Sports nutrition drives Herbalife's earnings02 August 2012US direct-to-consumer supplements firm Herbalife has recorded a 20% increase in net income to $133.4 million in the quarter ending 30 June. Herbalife benefited from a 17% increase in net sales to $1 billion , led by gains in its new Herbalife24 sports nutrition business. Overall, sales were up 21% in North America and 25% in Asia-Pacific. The company posted a 50% revenue increase in China while South and Central America sales received a 30% boost. Revenue in Europe, Africa and the Middle East was flat. Despite aggressively repurchasing shares in the quarter, Herbalife's share price has not full recovered following a slump in April. The slide was triggered after hedge fund manager David Einhorn raised questions over Herbalife's distribution model. Herbalife also revealed that it plans to add a new factory on the East Coast of the US and increase capacity at its extraction facility in China. The firm said that 100% of its botanical ingredients will eventually come from the site. “We continued to demonstrate financial performance with another record quarter and for the first time in our 32-year history our net sales topped $1 billion in a quarter; that’s up 17%,” said Michael Johnson, chairman and chief executive. | |
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