GNC - GNC: A Sense Of Deja Vu

GNC (GNC) has been an infrequent subject of our attention over the last several months as the company has performed much as we expected although the transitory financial impacts of corporate dispositions and restructurings have muddied the fiscal waters. The company’s third quarter results included no real surprises other than slightly weaker than expected same store sales performance for the year to date and somewhat better than anticipated operating margins. Arguably, the only surprise was that management did not appear to make any outlandish financial commitments or projections which it would almost certainly