GNC profit more than triples
Gnc the operator of General Nutrition stores, said net income in the third quarter grew by 336.8 percent from a year ago as sales were up in company-owned and franchise stores.
Pittsburgh-based GNC said net income for the third quarter was $13.9 million compared to $3.2 million in the third quarter of 2005.
“I am extremely pleased with the continued strong sales performance we are seeing across every major category and in all store formats,” president and CEO Joseph Fortunato said. “This quarter is especially encouraging since it not only represents the fourth consecutive quarter of strong single- to double-digit same store sales growth, but also double-digit same store sales growth against positive growth from last year.”
The company reported consolidated revenues of $367.7 million for the quarter, a 14 percent increase over the same quarter in 2005. The increase in revenues was primarily the result of significant domestic comparable store sales growth of 11.7 percent for company-owned stores, and 7 percent for franchise locations.
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