Herbalife Q3 net sales down 9.5% to $1.3B; withdraws FY2022 guidance; CEO replaced by Michael O. Johnson as interim

Herbalife Nutrition Ltd. (NYSE: HLF) today reported financial results for the third quarter ended September 30, 2022: “Building momentum will be my top focus as I continue to work with this talented management team.” - Michael O. Johnson, Chairman and Interim CEO of Herbalife Nutrition Highlights Third quarter 2022 net sales of $1.3 billion, a 9.5% decrease compared to the third quarter 2021. On a constant currency basis 1 , net sales declined 3.5% compared to the prior year period. Third quarter 2022 reported diluted EPS of $0.83 and adjusted 2 diluted EPS of $0.91, compared to third quarter 2021 reported and adjusted 2 diluted EPS of $1.09 and $1.21, respectively. Third quarter 2022 reported net income of $82.2 million and adjusted 2 EBITDA of $182.8 million. During the third quarter, the Company reduced its debt levels by paying down $50 million of its revolving credit facility. Given the rapidly shifting macroeconomic sentiment and backdrop, as well as increased volatility in the m

On October 29, 2022, the Board adopted resolutions to reduce the size of the Board from eleven to ten members, and, as of the Effective Date, appointed Michael O. Johnson as the Company’s Chairman and interim Chief Executive Officer.

On October 27, 2022, Dr. John Agwunobi stepped down as the Company’s Chairman and Chief Executive Officer and as a member of the Board of Directors of the Company (the “Board”), effective October 27, 2022 (the “Effective Date”).

Further, on October 26, 2022, Alan Hoffman, the Company’s Executive Vice President of Global Corporate Affairs, and a named executive officer of the Company, notified the Company of his intent to resign from the Company, effective November 4, 2022, to pursue another opportunity.