Salt Lake Tribune – Nu Skin sheds workers, shops
Nu Skin Enterprises is cutting staff at its Provo headquarters and closing 67 stores in China in an effort to restructure and trim costs.
The share price of the direct seller of personal-care products and nutritional supplements was down by as much as 17 percent Monday morning after it announced its third-quarter results but moderated somewhat by the close of the market and finished down 8 percent.
Declines in revenue in Japan and China as well as a $6.8 million spent for its international convention in Salt Lake City dragged down earnings below market expectations, the company said.
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