Nu Skin announced its financial results for the first quarter of 2023, reporting $481.5 million in revenue, compared to $604.9 million during the same quarter of last year. Gross margin was down slightly to 72.3% from 73.3% as a result of global inflation pressures, and customer numbers were down 18% from the first quarter of 2022, totaling 1,083,536.
Guidance for the second quarter of 2023 includes revenue between $485 million to $525 million with an EPS of $0.45 to $0.55. Full year 2023 outlook includes revenue between $2.03 billion to $2.18 billion and an EPS between $2.27 to $2.67.
“We are reiterating our 2023 guidance with gradual sequential improvements in our business throughout the year despite a challenging global macro environment,” said James Thomas, Nu Skin Interim Chief Financial Officer. “We are managing our cost structure conservatively and are investing in key growth initiatives that support our Nu Vision 2025 strategy. Our annual revenue guidance remains at $2.03 to $2.18 billion, with an approximate 1 to 2 percent foreign currency headwind. We are also reiterating reported EPS of $2.27 to $2.67 and increasing non-GAAP EPS to $2.41 to $2.81, which excludes the first quarter restructuring charge of $9.8 million. For the second quarter, we project revenue of $485 to $525 million, assuming a negative foreign currency impact of approximately 1 to 2 percent, with reported earnings per share of $0.45 to $0.55.”