Nu Skin Enterprises Inc. reported third quarter 2023 revenue of $498.8 million, a 7% decline from the same period in 2022. Customer numbers declined by 21% to 978,907 with sales leader numbers dipping by 6% to 47,031.
“Our third quarter results were softer than expected as persistent macro-economic challenges in several of our key markets negatively affected consumer spending and customer acquisition, particularly in our Mainland China and Americas segments, along with a continued strong U.S. dollar,” said Ryan Napierski, Nu Skin President and CEO. “Although we are disappointed in the third quarter results of our Nu Skin business, we are encouraged by stabilization and modest growth in three of our Nu Skin reporting segments, highlighted by double-digit gains in Europe/Africa. We are also pleased with accelerated growth of our Rhyz businesses as we lean further into our synergistic enterprise ecosystem.”
Key initiatives, like a new channel growth incentive, the introduction of the company’s ageLOC WellSpa iO smart device system, and momentum in the company’s monthly active users of the Vera and Stela apps, have been implemented to drive long-term success for the company. The company will also introduce a new mental wellness category next year as it reevaluates its product portfolio.
Q4 2023 revenue is now anticipated to reside in the range of $440-$480 million with full year 2023 revenue between $1.92 and $1.96 billion.
