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GENERAL NUTRITION FIRST QUARTER REVENUES INCREASE 16% TO $ 124 MIL.

This article was originally published in The Tan Sheet

Executive Summary

GENERAL NUTRITION FIRST QUARTER REVENUES INCREASE 16% TO $ 124 MIL. on "the strength of the vitamin and supplement markets," the company reported on May 19. Net income for the first quarter ended May 1 grew 425% to $ 6.3 mil. Operating earnings rose 44% to $ 17.6 mil. General Nutrition Companies attributed firm's increasing sales volume in vitamins and supplements to growing "consumer awareness of the importance of self-care." GNC also reported that it "has embarked on a major expansion program and is scheduled to open a total of 300 new company and franchise stores in 1993." The company currently operates 1,269 stores, including 948 company-owned stores and 321 franchise locations. During the three months ended May 1, GNC opened 53 new stores, including 21 company stores and 32 franchise operations. The company's business plan had targeted 50 stores openings for the quarter. GNC said it expects to open "approximately 85 additional stores in the second quarter." GNC's manufacturing division also celebrated record sales in the first quarter. The company noted that first quarter sales to third parties increased 56% to $ 8.9 mil.
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