GNC Holdings, Inc. Reports Fourth Quarter and Full Year 2014 Results

Provides Initial Outlook for 2015

Adjusted 2014 Fourth Quarter EPS of $0.61, including $0.03 discrete tax benefit

Adjusted 2014 Full Year EPS of $2.87, including $0.03 discrete tax benefit

Same Store Sales decrease 3.0% in the Fourth Quarter 2014

PITTSBURGH - Feb. 12, 2015 // PRNewswire // - GNC Holdings, Inc. (NYSE: GNC) (the "Company"), a leading global specialty retailer of health and wellness products, today reported its financial results for the quarter and year-to-date periods ended December 31, 2014.

In addition to presenting the Company's financial results in conformity with U.S. generally accepted accounting principles ("GAAP"), the Company is also presenting results on an "adjusted" basis to exclude the impact of certain non-recurring items. For more information, see the attached reconciliations of non-GAAP financial measures.

Fourth Quarter Performance

For the fourth quarter of 2014, the Company reported consolidated revenue of $607.2 million, a decrease of 0.7% as compared with consolidated revenue of $611.5 million for the fourth quarter of 2013. Revenue increased in the Company's retail and franchise segments by 0.1% and 4.1%, respectively. Revenue decreased in the Company's manufacturing/wholesale segment by 13.3%.

Same store sales decreased 3.0% in domestic company-owned stores (including GNC.com sales) in the fourth quarter of 2014. In domestic franchise locations, same store sales decreased 2.6% in the fourth quarter of 2014.

Non-recurring Items

As previously disclosed, the Company's fourth quarter 2014 results include non-recurring items. On a pre-tax basis, they principally include $3.5 million expense in cost of sales associated with lower manufacturing volumes, corresponding with the Company's previously announced plans to begin to align inventory levels with business trends ("Lower Manufacturing Volume Impact"). For additional information, please see the attached reconciliations of non-GAAP financial measures.

Operating Results

For the fourth quarter of 2014, the Company reported GAAP net income of $51.8 million. Excluding non-recurring items and the related tax impact, adjusted net income for the fourth quarter of 2014 was $53.9 million, as compared with adjusted net income of $59.8 million for the fourth quarter of 2013. Adjusted diluted earnings per share were $0.61 for the fourth quarter of 2014, as compared with $0.63 for the fourth quarter of 2013.

In the fourth quarter of 2014, the Company's effective tax rate was 32.6%, which includes $3.0 million of net discrete tax benefits related primarily to the reduction of valuation allowances and certain state tax positions.

Mike Archbold, Chief Executive Officer noted, "The continuing improvement in retail gross margin (driven by reduced and more targeted promotional activity) is evidence our customer-focused approach is producing results. We are very pleased with the cultural transformation, which has led to the development of a number of strategic initiatives designed to fuel future growth and create shareholder value."

Segment Operating Performance

For the fourth quarter of 2014, retail segment revenue increased 0.1% to $444.0 million, as compared with $443.5 million for the fourth quarter of 2013. The increase was due primarily to growth in our e-commerce businesses and the addition of 155 net new company owned stores since the end of the fourth quarter of 2013, including The Health Store locations in Ireland acquired in April 2014. These gains were largely offset by negative same store sales. Operating income decreased by 0.4%, from $69.4 million to $69.1 million, and was 15.6% of segment revenue for the fourth quarter of 2014, consistent with the fourth quarter of 2013. Improved product margin and lower advertising spend were offset by expense deleverage associated with negative same store sales. Retail segment results were also negatively affected by lower than expected revenue and operating margin from Discount Supplements.

For the fourth quarter of 2014, franchise segment revenue increased 4.1% to $105.1 million, as compared with $100.9 million for the fourth quarter of 2013, due primarily to increased wholesale product sales from domestic franchise operations. Operating income decreased 2.6%, from $38.7 million to $37.7 million, and was 35.8% of segment revenue for the fourth quarter of 2014, as compared with 38.3% in the fourth quarter of 2013. Fourth quarter 2014 operating income includes a $0.3 million gain from the conversion of three company-owned stores to franchise stores, as compared with five stores resulting in a $1.7 million gain in the fourth quarter of 2013. Excluding these items, operating income increased $0.5 million, and was 35.6% of segment revenue for the fourth quarter of 2014, as compared with 36.6% in the fourth quarter of 2013. The decrease in operating income percentage was driven primarily by wholesale product sales representing a higher portion of total revenue.

