High hopes for its new range leads Nu Skin to up forecast
The Utah-based company has increased its guidance for fourth quarter revenue to between $360m to $365m, up from the $343m to $348m that was originally predicted.
Full revenue for the 2009 is likely to fall somewhere between $1.310 and 1.318bn with earnings per share estimate to be approximately $1.30 – 1.32, according to the company.
Nu Skin recently released third quarter results for 2009 when sales grew 8 percent, recording significant growth in the US market, a region that has been particularly affected by the recession for many other cosmetic companies.
In addition to these strong results from previous quarters this year, the company said it is increasing its forecast figures on the back of a good reception for its new product offerings.
According to Nu Skin president and CEO Truman Hunt, the new ageLOC skin care system has been well received.
“We are raising our guidance primarily due to a very successful prelaunch of our flagship ageLOC skin care system at our global distributor convention…” he said.
Japan set to improve
In addition Hunt noted the ‘small trend improvement’ in Japan as a factor in the new guidance figures.
Furthermore, he said a weaker dollar will benefit the company’s results slightly more than anticipated.
The company has been increasing its presence in international markets and the first three quarters of 2009 were helped by strong performances not only in Japan, but also South East Asia, South Korea and China.
Distributions in Turkey were opened earlier this summer giving the company a total of 750, 000 direct sales staff in 48 countries.