GNC beats Street with Q3 profit

Pittsburgh –- GNC Holdings Inc. reported a decrease in profit for the third quarter of fiscal 2014 but still beat Wall Street expectations. Net income totaled $64.3 million, down 13% from $73 million the same quarter a year earlier.



Increased expenses in a variety of areas helped reduce net income. GNC also reported consolidated revenue of $656.3 million, a decrease of 3% as compared with consolidated revenue of $674.5 million. Same-store sales in domestic company stores dropped 6.9%.



“With our strategic review well underway, we have begun to make progress in key areas,” said Mike Archbold, CEO. “This quarter, despite the 6.9% decrease in same-store sales, we achieved incremental gross margin dollars in our retail segment as we began to reduce our dependence on extensive promotions. We will continue to test and learn ways to more effectively engage with our customers for profitable growth."