GNC Holdings Inc (GNC) Takes a Hit After Q4 Earnings Miss
GNC Holdings Inc (NYSE: GNC ) stock was down on Thursday following the release of its earnings report for the fourth quarter of 2016.
GNC Holdings Inc reported revenue of $569.93 million during the fourth quarter of the year. This is an increase over its revenue of $629.11 million that was reported in the fourth quarter of 2015. However, it didn't meet the revenue estimate of $571.01 million that analysts were looking for in the fourth quarter of 2016.
GNC Holdings Inc also notes that its same store sales in the fourth quarter of 2016 were down by 12%. The company says that same store sales at its domestic franchise locations were down by 6% during the fourth quarter of 2016.
Net loss reported by GNC Holdings Inc in the fourth quarter of 2016 was $433.45 million. The specialty retailer that focuses on health and wellness products reported net income of $42.92 million during the same period of the year prior.
GNC Holdings Inc has also announced that it is suspending its quarterly dividend. The company typically pays out a dividend of 20 cents per share to investors. However, it plans to use money from this to help pay down some of its debt.
GNC stock was down 10% as of Thursday morning and is down 31% year-to-date.
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