GNC shares plunged nearly 30 percent on Thursday after the company reported first quarter earnings below analysts' forecasts and warned full year profits would also be lower than expected.
The health and wellness retailer reported adjusted first quarter earnings of 69 cents per share on revenue of about $669 million. Analysts had expected GNC to report earnings of about 76 cents per share on $668 million in revenue, according to a consensus estimate from Thomson Reuters.
Same-store sales in U.S. company-owned stores and online decreased about 3 percent in the first quarter, while same-store sales at franchise locations dropped near 6 percent. The company also said it would sell 84 locations to Sun Holdings, a GNC franchisee partner.