Herbalife Nutrition released financial results for the first quarter of 2021, which included an 18.9% rise over the same quarter last year, setting a new company high of $1.5 billion.
“Our distributors provided valuable nutrition solutions to customers around the world this year, and we delivered record first-quarter results with net sales growth of 18.9%,” said John Agwunobi, Chairman and CEO of Herbalife Nutrition.
As market demand for health and wellness products continues to drive revenues, five of the company’s six geographic regions posted year-over-year net sales growth in the first quarter of 2021, with India setting a new growth record of 37 percent. During the quarter, the company’s targeted nutrition segment grew by 21%, while its main weight control product category grew by 16%.
“We have meaningfully boosted and narrowed our full-year 2021 outlook due to the continued performance of our materially expanded sales force, as well as increased recognition and market demand for our rapidly growing product portfolio. “We believe in our company’s long-term growth potential,” Agwunobi said.
A $621 million share repurchase was also part of the company’s strategy to increase shareholder value. “In the first quarter, we repurchased $621 million in shares,” said Alex Amezquita, Herbalife Nutrition’s Chief Financial Officer. “As we look to deploy surplus cash to the nearly $1.5 billion left on our share repurchase program, we will continue to have a keen emphasis on maximizing shareholder value and capital allocation.”