Nu Skin announced its third quarter financial results for 2024. Revenue during the quarter was $430.1 million, down from $498.8 million in the same period of 2023. Gross margin was 76.5%, compared to 76.8% in Q3 2023.
The company’s cost-efficiency program saved an additional $15 million in general and administrative expenses and continues toward the company’s goal of saving $45-$65 million overall in 2024. During the third quarter of 2024, the company reduced inventory levels by $43 million year-over-year and paid down debt to further strengthen its balance sheet.
“During the third quarter, we achieved results within our previous guidance range with challenges in the core business partially offset by continued strong growth in our Rhyz segment,” said Ryan Napierski, Nu Skin President and CEO. “While we continue to face macroeconomic pressures and challenges within the direct selling industry, our immediate focus is to strengthen the Nu Skin core with a revised business model intended to improve channel activation and customer growth beginning with North America and South Korea this quarter. In addition, we are introducing a streamlined operating framework to improve profitability with an adjusted pricing model to improve customer penetration in developing markets starting with Latin America and certain markets in Southeast Asia, and an accelerated product portfolio optimization plan to improve overall gross margin globally. We also continue to empower growth in our Rhyz businesses with impressive results coming from Mavely and our manufacturing companies.”
Guidance for full-year 2024 now includes revenue between $1.7-$1.73 billion.
