NU SKIN SALES SLIDE 2 PERCENT
NEW YORK — Blaming sales shortfalls in the U.S. and Japan, Nu Skin, a direct-selling personal care company, reported sales and income fell slightly in the third quarter.
Net income for the Provo, Utah-based company slid 29.1 percent to $15 million, or 18 cents a share, compared to $21.1 million, or 24 cents, in the year-ago period. Sales in the quarter ended Sept. 30 reached $215.6 million, falling 2 percent from $220.1 million last year.
Foreign currency translations benefited earnings 3 percent during the quarter.
“We are pleased with the efficiencies we continue to gain in our business and the strength of our operations in many of our markets,” said Steven J. Lund, president and chief executive, in a statement. “However, revenue in Japan and the United States, our two largest markets, was less than we expected. In Japan, revenue in local currency was down 11 percent on a year-over-year basis and 5 percent on a sequential quarterly basis.”
For the first nine months of the year, income fell 38.5 percent to $45.5 million, or 53 cents, from $74 million, or 84 cents. Revenue was down 1.3 percent to $656.2 million versus $665.1 million.