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Nu Skin Enterprises, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue to $430.1 million for the third quarter of 2024, down from $498.8 million in the same quarter of the previous year. The decline is attributed to macroeconomic pressures affecting consumer spending and customer acquisition.
Nu Skin's gross profit as a percentage of revenue increased to 70.1% for the third quarter of 2024, compared to 58.6% in the prior-year period. This increase is primarily due to a $65.7 million inventory write-off charge in the third quarter of 2023.
Selling expenses as a percentage of revenue increased to 39.0% for the third quarter of 2024, compared to 37.6% in the prior-year period. This increase is partly due to expenditures from the global Nu Skin L!VE events.
General and administrative expenses decreased to $115.6 million in the third quarter of 2024, down from $130.9 million in the prior-year period, reflecting reductions in labor and occupancy expenses.
The company reported a net income of $8.3 million for the third quarter of 2024, compared to a net loss of $37.0 million in the same period of the previous year.
Nu Skin's Rhyz segments showed growth, with a 20.9% increase in revenue for the third quarter of 2024, driven by acquisitions and organic growth.
The filing also details a strategic plan focusing on workforce reductions and footprint optimization, with estimated charges of $30–35 million in cash and $8.2 million in non-cash charges.
Nu Skin's cash and cash equivalents decreased to $237.8 million as of September 30, 2024, from $267.8 million as of December 31, 2023, due to debt payments and capital expenditures.
The company maintains a $400 million term loan facility and a $500 million revolving credit facility, with compliance to all debt covenants as of September 30, 2024.
Nu Skin's board declared a quarterly cash dividend of $0.06 per share, with future dividends subject to board discretion based on various factors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nu Skin Enterprises Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.