Next, social commerce is disrupting traditional e-commerce just as e-commerce disrupted retail more than 20 years ago.
Global research estimates the social commerce will expand from approximately $500 billion in 2020 to $3.4 trillion by 2028.
With nearly 70% of that stemming from Asia.
This leads to the third strategic imperative extending our digital platform, which currently accounts for more than 90% of Nu Skin's revenues.
Despite these headwinds, we were pleased with 46% reported year-to-date growth in EMEA and see a bright future ahead as this market continues to lean into social commerce.
Collagen+ leverages our unique insight outside R&D capabilities to enter the growing $53 billion global beauty supplements market.
So in summary, while the third quarter was a near term setback, we remain on track to grow 3% to 5% this year on top of a strong 2020.
In fact, our two-year growth is projected to be 10% to 11%.
You'll then hear from Mark whom you all know in his also transfer transformational leader coming out of Silicon Valley in the connected devices world of Amazon Lab 126, which provides critical perspective and experience for a future direction.
At the highest level, the challenges in China have been offset by accelerated growth of the business in the West, up 35% year-to-date over a very strong 2020.
In the Americas region, the successful introduction of beauty focus Collagen+ in the US led to 14% revenue growth in the quarter on top of 67% growth in Q3 of 2020.
The 9% decline in revenue for the quarter is primarily attributable to extended summer vacations from pent up demand after a restrictive 2020 and a challenging compared to Q3 2020 growth of 72%.
The 10% revenue and 18% growth in sales leaders was driven by successful product promotions around our TR90 body shaping system.
For the third quarter, our revenue was $641.2 million and benefited 2% due to foreign currency.
While this represents an 8.8% decline versus Q3 2020, it is growth of 8.7% on a two-year look back versus Q3 2019.
Earnings per share for the quarter were $0.97 down 10% year-over-year, but up 22.8% versus the same period in 2019.
Gross margin for the quarter improved 130 basis points to 75.2%.
Gross margin for the core Nu Skin business was 78.6% compared to 76.3% driven by product mix, product cost reductions and supply chain efficiencies.
Selling expense as a percent of revenue remained consistent with the prior year at 39.9%.
For the Nu Skin core business selling expense was 42.7% compared to 42.4%.
General and administrative expenses as a percent of revenue were 25.1% compared to 23.5% in the prior year.
For the quarter G&A declined $3.9 million year-over-year, as we remain focused on carefully managing expenses.
Operating margin for the quarter was 10.2% compared to 10.6% in the prior year period, largely impacted by revenue.
We still anticipate an approximate 50 basis points year-over-year improvement in operating margin for 2021.
On our way to our stated midterm goal of 13%.
The other income expense line reflects a $2.8 million gain, compared to a $0.5 million gain in the prior year.
Cash from operations was $30.2 million for the quarter, and was impacted by our continued strategic investment in inventory to meet customer demand for new products and build some protection from global supply chain construction.
We paid $19 million in dividends and repurchased $10 million of our stock with $255.4 million remaining in authorization.
Our tax rate for the quarter was 27% compared to 24.8% in the prior year period.
Our rise segment, which includes our manufacturing partners, grew 4% in the quarter.
Given our Q3 results, we are adjusting our annual guidance and now expect revenue of $2.67 billion to $2.70 billion, which is annual growth of 3% to 5% or growth of 10% to 11% versus 2019.
We anticipate earnings per share of $3.93 to $4.03, year-over-year improvement of 8% to 11% or 27% to 30% on a two-year look back.
This guidance assumes a positive foreign currency impact of 2% to 3% and a tax rate of 26% to 28%.
We are projecting fourth quarter revenue of $645 million to $675 million.
Assuming a foreign currency headwind of approximately 1%.
Q4 earnings per share guidance is $0.90 to $1 and assumed a tax rate of 25% to 29%.

Summary:
So in summary, while the third quarter was a near term setback, we remain on track to grow 3% to 5% this year on top of a strong 2020.
For the third quarter, our revenue was $641.2 million and benefited 2% due to foreign currency.
Earnings per share for the quarter were $0.97 down 10% year-over-year, but up 22.8% versus the same period in 2019.
Given our Q3 results, we are adjusting our annual guidance and now expect revenue of $2.67 billion to $2.70 billion, which is annual growth of 3% to 5% or growth of 10% to 11% versus 2019.
We anticipate earnings per share of $3.93 to $4.03, year-over-year improvement of 8% to 11% or 27% to 30% on a two-year look back.