May 26, 2011, 4:03 PM

GNC’s Q1 web sales take a healthy step forward

The health and nutrition products retailer posted a 34% increase in e-commerce sales.

Bill Briggs

Senior Editor

Lead Photo

General Nutrition Centers Inc. continued to ride strong e-commerce sales in the first quarter, on the heels of its initial public stock offering.

For the quarter ended March 31, GNC reported:

  • Online sales of $20.1 million, a 34.1% increase from about $15.0 million in the first quarter of 2010.
  • Total retail sales of $383.7 million, up by 9.4% from $350.8 million.
  • Total sales, including franchise and wholesale segments, of $506.0 million, up by 8.8% from $465.0 million.
  • Comparable-store sales, which include e-commerce, increased 7.5% in domestic company-owned stores.
  • Net income of $9.9 million, a 61.5% decline from net income of $25.7 million for the first quarter of 2010. The drop in net income included non-recurring costs related to refinancing and the IPO, the company says.

Internet Retailer calculates the web accounted for 5.2% of total retail sales for the quarter, compared with 4.3% in Q1 of 2010.

“Our retail store performance is complemented by solid results from other high-growth businesses like GNC.com and international franchise,” says Joe Fortunato, CEO of GNC, No. 227 in the Internet Retailer Top 500 Guide. “The manufacturing business continues to add new third-party contract sales, and we are starting to see contribution from our brand extension efforts with PetSmart and Sam’s Club.”

On April 6, the company completed an IPO of 25.875 million shares of common stock at $16 per share, for a total of $414 million. The company issued and sold 16 million shares and certain of its shareholders sold 9.875 million shares in the IPO, GNC says.

Comments

Sign In to Make a Comment

Comments are moderated by Internet Retailer and can be removed.

Not a member? Signup for free today!

Advertisement

Advertisement

Advertisement

Relevant Commentary

FPO

Seth Barnes / BLOG_ROOT

Commissions are for closers

A Savings.com executive responds to an Internet Retailer article describing a web merchant’s decision to ...

FPO

Jason Squardo / Mobile Commerce

Five tips for achieving high mobile search rankings

Searches on mobile devices will soon exceed those on computers, Google says. Retailers that keep ...

Advertisement