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Posted: 12:46 PM- Profit at Provo-based Nu Skin Enterprises Inc. plummeted 63 percent in the fourth quarter, to $5.9 million, the company reported today.
The drop, which many analysts had expected, came in great part because of a restructuring charge taken in the quarter as part of a previously announced plan to cut costs and improve earnings. In November, Nu Skin said it would lay off an undisclosed number of people at its Provo headquarters and close 67 of 115 retail stores in China.
In the fourth quarter, Nu Ski's earnings per share declined to 9 cents from 23 cents per share a year earlier.
Revenue from the nutritional supplements and personal-care products provider moved in a positive direction, rising 6 percent, to $306.1 million, compared with the same period last year, slightly above many analyst projections.
