Herbalife ups revenue in Russia 21% in Q1
MOSCOW. April 29 (Interfax) - U.S. company Herbalife Ltd., which specializes in direct sales of nutraceuticals and personal care items, increased sales in Russia 20.8% year-on-year in the first quarter of 2014, or by $5.9 million, the company reported.
In rubles, Herbalife sales in Russia grew 39%. The exchange rate difference led to a drop in revenue in Russia of $5.1 million.
Herbalife says growth on the Russian market is driven by the introduction of the Commercial Nutrition Club format, which is a way to distribute products and which accounts for the majority of sales, the opening of additional sales centers and brand image improvements, including thanks to a sponsorship agreement with Spartak Football Club.
Herbalife considers Africa, the Middle East and Europe one of its macro-regions, which includes Russia. This region posted revenue of $211.2 million in the first quarter, up 24.6%.
Overall revenue in the first quarter grew 12.4% to $1.26 billion.