USANA Health Sciences, Inc. announced its financial results for the first fiscal quarter of 2024, reporting net sales of $228 million, an 8% decrease from Q1 2023 but a 3% increase sequentially. Diluted EPS was $0.86, down 9% from the same quarter in 2023. Active Customers grew by 1% year over year and 2% sequentially to 494,000.
Asia Pacific continues to be the strongest market for the company, with net sales of $185 million during the quarter. The Americas and Europe region reported $43 million in Q1 2024, a decline of 12% year over year.
“Our top line results during the first quarter were driven by a successful sales incentive in mainland China, which helped counter the seasonal slowdown that we experience during the Lunar New Year holiday,” said Jim Brown, USANA President and Chief Executive Officer. “This sales incentive helped us generate 15% year-over-year active customer growth in our largest market, as well as year-over-year and sequential quarter sales growth. Notwithstanding our solid performance in China, our first quarter results in other key markets did not meet internal expectations and we are actively working to accelerate our business in these markets during 2024.”
USANA generated $18 million in operating cash flow during the quarter and ended with $328 million in cash and cash equivalents while remaining essentially debt-free.
