Selling expense as a percentage of revenue was 37.6%, 270 basis points below the prior year period. The lower selling expense is due in large part to growth in our Rhyz manufacturing segment, which represented 10% of our total sales. For the core Nu Skin business, selling expense was 41.7% compared to 43.5%. General and administrative expenses declined $7 million year-over-year as prudent expense management remained the top priority. As a percentage of revenue, G&A was 26.2% compared to 25.7% in the prior year. Operating margin for the quarter was negative 5.3% or 7.9% excluding inventory write-off charges compared to negative 3.8% or 6.8% excluding restructuring charges in the prior year. The other income expense line reflected an $8.1 million expense.
We generated strong cash from operations for the third quarter at $51 million compared to $28.4 million in the prior year period. This was mainly driven by greater inventory conversion led by the market previews of TRMe and WellSpa iO, we paid $19.5 million in dividends and repurchased $13 million of our stock with $162.4 million remaining on the current authorization. Our tax rate for the quarter was negative 7.3% or 10.1%, excluding inventory write-offs compared to 12.3% or 24%, excluding restructuring charges in the prior year period. Our tax rate was negatively impacted by the reduced earnings in the U.S. as a result of the inventory write-offs. We expect additional pressure with our Q4 2023 restructuring and are anticipating a Q4 adjusted tax rate of 26% to 30% or an annual adjusted tax rate of 20% to 24%.
Shifting focus now to guidance, given the aforementioned economic conditions and the recent business trends, we are adjusting our annual guidance, which includes an anticipated Q4 restructuring charge of $15 million to $25 million. We now expect 2023 revenue of $1.92 billion to $1.96 billion. We anticipate earnings per share of negative $0.10 to $0.05, or a $1.62 to a $1.77, which excludes the inventory write-off and restructuring charges for 2023. This guidance assumes the negative foreign currency impact of approximately 2% to 3%. We are projecting fourth quarter revenue of $440 million to $480 million, assuming a foreign currency headwind of approximately 3% with reported earnings per share of negative $0.14 to $0.01, or $0.15 to $0.30, when excluding the fourth quarter charge.
In closing, while our Nu Skin business continues to decline from macro challenges, we remain steadfast in our dedication and driving forward our key initiatives, while also prioritizing our financial strength. This involves streamlining expenses, maximizing our cash flow, and actively pursuing avenues for increased operational efficiencies by further leveraging our Rhyz ecosystem in order to invest in future growth. And with that operator will now open the call up for questions.
Operator: [Operator Instructions] I am showing we have a question from Tristen Chau with Stifel. Your line is open.
Tristen Chau: Hey everyone, thanks for taking my question. Just to follow-up on your China commentary, I was wondering how the weakening of the Chinese consumer impacts how you’re thinking about new product launches and go-to-market changes if the weakness continues for a little bit longer? And then I have two other questions after that. Thanks.
Ryan Napierski: Yes, Tristen, great question. I know we’re all reading the same research coming out, but James and I have been over in China now a couple of times over the course of the last couple of months, and we’ve seen notable implications around consumption in general there. Certainly research is pointing more towards a very cost conscious consumer. We – fortunately, our product portfolio, while we do play in a premium and more mass each place, we do have lower price products or more value-driven products for the affordable consumer, mass consumer there. So as we see these trends moving along, I would see opportunities for us to lean further into product lines like our Nutricentials line, even TRMe versus our TR90 system is a more price sensitive line.
And so you’ll likely see more of that from us. From a go-to-market side, we will continue to expand our Tencent partnership, our go-to-market leveraging our e-commerce capabilities over there as well in the near to midterm. So those are probably the two biggest things.
