Friday, July 29, 2016

GNC shares plunge after CEO resigns and company suspends earnings guidance

Pedestrians walk by a GNC store in New York.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 In U.S. franchise locations, same-store sales dropped 6.6 percent in the quarter.. . . more

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