Nu Skin reports strong sales growth from international roll out for ageLoc brand
Sales for the quarter grew to $383.6m, with some of the growth being attributed to a 4 percent positive impact from currency translations, as a weak dollar boosted international sales.
Net income for the period rose from $25.5m in the corresponding period last year to $35.2m, showing a healthy increase of just over 38 percent.
ageLOC skin care and nutrition
"Our ageLOC anti-aging platform gives us a long-term competitive advantage with highly innovative anti-aging solutions in both skin care and nutrition," said Truman Hunt, president and chief executive officer.
"We have now rolled out the ageLOC Transformation skin care system in all of our markets and are generating strong, sustained revenue growth worldwide. We are particularly pleased with the emerging markets of South Asia/Pacific and Mainland China where we posted local currency revenue gains of 43 percent and 29 percent, respectively."
The company said it also enjoyed good sales from its nutricosmetics supplement ageLOC Vitality, stating that it had been particularly successful in the both the US and Japanese markets during the quarter.
In North Asia, the company’s biggest market, sales increased by 12 percent to $170.5m, a figure that was positively impacted by currency translations by 8 percent.
South Korea growth counteracts losses in Japan
However, in this region there was significant disparity, with local currency revenues increasing in South Korea by 20 percent, offsetting a 2 percent local currency decrease in the Japan market.
In the Americas results were also mixed, with the revenues increasing 12 percent to $170.5m. The strongest result in this region came from the US market, where revenues were up 8 percent, offsetting a 23 percent decline in revenues from Latin America.
However, the strongest performances came in the Greater China, where revenues were up 16 percent to $63.3m, and also in South Asia/Pacific where sales were up 55 percent to $50.2m.
Europe impacted by currency translations
Europe also had a strong performance, with sales for the quarter growing by 6 percent, a figure that was negatively impacted by 9 percent due to unfavorable currency translations.
Given our strong performance, we are on pace to post another year of record revenue and earnings," said Hunt. "We are creating healthy growth with our ageLOC anti-aging platform, generating solid gains in our global business and making steady improvements in operational efficiency
The company said that in view of its strong third quarter performance, continuing on from the first and second quarters, it was raising its forecasts for full year 2010 revenues to between $1.52bn and $1.53bn.
