GNC Recruiting Cites Weak Economy, Promotes Strength Of Supplements
This article was originally published in The Tan Sheet
General Nutrition Centers sees rising unemployment as an opportunity to attract new franchise owners
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GNC profit jumps: General Nutrition Centers says sales increases in each of its three business segments drove a 167 percent increase in its third-quarter net income to $16.3 million. The Pittsburgh-based specialty retailer Nov. 11 says its retail sales grew 3.2 percent to $298.8 million, accounting for 73.2 percent of it total sales of $414.2 million. Sales at GNC franchises were up 2.7 percent to $67.5 million and revenues from manufacturing and wholesale operations increased 19.4 percent to $47.9 million. GNC also reports that during the July-September period it made $7.1 million in non-cash adjustments related to the March 2007 merger of its owners, Ares Management affiliates and the Ontario Teachers' Pension Plan Board (1"The Tan Sheet" Feb. 12, 2007, p. 9). Because Ares and the OTPPB took GNC privately through the merger, the company does not report per-share earnings
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