For the fourth quarter of 2014, manufacturing/wholesale segment revenue, excluding intersegment revenue, declined 13.3% to $58.1 million, as compared with $67.1 million for the fourth quarter of 2013, due primarily to lower third party contract manufacturing revenue, and lower wholesale partner sales. Operating income decreased 26.1%, from $27.8 million to $20.6 million, and was 35.4% of segment revenue for the fourth quarter of 2014, as compared with 41.5% for the fourth quarter of 2013. Fourth quarter 2014 includes $3.5 million expense associated with lower manufacturing volumes, corresponding with the Company's previously announced plans to begin to align inventory levels with business trends. Adjusting for this item, fourth quarter 2014 operating income percentage was in-line with the fourth quarter of 2013.

Full Year Performance

For the full year 2014, the Company reported consolidated revenue of $2,613.2 million, a decrease of 0.5% as compared with consolidated revenue of $2,626.8 million for the full year 2013. Revenue increased in the Company's retail segment by 0.6%. Revenue decreased in the Company's franchise and manufacturing/wholesale segments, by 0.9% and 8.3% respectively.

For the full year 2014, the Company reported GAAP net income of $255.9 million, as compared with $265.0 million for the full year 2013. Adjusted for non-recurring items, diluted earnings per share were $2.87 for the full year 2014, a 0.7% increase over 2013 results.

For the full year 2014, the Company opened 129 net new domestic company-owned stores, 114 net new international franchise locations, 58 net new domestic franchise locations, 54 net new Rite Aid franchise store-within-a-store locations, 16 net new company-owned stores in Canada, two new company-owned stores in China, and acquired nine and opened one The Health Store locations in Ireland. The Company now has 8,976 store locations worldwide.

For the full year 2014, the Company generated net cash from operating activities of $303.8 million, incurred capital expenditures of $70.5 million, repurchased $284.0 million in common stock, paid $57.5 million in cash dividends on our common stock, and used $6.4 million for the acquisition of The Health Store. The Company generated $234.7 million in free cash flow (which it defines as cash provided by operating activities less cash used in investing activities excluding acquisitions) and at December 31, 2014, the Company's cash balance was $133.8 million.

Capital Structure

The Company repurchased 1.3 million shares of its common stock in the fourth quarter of 2014, for $53 million. At the end of the fourth quarter of 2014, the Company had $407 million remaining on its previously authorized $500 million share repurchase authorization.

At the end of the fourth quarter of 2014, diluted shares outstanding were approximately 88.6 million.

The Company's Board of Directors declared a cash dividend of $0.18 per share of its common stock for the first quarter of 2015. The dividend will be payable on or about March 27, 2015 to stockholders of record at the close of business on March 13, 2015. The Company currently intends to pay regular quarterly dividends; however, the declaration of such future dividends is subject to the final determination of the Company's Board of Directors.

Current 2015 Outlook

The Company's initial outlook for 2015 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

Below is the Company's initial outlook for the full year 2015:

  • Consolidated earnings per diluted share ("EPS") of approximately $3.10 - $3.15.
  • A mid single digit increase in consolidated revenue.  This is based on achieving a low single digit increase in domestic company-owned same store sales, including the impact of GNC.com.
  • Contributions from initiatives associated with our brand evolution, product introductions and effective marketing are expected to build throughout 2015.  Consequently, the Company expects the same store sales increase in domestic company-owned stores – including the impact of GNC.com – and year over year consolidated EPS growth to be lowest in the first quarter of 2015.
  • Depreciation & amortization of approximately $60 million, combined.
  • Tax rate of approximately 36%.
  • Share repurchases of approximately 5-6% of shares outstanding.
  • Capital expenditures of approximately $50 million.
  • New store expectations: approximately 125 total net new domestic (including both company owned and franchised stores) and retail segment locations, approximately 150 net new international franchise locations, and approximately 30 net new GNC-Rite Aid store-within-a-store locations.

