GNC Holdings (GNC) reported earnings on Fri 9 Nov 2018 (a/h)

• Update June 2020: GNC Holdings filed bankruptcy on June 23, 2020.  Shares were delisted and moved to the "pink sheets" where value has slowly decayed awaiting bankruptcy settlement. The common is now trading below $0.15. 

** charts before earnings **

 

** charts after earnings **

GNC Holdings misses by $0.07, reports revs in-line

• Reports Q3 (Sep) earnings of $0.02 per share, excluding non-recurring items, $0.07 worse than the S&P Capital IQ Consensus of $0.09; revenues fell 5.4% year/year to $580 mln vs the $580.45 mln two analyst estimate. 
• Same store sales decreased 2.1% in domestic company-owned stores (including GNC.com) in the third quarter of 2018. Excluding the impact of higher loyalty points redemption in the current quarter compared with the prior year quarter as the program matures, same store sales decreased 1.3%. In domestic franchise locations, same store sales decreased 4.1%.
• "During the third quarter, although our comparable same store sales were softer than Q2, we demonstrated our ability to respond to market dynamics and drive sales improvements progressively as we moved through the quarter," said Ken Martindale, GNC's chairman and CEO. "With the finalized terms of our partnership with Harbin, we have completed the first important step in strengthening our capital structure and accelerating our expansion in China.

-=Long trade : GNC +25% (6/18)

• June 7:  vol. 1.6M; $3.25  

=GNC Holdings (GNC) reported earnings on Tue 13 Feb 2018 (b/o)

GNC Holdings reports EPS in-line, misses on revs; enters strategic partnership and China joint venture agreement with Harbin Pharmaceutical  

• Reports Q4 (Dec) earnings of $0.25 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.25; revenues fell 2.1% year/year to $557.74 mln vs the $568.8 mln Capital IQ Consensus.
• Same store sales increased 5.7% in domestic company-owned stores (including GNC.com) in the fourth quarter of 2017. In domestic franchise locations, same store sales decreased 2.0%.
• Under the terms of the agreement Hayao will invest approximately $300 million in GNC, becoming the single largest shareholder in GNC (on an as converted basis). In addition, GNC and Hayao have agreed to form a joint venture for the manufacturing, marketing, sale and distribution of GNC-branded products in China, leveraging the synergies between Hayao and GNC in the fast growing Chinese market. CITIC Capital Holdings Limited, as a major shareholder of Hayao, is supportive of the transaction.
  • Under the terms of the agreement, Hayao will invest approximately $300 million in GNC in the form of newly issued convertible perpetual preferred shares with a conversion price of $5.35 and a 6.5% annual coupon payable in cash or in kind. The investment is expected to be used by GNC to, among other things, repay outstanding debt and for general corporate purposes, further enhancing GNC's capital position.
• GNC also announced plans to amend certain terms and extend the maturity date of its existing term loan facility due March 2019. The Company is seeking to extend the maturity date of the facility by two years, to March 2021. Upon effectiveness of the amendment, the maturity date of the term loans held by lenders consenting to the amendment will be extended by two years, the Company's existing Revolving Credit Facility will be cancelled and GNC will enter into a New $100 million ABL Revolver. The Company will also issue a $275 million ABL Term Loan as part of the maturity extension. GNC has the been in discussions with its largest term loan lenders who have indicated their support for the extension until March 2021 and to permit the Company to enter into a new asset based credit facility concurrently with the closing of the proposed amendment and extension. As noted, the Hayao transaction is conditioned upon the successful completion of these negotiations. 

=GNC Holdings (GNC) reported earnings on Thur 26 Oct 2017 (b/o)

GNC Holdings misses by $0.01, reports revs in-line 

• Reports Q3 (Sep) earnings of $0.32 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.33; revenues fell 2.9% year/year to $609.47 mln vs the $614.08 mln Capital IQ Consensus.
• Same store sales increased 1.3% in domestic company-owned stores (including GNC.com sales) in the third quarter of 2017. In domestic franchise locations, same store sales decreased 1.7%.
• Key Updates
  • Transaction growth continued in the third quarter, up 12.4%, resulting in positive same store sales of 1.3%.
  • As of October 25, 2017, 9.6 million consumers had joined the Company's loyalty programs, of which approximately 585,000 were enrolled in the PRO Access membership.
• As of September 30, 2017, the Company's cash and cash equivalents were $40.1 million, long-term debt was $1.4 billion and the Company had $246.1 million available under the Revolving Credit Facility.

