The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
UTAH, United States — Nu Skin Enterprises Inc. plummeted as much as 18 percent in late trading after foreign-currency headwinds forced the cosmetics maker to slash its sales forecast.
The company now expects third-quarter revenue of $570 million to $573 million, according to a statement on Tuesday. Nu Skin, based in Provo, Utah, previously projected sales of as much as $620 million. Analysts had been predicting an even higher number, with their average estimate coming in at $622.6 million.
In addition the strong dollar hurting overseas revenue, the skin-care company is seeing slower-than-expected sales of new cosmetic oils in China, Chief Executive Officer Truman Hunt said in the statement. That may be a reflection of the country’s economy, he said.
The stock tumbled as low as $38.10 in late trading. The shares had been up 6.6 percent this year through Tuesday’s close.
By Nick Turner; editors: Nick Turner and Kevin Orland.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.