US-based vitamin retailer GNC Holdings is planning to close approximately 200 stores across its portfolio this year as part of its on-going store portfolio optimisation.
Headquartered in Pittsburgh, Pennsylvania, the company currently operates 8,905 locations across the world, including 3,385 corporate stores in the US and Canada, 1,083 domestic franchise locations, 2,428 Rite Aid franchise locations and 2,009 international locations.
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The retailer is now conducting favourable lease re-negotiations and is considering relocation opportunities to reduce the number of expected stores from closing.
The company also reported a decrease in consolidated revenue to $607.5m in the first quarter of this year from $654.9m during the same period last year.
Despite declining sales and expected store closures, the retailer is set to open a limited number of new stores this year.
GNC Holdings CEO Ken Martindale said: “Notably, we delivered meaningful gross margin growth, driven primarily by increased penetration of our private label brands.
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By GlobalData“We continue to work to leverage our strength in innovation, expand our international presence and deliver a consistent, compelling experience at every customer touch point.”
GNC retails health, wellness and performance products, such as performance and weight management supplements, vitamins, herbs and greens, protein, wellness supplements, health and beauty, food and drink and other general merchandise across its stores.
