Nu Skin Enterprises, Inc. announced second-quarter results above expectations and raised its revenue and earnings per share guidance for 2020.
For the second quarter ended June 30, 2020, the Provo, Utah-based company reported revenue of $612.4 million, down 2 percent from $623.5 million in Q2 2019. Sales leaders declined 9 percent for the quarter to 56,036, but customers increased 29 percent to 1,499,900.
“Our business performed well above expectations in the second quarter of 2020 driven by our socially enabled business model, strategic investments in technology and manufacturing, and our balanced product portfolio,” said Ritch Wood, chief executive officer. “Strong global customer growth of 29 percent in the quarter, driven by our focus on empowering sales leaders to reach more customers, resulted in constant currency revenue growth due to the strength of our business in the Americas and Europe. Our Mainland China business continues to recover with slight sequential revenue improvement and strong customer growth.”
Regionally, revenue results for Q2 were:
- Mainland China $146,332 $185,333 (21%)
- Americas/Pacific $127,919 $92,841 38%
- South Korea $76,915 $84,732 (9%)
- Southeast Asia $66,829 $75,395 (11%)
- Japan $68,291 $65,251 5%
- EMEA $50,776 $43,400 17%
- Hong Kong/Taiwan $37,161 $43,712 (15%)
Mark Lawrence, chief financial officer, added, “We delivered results above expectations and achieved constant currency revenue growth ahead of schedule. Given our performance in the first half and continued trends in our customer and sales leader pipeline, we are raising our guidance for the year. As we look ahead to the third quarter, we anticipate revenue of $605 to $635 million, which includes 1 to 2 percent unfavorable foreign currency impact, and earnings per share of $0.78 to $0.88. We are raising our 2020 revenue guidance to $2.37 to $2.45 billion, which reflects a negative foreign currency impact of 2 to 3 percent, and we anticipate annual earnings per share of $2.85 to $3.10.”
To read the complete Nu Skin Q2 2020 report, click here.