Business
Nature's Sunshine Reports First Quarter 2023 Results
LEHI, Utah, May 09, 2023 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR) (Nature’s Sunshine), a leading natural health and wellness
About this update from Nature's Sunshine Products, Inc.
[{"type":"text","content":"LEHI, Utah, May 09, 2023 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR) (Nature’s Sunshine), a leading natural health and wellness company of high-quality herbal and nutritional products, reported financial results for the first quarter ended March 31, 2023. First Quarter 2023 Financial Summary vs. Same Year-Ago Quarter Net sales were $108.6 million compared to $110.5 million (up 2% in constant currency).GAAP net income was $1.3 million, or $0.04 per diluted common share, compared to a loss of $(2.7) million, or $(0.15) per diluted common share.Adjusted EBITDA was $9.1 million compared to $8.2 million. Management Commentary “We started the year on a strong note, with reported first quarter net sales of $109 million, or $113 million when excluding the impact of foreign exchange, up 2.4% versus prior year and adjusted EBITDA was $9.1 million, up 12%,” said Chief Executive Officer Terrence Moorehead. “We’re pleased with the momentum we’re seeing as markets like Japan and Taiwan continued to deliver strong double-digit growth, while most of our other markets delivered solid sequential improvement to the top-line with meaningful progress and signs of stabilization in Central and Eastern Europe and digital initiatives starting to take hold in North America. We continued to operate in an extremely challenging external environment, but the underlying fundamentals and strength of our business remained firmly intact, and the steps we’ve taken to create a more consumer-focused business continued to help us build momentum in the quarter.” First Quarter 2023 Financial Results Net Sales by Operating Segment (Amounts in Thousands) Three Months EndedMarch 31, 2023 Three Months EndedMarch 31, 2022 PercentChange Impact ofCurrencyExchange PercentChangeExcludingImpact ofCurrencyAsia$46,345 $46,110 0.5% $(3,968) 9.1%Europe 21,405 21,777 (1.7) (445) 0.3 North America 34,648 35,981 (3.7) (178) (3.2)Latin America and Other 6,236 6,626 (5.9) 24 (6.2) $108,634 $110,494 (1.7)% $(4,567) 2.4% Net sales in the first quarter were $108.6 million compared to $110.5 million in the same year-ago quarter. Excluding impact from foreign exchange rates, net sales in the first quarter of 2023 increased 2.4% compared to the year-ago quarter. Gross profit margin in the first quarter was 70.8% compared to 68.8% in the year-ago quarter. The increase w...