Inflation, geopolitical uncertainty, supply chain and COVID-19 contribute to declines
The Utah-based seller of skincare and nutritional products reported first-quarter profit of nearly $39 million, down 18 percent from a year ago, but said it made sales gains in several key regions despite heightened uncertainties in the global market that are negatively affecting direct selling companies.
Nu Skin said sales for the three-month period that ended in March were roughly $605 million, a drop of 11 percent compared to the same time last year.
However, the company exceeded the high end of its revenue forecast for the quarter by $15 million, buoyed by sales increases in the U.S., Taiwan and Southeast Asia. Each of those markets were bolstered with momentum from new product launches.
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