Mike Archbold, Chief Executive Officer added, "I am very excited about 2015. We will be focused on a number of important initiatives, including our brand evolution, product introductions, effective marketing and customer focused decision making throughout the organization, which is the result of our cultural transformation. In 2015 we expect to see retail product margin improvements, improved marketing effectiveness, measured growth internationally, and working capital improvement. We will also make the necessary investments – in people, training and systems – to support our brand, our initiatives and fuel our growth."

About GNC Holdings, Inc.

GNC Holdings, Inc., headquartered in Pittsburgh, PA, is a leading global specialty retailer of health and wellness products - including vitamins, minerals, and herbal supplement products, sports nutrition products and diet products - and trades on the New York Stock Exchange under the symbol "GNC."

The Company has a diversified, multi-channel business model and derives revenue from product sales through company-owned retail stores, domestic and international franchise activities, third party contract manufacturing, e-commerce and corporate partnerships. GNC's broad and deep product mix, which is focused on premium, value-added nutritional products, is sold under GNC proprietary brands, including Mega Men®, Ultra Mega®, Total Lean™, Pro Performance®, Pro Performance® AMP, Beyond Raw®, GNC Puredge™, GNC GenetixHD®, Herbal Plus® and under nationally recognized third party brands. As of December 31, 2014, GNC has more than 8,900 locations, of which more than 6,600 retail locations are in the United States (including 1,070 franchise and 2,269 Rite Aid franchise store-within-a-store locations) and franchise operations in more than 50 countries (including distribution centers where retail sales are made).

Conference Call

GNC has scheduled a live webcast to report its fourth quarter 2014 financial results on February 12, 2015 at 9:00 am Eastern time. The webcast will be available on www.gnc.com via the Investor Relations section under "About GNC". A replay of this webcast will be available through March 13, 2015. You may also listen to the live call by dialing 1-877-232-1784 inside the U.S. and 706-679-4448 outside the U.S.; the conference identification number for all callers is 79091221.

Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's financial condition, results of operations and business that is not historical information. Forward-looking statements can be identified by the use of terminology such as "subject to," "believes," "anticipates," "plans," "expects," "intends," "estimates," "projects," "may," "will," "should," "can," the negatives thereof, variations thereon and similar expressions, or by discussions regarding our dividend, share repurchase plan, strategy and outlook. While GNC believes there is a reasonable basis for its expectations and beliefs, they are inherently uncertain. The Company may not realize its expectations and its beliefs may not prove correct. Many factors could affect future performance and cause actual results to differ materially from those matters expressed in or implied by forward-looking statements, including but not limited to unfavorable publicity or consumer perception of our products; costs of compliance and our failure to comply with new and existing governmental regulations governing our products, including, but not limited to, proposed dietary supplement legislation and regulations; limitations of or disruptions in our manufacturing system or losses of manufacturing certifications; disruptions in our distribution network; or failure to successfully execute our growth strategy, including any inability to expand our franchise operations or attract new franchisees, any inability to expand our company owned retail operations, any inability to grow our international footprint, any inability to expand our e-commerce businesses, or any inability to successfully integrate businesses that we acquire. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Actual results could differ materially from those described or implied by such forward-looking statements. For a listing of factors that may materially affect such forward-looking statements, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

The Company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions. The Company may finance any repurchases with cash, potential financing transactions, or a combination of the foregoing. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or discontinued at any time and the Company has no obligation to repurchase any amount of its common stock under the program. The Company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 and, as applicable, Rule 10b-5 of the Securities Exchange Act of 1934, as amended.

Management has included non-GAAP financial measures in this press release because it believes they represent an effective supplemental means by which to measure the Company's operating performance. Management believes that adjusted net income, adjusted diluted earnings per share and free cash flow are useful to investors as they enable the Company and its investors to evaluate and compare the Company's results from operations in a more meaningful and consistent manner by excluding specific items which are not reflective of ongoing operating results. Adjusted net income, adjusted diluted earnings per share and free cash flow are not measurements of the Company's financial performance under GAAP and should not be considered as alternatives to net income, operating income, or any other performance measures derived in accordance with GAAP, or as an alternative to GAAP cash flow from operating activities, as a measure of the Company's profitability or liquidity. For more information, see the attached reconciliations of non-GAAP financial measures.

