PITTSBURGH, Nov. 3, 2015 /PRNewswire/ -- GNC Holdings, Inc. (GNC
), a leading global specialty retailer of health and wellness products, today announced it has resumed open market share repurchases and expects to repurchase an additional $200 million in shares before the end of 2015.
Subject to the price and timing at which the shares are ultimately retired, the Company expects the share repurchases to result in an earnings impact of approximately $0.02 per share for 2015, and as a result has updated 2015 adjusted earnings per share guidance from approximately $2.85-$2.90 to approximately $2.87-$2.92.
The repurchases will be executed in the open market and will take place as part of the Company's existing share repurchase authorization. As a result of the increased share repurchase activity, the Company expects to exceed its previously announced targeted leverage ratio range of 3.2 to 3.4 times adjusted net debt to EBITDAR.
CEO Mike Archbold said, "At current levels, we believe the share price does not reflect GNC's intrinsic value and, consistent with our stated objectives, believe now is an opportune time to increase our share repurchases."