NU Skin reports 73 percent fall in quarterly profit
Aug 6 (Reuters) - NU Skin Enterprises Inc, a direct-seller of skincare and nutritional products, reported a 73 percent drop in quarterly profit as costs jumped and sales in Greater China, its biggest market, fell 12 percent.
The company also said it would restate first-quarter results to include about $28 million in charges reflecting high inflation rates in Venezuela and a tax rebate for its China headquarters.
Nu Skin shares were down 17 percent in premarket trading.
The charges hit net income for the first quarter ended March 31 by about $9.4 million.
Net income plunged to $19.5 million, or 32 cents per share, in the second quarter ended June 30 from $74.4 million, or $1.22 per share, a year earlier.
Total revenue fell 3 percent to $650 million. (Reporting by Devika Krishna Kumar in Bangalore)