May 11, 2020 / 12:24 PM / 15 days ago

BRIEF-GNC Holdings Inc Reports First Quarter 2020 Results

May 11 (Reuters) - GNC Holdings Inc:

* Q1 REVENUE $472.6 MILLION VERSUS $564.8 MILLION

* QTRLY U.S. COMPANY-OWNED SAME STORE SALES, WHICH INCLUDES E-COMMERCE SALES, DECREASED 10.1%

* EXCLUDING IMPACT OF COVID-19 PANDEMIC, Q1 U.S. COMPANY-OWNED STORE SALES DECREASED 4.4%

* GNC HOLDINGS - ABOUT 1,100, OR 30%, OF U.S. AND CANADA COMPANY-OWNED AND FRANCHISE RETAIL STORES WERE CLOSED DUE TO COVID-19 AS OF MARCH 31, 2020

* DUE TO IMPACTS OF COVID-19, COMPANY HAS SIGNIFICANTLY REDUCED INVENTORY PURCHASES AND CAPITAL EXPENDITURES

* TAKEN ACTION TO DECREASE COSTS BY NEARLY $40 MILLION IN 2020

* GNC HOLDINGS - CONTINUE TO EVALUATE ALL STRATEGIC ALTERNATIVES TO ADDRESS UPCOMING DEBT MATURITIES, INCLUDING REFINANCING AND RESTRUCTURING OPTIONS

* ABOUT 1,300, OR 40% OF U.S. AND CANADA COMPANY-OWNED AND FRANCHISE RETAIL STORES WERE CLOSED AS OF MAY 6, 2020 DUE TO COVID-19

* IS IN PROCESS OF REVIEWING A RANGE OF REFINANCING OPTIONS TO REFINANCE COMPANY’S OUTSTANDING INDEBTEDNESS

* WITHHELD RENT AND OTHER OCCUPANCY PAYMENTS OF APPROXIMATELY $19 MILLION IN APRIL 2020 AND APPROXIMATELY $16 MILLION IN MAY 2020 Source text for Eikon: Further company coverage:

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