GNC Q2 profit leaps 42.5%
Pittsburgh General Nutrition Centers reported Tuesday that net income for the second quarter ended June 30 was $25.6 million, compared with net income of $18 million for the year-ago period.
The nutrition retailer said its second quarter 2009 financial performance was negatively impacted by the May 2009 Hydroxycut product recall.
Consolidated revenue for the quarter rose 5.4%, to $455.9 million. Retail and franchise segment revenue increased by 8.2% and 5.5%, respectively, and declined in the manufacturing/wholesale segment by 13.5%.
Same-store sales improved 6.5% in domestic company-owned stores.
In second quarter 2010, the retailer said it opened 13 net new domestic company-owned stores, 1 net new company-owned store in Canada, 43 net new international franchise locations, and 49 net new franchise store-within-a-store Rite Aid locations, and closed nine net domestic franchise locations.
GNC currently operates more than 7,100 locations in the United States and 50 countries.