Therefore, it is paramount that we simplify our business to the core value drivers, focus strictly on priority work and execute with excellence in areas where we have the greatest control. To this end, we are strategically reevaluating our Nu Skin core business under the premise of one global business, a holistic competitive advantage that enables us to operate more effectively and efficiently around the globe. This retooling will include number one, a strategic global realignment of our product portfolio focusing on our [indiscernible] brands. Number two, global process and organization remapping the way we work as one global team. And number three, an operational footprint review including where and how we operate in our markets. This retooling will improve overall effectiveness of execution and efficiency of work that will result in increasing cash flows, improving margins and enhanced earnings per share in the coming year.
For example, we are thoroughly reevaluating our product portfolio relative to our integrated beauty and wellness strategy and anticipate eliminating 20% to 30% of non-strategic skews over the next 12 to 18 months. We are also exploring additional opportunities to optimize our global operations adhering to our one global business approach to market. I’d also like to note that Connie Tang has decided to step down from her role as Global Growth Officer due to family health matters. Connie has been a great strategic partner over the past two years. But with this change, we will be realigning our organization to create greater strategic alignment between regions and global functions in order to further enhance our go-to-market execution. Throughout our nearly 40-year history, we have confronted numerous challenges and have repeatedly demonstrated our ability to navigate uncertainties with our resilient business model and sales force.
We maintained a strong balance sheet and financial prudence to ensure that we’re able to invest in the business as needed while returning value, including a healthy dividend, to our investors. I’m confident that we’ll continue to discover new and compelling opportunities amidst these disruptive times, generating long-term growth and value for shareholders. So with that, let me turn the time over to James to take you through our financials in more detail, including our guidance for Q4 and end of year, and then on to Q&A. James?
James Thomas: Sure. Thank you, Ryan, and thanks to all of you for joining today. I’ll provide a brief Q3 financial review and then give Q4 projections and update full year 2023 guidance. For additional details, please visit our Investor Relations website. For the third quarter, we posted a revenue of $498.8 million with a negative foreign currency impact of 1.5% or $8.1 million. Reported earnings per share for the quarter was negative $0.74 or $0.56 when excluding inventory write-off charge. Given the state of the business and in line with the strategic review, Ryan mentioned, we’ve made the decision to rebalance and narrow our product portfolio, resulting in a $65.7 million inventory write-off. This decision helps accelerate our product portfolio optimization by further aligning our product offerings with our EmpowerMe integrated beauty and wellness strategy.
We expect the benefits from the product portfolio optimization to be realized over the next two to three years with the ability to support our business with lower inventory levels to free up our cash to invest in areas of growth across the enterprise, as well as enabling faster responses to market demand, customer preferences, and shifts in the competitive landscape. Our gross margin was 58.6% or 71.8% when excluding the inventory charge. Gross margin for the core Nu Skin business was 61.8% or 76.8% excluding the inventory write-off compared to 73% or 76.7% excluding restructuring charges in Q3 of 2022. With the 45% growth of our Rhyz segments, this has a negative impact on our overall reported gross margin while positively affecting selling expenses for the consolidated group.
