In its first-quarter financial report for 2022, USANA reported an 11% drop in net revenues and a 21% drop in diluted EPS compared to the same time the previous year. The company’s net sales for the quarter totaled $272.9 million, with diluted earnings per share of $1.15. Active client numbers were also down 1 percent sequentially and 11 percent in comparison to the first quarter of 2021.
With $218.4 million in net sales for the quarter and 422,000 active customers, Asia Pacific remains the company’s best-performing market, while it too witnessed a 13 percent drop in net sales and an 11 percent drop in active customers compared to the same period in 2021.
The company had a healthy balance sheet after the quarter, with $238 million in cash and cash equivalents. During the quarter, the company repurchased 288,000 shares for a total of $25 million. The forecast for the fiscal year 2022 has been updated to include consolidated net sales of $1.1-$1.2 billion and diluted EPS of $5-$5.70.
Kevin Guest, Chief Executive Officer and Chairman of the Board commented “While the first quarter was a respectable start to the year for USANA, net sales were softer than anticipated, particularly around the Lunar New Year holiday in a few key Asia Pacific markets. That said, we made progress in executing our customer experience strategy by rolling out more Active Nutrition products in key markets and by enhancing onboarding programs and training tools.”