Shares of GNC dropped 25 percent Thursday, after the nutritional supplement company announced CEO Michael Archbold will step down. Pittsburgh-based GNC also suspended its earnings guidance for fiscal 2016.
The news followed a poor showing for the retailer's same-store sales, a key metric that indicates the health of existing, stable stores. The company reported a 3.7 percent slide in same-store sales for domestic company-owned stores, which includes online sales from GNC.com. In U.S. franchise locations, same-store sales dropped 6.6 percent in the quarter.. . . more