Dietary supplement firm Herbalife records $75.6 mln net sales in Vietnam in Q1/2024
Herbalife, a dietary supplement giant headquartered in the U.S., recorded net sales of $75.6 million in Vietnam in the first quarter of this year, up by $4.5 million or 6.3% year-on-year.
According to the multi-level-marketing firm's quarterly report, the fluctuation of foreign currency exchange rates had an unfavorable impact of $2.0 million on net sales in the Southeast Asian nation in the three-month period.
Herbalife announces its sponsorship to the Vietnamese national football team in 2024-2027 in Hanoi, May 31, 2024. Photo courtesy of Herbalife.
In Vietnamese dong, the local currency, Herbalife’s net sales increased 10.9% for the three months ended March 31, 2024, the firm added.
Herbalife attributed the improved performance to the low base effect of the results in Q1/2023. “Macroeconomic conditions in the market continue to create challenges,” Herbalife said while previewing the Vietnamese market in 2024.
The Vietnamese market implemented a 3.5% price increase in March 2024, after a 3% hike in March 2023, it stressed.
Globally, Herbalife reported net sales of $1.3 billion in Q1/2024, up 1% year-on-year. Net income was $24.3 million, with net income margin of 1.9%, the firm highlighted.
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