On Thursday, GNC Holdings Inc (NYSE: GNC) announced its financial results for the third quarter of 2017, with both earnings and revenues missing analysts’ estimates.
The company reported revenue of $609.5 million, dropping 2.9% compared with the results for the same period last year. The figure missed estimates of $616 million. The decrease in revenue was mainly due to lower sales in the U.S. & Canada and manufacturing/wholesale segments. In addition, same-store sales rose 1.3% for the third quarter.
Net income for the third quarter decreased from $32.4 million for the same period last year to $21.5 million. Adjusted earnings for the third quarter was $0.32 per share, which missed estimates of $0.33 per share.
“GNC made good progress in the third quarter, retuning to positive same store sales. Transactions, the e-commerce business and enrollment in our new loyalty programs continued to improve, and it is clear that our strengthened model is creating a solid foundation for growth,” Ken Martindale, the chief executive officer of GNC, said in the statement on Thursday.
“This year, the team laid a strong foundation for us to build upon. Going forward, we will continue to focus on growing sales and on giving customers innovative, highly differentiated products and experiences,” Ken added.
Shares of the company were down 6.16% to $7.62 per share in premarket trading Thursday.