Herbalife’s China Growth Plan Includes Expediting Business Licensing, Tighter Hiring Standards
Four-point China initiative also includes implementing sales strategy already a fixture in other regions, nutrition clubs with daily meetings. China's April-June results compelled firm to lower earnings forecast.
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Lowers Q3 net sales guidance to a decrease of 3.5% to 6.5% after previously forecasting a range between 5% growth and 1% decrease; for the year, it lowers previous estimate of 8.5% to 12.5% growth to net sales improving 4.5% to 8.5%.
Herbalife Nutrition's North American, Asia Pacific and EMEA regions recorded sales growth in excess of 20% each in the first quarter, as sales of energy, sports and fitness products soared 34%. The Los Angeles-based MLM company raised its full-year guidance accordingly, projecting net sales gains of 9% to 15%.
Direct seller pays fines in settlements with SEC and DoJ on bribery and other charges but two former executives for its operations in China still face criminal charges alleging violations of the Foreign Corrupt Practices Act. They have not been arrested and have remained at large since being charged in November 2019.