Dieting trends hit GNC Nutrition revenues
The Company reported consolidated revenues of $301.3 million for the quarter ended December 31, 2004 compared to consolidated revenues of $343.7 million for the same quarter of the prior year, a decrease of 12.3%.
In December 2004, Mr. Robert J. DiNicola, Executive Chairman of the Board of Directors, was named Interim CEO of GNC. "We've made some immediate short- term changes to our business tactics and have created and already started executing a long-term strategy that we believe will allow GNC to improve results and position the Company for future success," commented Mr. DiNicola. "In spite of the recent disappointments of 2004, particularly in the diet category, GNC continues to be the dominant brand in the nutritional supplements industry. Everyone here at GNC is energized and excited about the prospects of our business for 2005 and beyond." 2005 will be used as a rebuilding year, including the reviewing the organizational structure for efficiency and on improving relationships with both franchisees and suppliers, DiNicola said.
GNC are believed to have responded less nimbly than its competitors to recent market shifts in low-carbohydrate trends and other diet products because the organization was distracted by ownership changes and a failed attempt to take the company public last year.
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