Business
Nature’s Sunshine Reports Strong First Quarter 2024 Results
LEHI, Utah, May 07, 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, May 07, 2024 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR) (Nature’s Sunshine), a leading natural health and wellness company offering high-quality herbal and nutritional products, reported financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial Summary vs. Same Year-Ago Quarter Net sales were up 2% to $111.0 million compared to $108.6 million (up 4% in constant currency).Gross margin increased 33 basis points to 71.2% compared to 70.8%.GAAP net income attributable to common shareholders up significantly to $2.3 million, or $0.12 per diluted common share, compared to $0.9 million, or $0.04 per diluted common share.Adjusted EBITDA up slightly to $9.2 million compared to $9.1 million. Management Commentary “In the first quarter, our omni-channel approach and high-quality products combined to drive momentum in our business,” said Nature’s Sunshine CEO Terrence Moorehead. “Specifically, we saw digital sales surge 33% with a 34% increase in new customers, helping our North American business unit grow 5% for the quarter. What’s more, the successful launch of our new Power Line products helped drive improved performance in our European business that further reinforced our positive momentum. “These results were somewhat offset by slower sales in Asia/Pacific, which were up 5% in local currency, as the weak economic environment in China finally caught up with our positive sales momentum. Overall, our business continued to outpace the market as we delivered 4% revenue growth in local currency. “On the cost side of the equation, inflationary pressures and volatile foreign exchange rates have negatively impacted ingredient costs, placing additional pressure on our gross margin expansion efforts in the quarter, but we remain committed to deliver our $10 million cost of goods savings goal. We are also still firmly on our path to driving sustainable profit growth by expanding our ability to attract and retain customers.” First Quarter 2024 Financial Results Net Sales by Operating Segment(Amounts in Thousands) Three MonthsEndedMarch 31, 2024 Three MonthsEndedMarch 31, 2023 PercentChange Impact ofCurrencyExchange PercentChangeExcludingImpact ofCurrencyAsia $46,220 $46,345 (0.3)% $(2,514) 5.2%Europe 22,296 21,405 4.2 493 1.9 North America 36,525 34,648 5.4 9 5.4 Latin America an...