Nature’s Sunshine Products, Inc. reported net sales of $87.3 million for the second quarter ended June 30, 2020, compared to $90.7 million in Q2 2019.
According to the company, the net sales decrease of 3.8 percent was attributable primarily to the effects of COVID-19-related market closures in South Korea and Latin America. Net sales were also negatively impacted by $1.5 million of unfavorable foreign currency exchange rate fluctuations. This was partially offset by growth in China and Europe.
“Throughout the second quarter, we continued to navigate the dynamic effects that the COVID-19 pandemic has had on our global markets,” said Terrence Moorehead, CEO of Nature’s Sunshine. “Despite mandated lockdowns across many of our geographies during the quarter, our NSP business returned to revenue growth in two key markets—the U.S. and China. In addition, our commitment to streamlining processes and prudently managing expenses through our ‘Right Stuff’ strategy has helped us deliver significant consolidated net income and adjusted EBITDA growth. I am proud of our global team’s continued hard work and adaptability during this unprecedented time.”
Regionally, net sales were:
- Asia: $32,757, a decrease of 5.8% from $35,162 in Q2 2019
- Europe: $15,465, an increase of 2.6% from $15,075 in Q2 2019
- North America: $34,471, a decrease of 0.4% from $34,620 in Q2 2019
- Latin America and Other: $4,593, a decrease of 21.7% from $5,867 in Q2 201
To read the full Nature’s Sunshine Q2 2020 report, click here.