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Walmart redefines meaning of growth in China
Less than two weeks after announcing plans to reduce overall international capital expenditures, top Walmart executives were telling a different story in China this week.
At a press event in Beijing, Walmart CEO Mike Duke and Walmart China CEO Greg Foran said the company planned to opening as many as 110 new facilities during the next three years including stores in China’s smaller cities while also closing up to 9% of its 397 units and remodeling 165 stores.
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GNC Holdings profit up 17%
Pittsburgh – GNC Holdings reported strong results for the third quarter of fiscal 2013, reporting a net income increase of 17.3%, from $62.2 million to $73 million.
Revenue grew about 9%, from $621.6 million to $675.6 million. Same store sales increased approximately 6.7% in domestic company-owned stores (including GNC.com sales) in the third quarter of 2013, while in domestic franchise locations, same-store sales increased 5.9%.