Herbalife Record first quater 2008, Herbalife Business Success
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LOS ANGELES–(BUSINESS WIRE)
May 1, 2008–Herbalife Ltd. (NYSE: HLF) today reported
Herbalife record first quarter net sales of $604.4 million,
an increase of 19.0 percent compared to the same period of 2007.
This record performance was attributable to double-digit growth
in several of the company’s top countries; the U.S. up 14.3 percent,
Taiwan up 14.8 percent, Italy up 29.7 percent, China up 111.5 percent,
Japan up 10.4 percent, and Spain up 30.2 percent in each case as
compared to the same period in 2007, including a 710 basis point
favorable impact from currency fluctuations.
The company’s Chairman and Chief ExecutiveOfficer
Michael O. Johnson, said, “We are pleased to report our 17th
consecutive quarter of double-digit growth and record net sales, as
all five of our regions reported positive sales growth, reflecting the
strong performance of our independent distributor organization.
Herbalife’s continued success reflects geographic balance among our
portfolio of 65 markets coupled with our distributor’s transition to a
daily consumption retail model. ” Herbalife Record first quater
Herbalife Business Success During the first quarter
2008, total Sales Leaders(1) increased 11.9 percent to 351,448
and new Sales Leaders increased 10.4 percent to 48,805
versus the first quarter of 2007.
The company’s President’s
Team membership increased 12.9 percent to 1,132 members and the
company’s prestigious Chairman’s Club increased 16.7 percent to 35
members. “Double-digit growth of our Sales Leaders at all recognition
levels of our marketing plan demonstrates the vitality we have throughout
the distributor organization. Close collaboration between our independent
distributors and our management team, coupled with strong distributor
leadership, provides the foundation for our continued strong topline
sales performance,” added Johnson.
For the quarter ended March 31, 2008, the company reported net
income of $62.4 million, or $0.93 per diluted share, compared to $41.2
million, or $0.55 per diluted share in the first quarter of 2007. The increase
in net income was primarily attributable to double-digit net sales growth,
expansion in operating profit margins, and a lower effective tax rate.
Excluding the impact of expenses associated with the Realignment
for Growth initiative and increase in tax reserves in first quarter 2007(2),
adjusted diluted earnings per share in the first quarter of 2008 was a $0.32
improvement compared to the $0.61 in the first quarter of 2007,
reflecting an increase of 52.1 percent.
Herbalife Record first quater.
During the first quarter, the company repurchased 0.4 million of
its common shares through open market transactions at an average price
of $39.28 for an aggregate cost of $17.7 million. Since this share repurchase
program was authorized in April 2007 through first quarter 2008,
the company has repurchased 9.5 million shares at an aggregate cost
of $383.5 million, which is 85 percent of the $450 million authorization,
or approximately 13 percent of its common stock, outstanding at the
end of March 2008. During the first quarter, the company invested
approximately $25 million in capital expenditures, primarily
related to enhancements to its management information systems,
including the roll out of its Oracle ERP system, and additional infrastructure
investments to improve distributor service levels in high growth markets.