GNC HOLDINGS, INC. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Income

 

(in thousands, except per share data)

 
                             
     

 Three months ended

 

Twelve months ended

 
     

December 31,

 

December 31,

 
     

2014

 

2013

 

2014

 

2013

 
     

(unaudited)

 
                             

Revenue

 

$

607,155

   

$

611,535

   

$

2,613,154

   

$

2,626,761

   

Cost of sales, including cost of warehousing,

                         
 

distribution and occupancy

 

386,962

   

386,107

   

1,632,914

   

1,636,298

   
                             

Gross profit

 

220,193

   

225,428

   

980,240

   

990,463

   
                             

Compensation and related benefits

 

83,193

   

82,014

   

329,089

   

321,947

   

Advertising and promotion

 

11,077

   

13,751

   

70,485

   

67,224

   

Other selling, general and administrative

 

37,670

   

33,600

   

143,286

   

131,782

   

Transaction and restructuring related costs

 

   

12,353

   

   

12,353

   

Management realignment

 

313

   

   

7,786

   

   

International franchise receivable reserve

 

(210)

   

(3)

   

4,236

   

360

   

Reversal of contingent purchase price

 

(125)

   

(859)

   

(4,438)

   

(859)

   

Other (income) expense, net

 

(206)

   

(1,762)

   

(9,716)

   

(2,842)

   

Operating income

 

88,481

   

86,334

   

439,512

   

460,498

   
                             
                             

Interest expense, net

 

11,721

   

19,676

   

46,708

   

53,029

   
                             

Income before income taxes

 

76,760

   

66,658

   

392,804

   

407,469

   
                             

Income tax expense

 

24,992

   

19,001

   

136,932

   

142,448

   
                             

Net income

 

$

51,768

   

$

47,657

   

$

255,872

   

$

265,021

   
                             

Income per share - Basic and Diluted:

                         
                             

Earnings per share:

                         
 

 Basic

 

$

0.58

   

$

0.50

   

$

2.83

   

$

2.75

   
 

 Diluted

 

$

0.58

   

$

0.50

   

$

2.81

   

$

2.72

   
                             

Weighted average common shares outstanding:

                         
 

 Basic

 

88,824

   

94,636

   

90,493

   

96,481

   
 

 Diluted

 

89,044

   

95,477

   

90,918

   

97,383

   
                             

Note:  The presentation of certain immaterial amounts in our consolidated financial statements of prior periods have been revised to conform to the current periods presented.

 

 
 

 

GNC HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS

(in thousands, except per share data)

                         
   

Three months ended

 

Twelve months ended

   

December 31,

 

December 31,

   

2014

      

2013

      

2014

      

2013

 
   

(unaudited)

                         

Net income

$

51,768

   

$

47,657

   

$

255,872

   

$

265,021

 

Transaction and restructuring related costs

   

12,353

   

   

12,353

 

Debt extinguishment and refinancing costs

     

8,146

         

8,146

 

Management realignment

313

   

   

7,786

   

 

International franchise receivable reserve

(210)

   

(3)

   

4,236

   

360

 

Lower manufacturing volume impact

3,494

   

   

3,494

   

 

Reversal of contingent purchase price

(125)

   

(859)

   

(4,438)

   

(859)

 

Tax effect

(1,295)

   

(7,544)

   

(5,610)

   

(7,678)

 

Adjusted net income

$

53,945

   

$

59,750

   

$

261,340

   

$

277,343

 
                         

Adjusted earnings per share:

                     
 

Basic

$

0.61

   

$

0.63

   

$

2.89

   

$

2.87

 
 

Diluted

$

0.61

   

$

0.63

   

$

2.87

   

$

2.85

 
                         

Weighted average common shares outstanding:

                     
 

Basic

88,824

   

94,636

   

90,493

   

96,481

 
 

Diluted

89,044

   

95,477

   

90,918

   

97,383

 

 

 

GNC HOLDINGS, INC. AND SUBSIDIARIES

 

Condensed Consolidated Balance Sheets

 

(in thousands)

   

December 31,

     

