Nu Skin is laying off more employees in the wake of poor earnings performance over the past several quarters, according to a spokesperson for the company.

On Thursday, the company posted its third-quarter earnings, which revealed quarterly revenues declined by 13.8% to roughly $430 million. Similarly, Nu Skin’s customer base dropped by 15% and sales leaders saw a 19% decline.

“While we continue to face macroeconomic pressures and challenges within the direct selling industry, our immediate focus is to strengthen the Nu Skin core with a revised business model intended to improve channel activation and customer growth beginning with North America and South Korea this quarter,” said Ryan Napierski, Nu Skin president and CEO, in the executive summary release. “In addition, we are introducing a streamlined operating framework to improve profitability with an adjusted pricing model to improve customer penetration in developing markets starting with Latin America and certain markets in Southeast Asia, and an accelerated product portfolio optimization plan to improve overall gross margin globally.”

A company spokesperson confirmed the reduction in force to the Daily Herald in email Tuesday afternoon but did not disclose how many employees are impacted.

Last December, Nu Skin laid off 5% of its workforce due to its financial woes.

The year prior, the Daily Herald reported on restructuring at Nu Skin, which said it was “reallocating capabilities.” Two hundred employees were impacted at that time, though Nu Skin never confirmed that staff were laid off.

Past restructuring seemingly benefited the company financially.

The company seemingly has readjusted its financial goals to lessen the impact brought on by the current economic climate.

“As part of our cost-efficiency program, during the quarter we saved an additional $15 million in general and administrative expense and remain on track to meet the high end of our range of $45 (million) to $65 million for 2024,” said James Thomas, chief financial officer, in the quarterly summary.

“During the quarter, we generated $31.4 million in cash from operations, reduced inventory levels $43 million year over year and paid down debt to further strengthen our balance sheet,” Thomas added. “Given ongoing pressures in the core Nu Skin business, we are adjusting our 2024 outlook.”

Thomas anticipated revenues for 2024 will come within the range of $1.70 billion to $1.73 billion.

“For Q4, we are forecasting projected revenue of $410 (million) to $445 million,” Thomas said.

Nu Skin, which is headquartered in downtown Provo, is a multilevel marketing company with a focus on personal care products and dietary supplements.