Natural Health Trends Corp., a direct-selling company that markets under the NHT Global brand, announced revenue decreased 14 percent for the third quarter ended September 30, 2020.
Revenue of $14.1 million compared to $16.4 million in the second quarter of 2020 and decreased 17 percent compared to $17.0 million in the third quarter of 2019.
“The challenging macroeconomic conditions inherent in the global economy as a result of the COVID-19 pandemic continued to weigh on our financial performance with third quarter revenue of $14.1 million down 14 percent compared to the prior quarter,” commented Chris Sharng, president of Natural Health Trends Corp. “Our total third quarter orders were relatively consistent with both the prior quarter and the first quarter of 2020 with our deferred revenue balance increasing by $832,000 from June to September 2020. Additionally, there were a number of bright spots in certain markets with third quarter order volume exceeding that of the first two quarters of the year and revenue outside of Hong Kong increasing 10 percent over the prior quarter. When coupled with our proactive cost reduction efforts, we were able to maintain our profitability on reduced sales in the third quarter.”
For the year, revenue of $45.5 million decreased 24% compared to $59.8 million in the first nine months of 2019.
To read the full Natural Health Trends Corp Q3 2020 report, click here.