=GNC Holdings (GNC) reported earnings on Tue 18 Apr 2017 (b/o)

GNC Holdings beats by $0.02, beats on revs; same store sales -3.9% :

• Reports Q1 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.35; revenues fell 3.6% year/year to $644.8 mln vs the $623.03 mln Capital IQ Consensus.
• Negative domestic retail same store sales of 3.9%, which includes GNC.com sales, resulted in a $16.0 million decrease in revenue in the current quarter as compared with the prior year quarter.
• Transaction growth continued in the first quarter, up 9.3%, resulting in sequential improvement in same store sales.
• As of the end of the first quarter of 2017, 5 million consumers had joined the myGNC Rewards Program and there were approximately 78,000 PRO Access members. Over the course of the year, the Company will begin leveraging the CRM information to better reach and more cost effectively speak to its customers.

=GNC Holdings (GNC) reported earnings on Thur 16 Feb 2017 (b/o)

GNC Holdings misses by $0.29, reports revs in-line; suspends quarterly dividend:

• Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.29 worse than the Capital IQ Consensus of $0.36; revenues fell 7.8% year/year to $569.9 mln vs the $571.79 mln Capital IQ Consensus.
  • Revenue in the U.S. and Canada segment decreased $41.1 million, or 8.0%, to $472.6 million for the three months ended December 31, 2016 compared with $513.7 million in the prior year quarter.
  • Revenues in the International segment decreased $9.0 million, or 18.5%, to $39.7 million in the current quarter compared with $48.7 million in the prior year quarter.
  • Revenues in the Manufacturing / Wholesale segment, excluding intersegment sales, decreased $4.6 million, or 7.4% to $57.7 million for the three months ended December 31, 2016 compared with $62.3 million in the prior year quarter.
• Co suspends dividend  (was Div/yield 0.20/10.96):
  • By suspending what has been a $0.20 per share quarterly dividend, the Company intends to reallocate approximately $55 million of cash annually, primarily to reduce debt through the pay-down of its revolver.
• Peers include: Vitamin Shoppe (VSI).

=GNC Holdings (GNC) reported earnings on Thur 27 Oct 2016 (b/o)

GNC Holdings misses by $0.12, misses on revs :

• Reports Q3 (Sep) adj. earnings of $0.59 per share, $0.12 worse than the Capital IQ Consensus of $0.71; revenues fell 8.1% year/year to $628 mln vs the $651.32 mln Capital IQ Consensus. 
• Negative domestic retail same store sales of 8.5%, which includes GNC.com, resulted in a $35.2 million decrease in revenue year-over-year. Negative same store sales were primarily due to lower sales in the protein, vitamins and food/drink categories and a significant decrease in e-commerce sales due in part to better aligning web promotions to the Company's stores. E-commerce sales were 6.8% of consolidated revenue during the current quarter compared with 7.3% of consolidated revenue in the prior year quarter. In addition, corporate stores decreased from 3,546 at September 30, 2015 to 3,512 at September 30, 2016 in connection with the Company's refranchising strategy. 
• "Our results for the quarter fell short of our expectations, but we have been moving quickly to address the key issues that are critical to returning GNC to growth. We are focused on eliminating confusion regarding our product pricing, providing customers with an improved loyalty program, enhancing the customer experience in our stores and reinvigorating the GNC branded product innovation pipeline.
• Peer: Vitamin Shoppe (VSI). 

=GNC Holdings (GNC) reported earnings on Thur 28 Jul 2016 (b/o)

GNC Holdings beats by $0.01, reports revs in-line; announced interim CEO; suspended guidance :

• Reports Q2 (Jun) earnings of $0.79 per share, $0.01 better than the Capital IQ Consensus of $0.78; revenues fell 2.4% year/year to $673.2 mln vs the $669.43 mln Capital IQ Consensus.
• Same store sales decreased 3.7% in domestic company-owned stores (including GNC.com sales) in the second quarter of 2016. In domestic franchise locations, same store sales decreased 6.6% in the second quarter of 2016.
• The Company also announced the appointment of Robert F. Moran as Interim Chief Executive Officer. Mr. Moran replaces Mike Archbold who is leaving the Company. Mr. Moran commented, "Our results for the quarter were disappointing and we are focused on addressing those areas where we can drive a meaningful impact on the business in the shortest period of time. We clearly have work to do to reverse the current trends, but I am confident in our business and the GNC brand and I am committed to working closely with our talented team to deliver improved performance. As we do so, we will continue the previously announced comprehensive review of strategic and financial alternatives."
• As the Company conducts its evaluation of the business under new leadership and develops an appropriate course of action to deliver improved results, it has suspended its previous earnings guidance for fiscal 2016.

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