GNC Q3 results
This article was originally published in The Tan Sheet
Gains in sales of sports nutrition, herbs and vitamin products offset a 32.4% decline in the diet category for the quarter, the Pittsburgh-based company states during a third-quarter earnings call Nov. 3. GNC posted a slight decrease of 0.2% in consolidated revenues for the third quarter with $322.6 mil. versus $323.1 mil. for the same period in 2004. The diet segment will continue to decline for another six months, but hopefully will take an upturn as new innovations in weight management and energy increase sales for the category, CFO Curt Larrimer predicts. "I think that as the business turns sometime in 2006 that GNC is positioned to be the market leader in this category once again," he adds. Net income for the quarter was $3.2 mil. compared to $8.5 mil. during the prior-year period...
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