December 31,

   

2014

 

2013

   

(unaudited)

Current assets:

         
 

Cash and cash equivalents

$

133,834

   

$

226,217

 
 

Receivables, net

136,361

   

144,833

 
 

Inventories

569,132

   

547,916

 
 

Prepaids and other current assets

37,016

   

47,081

 
 

Total current assets

876,343

   

966,047

 
             

Long-term assets:

         
 

Goodwill, brands and other intangibles, net

1,525,285

   

1,529,120

 
 

Property, plant and equipment, net

232,397

   

206,754

 
 

Other long-term assets

43,775

   

38,426

 
 

Total long-term assets

1,801,457

   

1,774,300

 
             

Total assets

$

2,677,800

   

$

2,740,347

 
             

Current liabilities:

         
 

Accounts payable

$

129,064

   

$

135,164

 
 

Current portion, long-term debt

4,740

   

5,443

 
 

Deferred revenue and other current liabilities

106,539

   

106,459

 
 

Total current liabilities

240,343

   

247,066

 
             

Long-term liabilities:

         
 

Long-term debt

1,337,638

   

1,341,656

 
 

Other long-term liabilities

343,776

   

336,046

 
 

Total long-term liabilities

1,681,414

   

1,677,702

 
             
 

Total liabilities

1,921,757

   

1,924,768

 
             

Total stockholders' equity

756,043

   

815,579

 
             
 

Total liabilities and stockholders' equity

$

2,677,800

   

$

2,740,347

 

 

GNC HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

Twelve months ended

 

December 31,

 

2014

     

2013

 

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

         

Net income

$

255,872

   

$

265,021

 

Adjustments to reconcile net income to net cash provided

         

by operating activities:

         

Loss on early extinguishment of debt

   

5,712

 

Depreciation and amortization expense

56,337

   

51,814

 

Amortization of debt costs

1,729

   

2,507

 

Decrease (increase) in receivables

9,766

   

(13,802)

 

Increase in inventory

(45,767)

   

(72,821)

 

(Decrease) increase in accounts payable

(8,978)

   

6,628

 

Other operating activities

34,826

   

(5,613)

 

       Net cash provided by operating activities

303,785

   

239,446

 
           

CASH FLOWS FROM INVESTING ACTIVITIES:

         

Capital expenditures

(70,455)

   

(50,247)

 

Cash paid for acquisitions, net of cash acquired

(6,402)

   

(27,562)

 

Other investing activities

1,370

   

(465)

 

      Net cash used in investing activities

(75,487)

   

(78,274)

 
           

CASH FLOWS FROM FINANCING ACTIVITIES:

         

Dividends paid to shareholders

(57,491)

   

(57,437)

 

Payments on long-term debt

(5,443)

   

(3,379)

 

Repurchase of treasury stock

(283,988)

   

(310,582)

 

Proceeds from issuance of long-term debt

   

249,552

 

Proceeds and tax benefit from stock-based compensation

25,913

   

29,957

 

Other financing activities

   

(2,397)

 

      Net cash used in financing activities

(321,009)

   

(94,286)

 
           

Effect of exchange rate on cash and cash equivalents

328

   

790

 

Net (decrease) increase in cash and cash equivalents

(92,383)

   

67,676

 

Beginning balance, cash and cash equivalents

226,217

   

158,541

 

Ending balance, cash and cash equivalents

$

133,834

   

$

226,217

 

Segment Financial Data and Store Counts (unaudited)

 

Retail Segment - Company-owned stores in the U.S., Puerto Rico, Canada, and Ireland; e-commerce, both domestic and international

   

Three months ended

 

Twelve months ended

 
   

December 31,

 

December 31,

 

$ in thousands

 

2014

 

2013

 

2014

 

2013

 
   

(unaudited)

 

   Revenue

 

$

443,953

   

$

443,542

   

$

1,939,150

   

$

1,926,770

   

   Comp store sales - domestic, including GNC.com

 

-3.0

%

 

5.0

%

 

-2.8

%

 

4.3

%

 

   Operating Income (a)

 

$

69,089

   

$

69,354

   

$

348,952

   

$

362,658

   

   % Revenue

 

15.6

%

 

15.6

%

 

18.0

%

 

18.8

%

 

(a) Includes income related to the Reversal of Contingent Purchase Price of $0.1 million and $0.9 million for the three months ended, and $4.4 million and $0.9 million for the twelve months ended December 31, 2014 and 2013, respectively.

