GNC announced Thursday a $433.4 million loss in its fiscal fourth quarter, marking the end of a rocky 2016. In total, the Pittsburgh-based health supplement retailer’s share price declined 64 percent year-over-year. GNC recorded a net loss of $286.3 million, compared with a $219.3 million profit the year before, as sales declined 6.5 percent and 6.8 percent respectively in company-owned and franchise stores. “This is certainly not what any one of us wanted to see,” said interim CEO Robert Moran of GNC’s fourth-quarter performance during the company’s quarterly financial briefing to analysts. Due to the extreme losses, GNC’s Chief Financial Officer Tricia Toliver noted the company is currently working on an entirely new business model.
Total Retail’s Take: The nutritional retailer has had a rough couple of years. The re-brand that’s currently ongoing, started with a “One New GNC” commercial that aired on Dec. 29, and will hopefully position the company for a comeback in 2017. In addition, the company is looking to close around 100 stores as leases expire, helping to minimize costs in 2017.