Business
Nature's Sunshine Reports Second Quarter 2024 Results
LEHI, Utah, Aug. 08, 2024 (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, Aug. 08, 2024 (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 second quarter ended June 30, 2024. Second Quarter 2024 Financial Summary vs. Same Year-Ago Quarter Net sales were down 5% to $110.6 million compared to $116.5 million (down 3% in constant currency).Gross margin decreased 125 basis points to 71.4% compared to 72.6%.GAAP net income attributable to common shareholders was $1.3 million, or $0.07 per diluted common share, compared to $2.4 million, or $0.12 per diluted common share.Adjusted EBITDA down 8% to $10.4 million compared to $11.3 million. Management Commentary “In the second quarter of 2024, we continued to make progress on our global growth strategies, addressing near-term challenges, while driving change and creating new opportunities for the future,” said Terrence Moorehead, Chief Executive Officer of Nature’s Sunshine. “For the quarter, net sales were $110.6 million, down 3% versus prior year on a local currency basis, driven by macroeconomic headwinds in China, slowing consumer spending in the U.S., and a temporary disruption to our North American business. EBITDA came in at $10.4 million, down 8% versus prior year.” “In the face of increasing macroeconomic headwinds, we took several strategic actions in the second quarter. First, we upgraded our digital platform in North America to strengthen performance and improve capabilities. Second, we rebalanced our consumer proposition in several key markets in Asia/Pacific, adding consumer-friendly packs to drive customer growth and support repeat purchases. And finally, we took the initiative to streamline overhead and improve productivity, by reducing over $5 million of annualized expense from SG&A. We believe these changes will improve our competitiveness and provide an important foundation to drive long-term growth.” Second Quarter 2024 Financial Results Net Sales by Operating Segment (Amounts in Thousands) Three Months EndedJune 30, 2024 Three Months EndedJune 30, 2023 PercentChange Impact ofCurrencyExchange PercentChangeExcludingImpact ofCurrencyAsia$49,984 $54,875 (8.9)% $(3,147) (3.2)%Europe 21,602 21,236 1.7 183 0.9 North America 33,563 34,658 (3.2) (50) (3.0)Latin America and ...