nu Skin President and CEO. “To enhance this transformation, we are reassessing our approach to capital allocation to invest in long-term growth and business evolution. This initiative aims to grant us increased financial flexibility, enabling us to effectively seize forthcoming growth opportunities. This includes rebalancing our dividend payout ratio to be in line with or better than our industry peers. With the additional available capital, we will focus our investments relatively evenly across three key initiatives: 1) accelerating the growth opportunities in Rhyz; 2) facilitating a new market expansion model beginning with India anticipated in 2025; and 3) furthering the build-out of our digital-first affiliate opportunity platform. While we continue to navigate the challenges of a business transformation amid these disruptive times, we have fine-tuned our strategy and remain confident in our ability to generate long-term growth and value for shareholders.”
Guidance for 2024 now includes revenue forecasts between $1.73 and $1.87 billion and an EPS between $0.75 and $1.15.
