Nu Skin Enterprises Inc. announced its financial results for the first quarter of 2024, posting a year-over-year decline in revenue from $481.5 million in Q1 2023 to $417.3 million. Gross margin during the quarter was 70.5%, compared to 72.3% in the same quarter last year.
Foreign currency headwinds had a more significant negative impact on the company’s results than expected, but the company’s cost-saving measures helped it reach earnings per share that resided in the upper half of the previously announced guidance.
The company’s Rhyz business grew almost 60% year over year, and leaders stated that they are “encouraged by the performance” of the brand’s ageLOC WellSpa iO, RenuSpa iO and TRMe launches.
“At our annual top sales leader event, we aligned around the upcoming preview of our new MYND360 cognitive health line and saw healthy energy for the opening of India next year,” said Ryan Napierski, Nu Skin President and CEO. “We also introduced some new early affiliate rewards and top leader incentives to help drive customer acquisition and business growth. While we continue to navigate the challenges of a business transformation amid these disruptive times, we continue to evolve our strategy for both our Nu Skin and Rhyz businesses and remain focused on generating long-term growth and returning value to shareholders.”
