Nu Skin has laid off 5% of its U.S. workforce, a Nu Skin spokesperson confirmed Wednesday.

Nu Skin reported its third-quarter 2023 financial results on Nov. 1, in which President and CEO Ryan Napierski said, “Our third quarter results were softer than expected as persistent macro-economic challenges in several of our key markets negatively affected consumer spending and customer acquisition, particularly in our Mainland China and Americas segments, along with a continued strong U.S. dollar.”

He added, “Although we are disappointed in the third quarter results of our Nu Skin business, we are encouraged by stabilization and modest growth in three of our Nu Skin reporting segments, highlighted by double-digit gains in Europe/Africa.”

Asked about the company’s restructuring, a Nu Skin spokesperson would only say, “As announced in our November earnings report, Nu Skin completed a restructuring that involved about 5% of our U.S. workforce.”

The representative declined to give further comment or answer questions about the cause of the layoffs.

Nu Skin is a Provo-based multilevel-marketing company specializing in personal care products and dietary supplements.

The November earnings report states, “Given the current global headwinds and their impact, we are strategically re-evaluating several aspects of our Nu Skin business, including our product portfolio, global processes and organization, and operational footprint. This is to ensure we continue executing on the transformational initiatives that will shape Nu Skin’s future, including the introduction of a new mental wellness category in 2024. We are also aggressively managing costs to help drive growth and profitability as we work toward our long-term vision.”

The Daily Herald reported in August 2022 that Nu Skin was “reallocating capabilities,” resulting in a round of layoffs that reportedly affected about 200 Nu Skin employees after a soft showing in the company’s financial statements. Nu Skin never officially confirmed the employee layoffs to the Daily Herald.

Nu Skin has had a continuous drop in revenue from an expected revenue of $2.33 billion to $2.41 billion in 2022 to an expected revenue of $1.92 billion to $1.96 billion for 2023.

A report by Zacks Equity Research explained Nu Skin’s third quarter 2023 financial results, “Revenues of $498.8 million declined 7.3%, with sales leaders falling 6% year over year to 47,031. Nu Skin’s customer base dropped 21% to 978,907 and paid affiliates were down 23% to 186,162.”

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