Emerging markets, currency fluctuations and a new range contribute to record Q3 for Nu Skin
TheUtah-based firm posted revenue of $428m, a 12 percent improvement over the prior-year period, which benefited 8 percent from foreign currency fluctuations.
“Our strong quarterly results fuel our optimism for the future,” said Truman Hunt, president and CEO. “We are also pleased with 14 percent growth in the number of executive distributors this quarter, as well as with ongoing strength in emerging markets and continued operating margin improvements.”
At the beginning of October, the company also began taking orders for its latest ageLOC innovations, the R² nutritional supplement and the Body Galvanic Spa, which is used with two new ageLOC body treatment gels, with orders for both totaling approximately $100m.
“With very positive momentum in the business we are looking forward to welcoming more than 13,000 distributors to this week’s global convention. This is our highest attendance level ever at a global convention. New products and the healthy direction of our business combine to make it a very exciting time to be part of Nu Skin Enterprises,” continued Hunt.
Emerging markets prosper
Third-quarter revenue in North Asia was $184.3m, up from $170.5m posted for the same period in 2010, helped by approximately 10 percent from foreign currency fluctuations.
South Korea experienced a local-currency revenue improvement of 22 percent, offset by an expected Japan local-currency revenue decline of 11 percent.
Third-quarter revenue in Greater China increased 32 percent to $83.4 million, with currency fluctuations positively impacting revenue 7 percent. Local-currency revenue in Mainland China improved 69 percent over the same quarter in 2010, while Hong Kong increased 3 percent and Taiwan declined 5 percent.
Revenue in South Asia/Pacific also saw a significant improvement compared to the prior year, positively impacted again by foreign currency fluctuations.
Likewise, Europe saw a double-digit increase which again was positively impacted by foreign currency fluctuations.
However, in the Americas revenue declined 7 percent to $59.4m, with the US posting a double-digit decrease during the quarter, while Canada declined 20 percent in local-currency revenue.
The company has stated it will announce a detailed 2012 guideline to shareholders based on these results and future outlook on November 16, 2011.