 

Franchise Segment-Franchise-operated domestic and international locations

   

Three months ended

 

Twelve months ended

 
   

December 31,

 

December 31,

 

$ in thousands

 

2014

 

2013

 

2014

 

2013

 
   

(unaudited)

 

   Domestic

 

$

63,580

   

$

52,561

   

$

267,517

   

$

251,418

   

   International

 

41,485

   

48,371

   

165,311

   

185,499

   
                           

   Total revenue

 

$

105,065

   

$

100,932

   

$

432,828

   

$

436,917

   

   Operating income (b)

 

$

37,651

   

$

38,650

   

$

157,342

   

$

153,545

   

   % Revenue

 

35.8

%

 

38.3

%

 

36.4

%

 

35.1

%

 

(b) Includes adjustments related to the International Franchise Receivable Reserve of $0.2 million of income for the three months ended December 31, 2014, and $4.2 million and $0.4 million of expense for the twelve months ended December 31, 2014 and 2013, respectively.

 

Manufacturing/Wholesale Segment - Third-party contract manufacturing; wholesale and consignment sales principally with Rite Aid, PetSmart, Sam's Club and www.drugstore.com

   

Three months ended

 

Twelve months ended

 
   

December 31,

 

December 31,

 

$ in thousands

 

2014

 

2013

 

2014

 

2013

 
   

(unaudited)

 

   Revenue

 

$

58,137

   

$

67,061

   

$

241,176

   

$

263,074

   

   Operating income (c)

 

$

20,562

   

$

27,840

   

$

89,921

   

$

104,709

   

   % Revenue

 

35.4

%

 

41.5

%

 

37.3

%

 

39.8

%

 

(c) Includes expense related to Lower Manufacturing Volume Impact of $3.5 million for the three and twelve months ended December 31, 2014.

 

Consolidated unallocated costs (d)

   

Three months ended

 

Twelve months ended

 
   

December 31,

 

December 31,

 

$ in thousands

 

2014

    

2013

    

2014

    

2013

 
   

(unaudited)

 

   Warehousing and distribution costs

 

$

(18,026)

   

$

(15,877)

   

$

(68,283)

   

$

(66,614)

   

   Corporate costs

 

$

(20,482)

   

$

(21,280)

   

$

(80,634)

   

$

(81,447)

   

   Transaction related costs

 

$

   

$

(12,353)

   

$

   

$

(12,353)

   

   Management realignment

 

$

(313)

   

$

   

$

(7,786)

   

$

   

(d) Part of consolidated operating income.

 

Consolidated Store Count Activity

 

Twelve Months Ended December 31, 2014

 

Company-

    

Franchised stores

           
 

owned (b)

 

Domestic

    

International

    

Rite Aid

    

Total

Beginning of period balance

 

3,342

   

1,012

   

2,024

   

2,215

   

8,593

 

Store openings (a)

 

208

   

95

   

208

   

60

   

571

 

Store closings

 

(53)

   

(37)

   

(92)

   

(6)

   

(188)

 

End of period balance

 

3,497

   

1,070

   

2,140

   

2,269

   

8,976

 
                               
   

Twelve Months Ended December 31, 2013

   

Company-

 

Franchised stores

           
   

owned (b)

 

Domestic

 

International

 

Rite Aid

 

Total

Beginning of period balance

 

3,188

   

949

   

1,830

   

2,181

   

8,148

 

Store openings (a)

 

186

   

83

   

325

   

41

   

635

 

Store closings

 

(32)

   

(20)

   

(131)

   

(7)

   

(190)

 

End of period balance

 

3,342

   

1,012

   

2,024

   

2,215

   

8,593

 
                               

(a) openings include new stores, corporate/franchise conversion activity, and other acquisitions

(b) including Canada and The Health Store

 

SOURCE GNC

Investor Contact:

Dennis Magulick
Vice President
Treasury & Investor Relations
(412) 288-4632

###

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