GNC Holdings, Inc. (NYSE:GNC) fell Monday after the company reported downbeat earnings for its third quarter on Friday.
The Pittsburgh-based company reported consolidated revenue of $580.2 million in the third quarter of 2018, compared with consolidated revenue of $613.0 million in the third quarter of 2017. Revenue in the prior year quarter included $20.8 million related to Lucky Vitamin, which was sold on September 30, 2017.
Same store sales decreased 2.1% in domestic company-owned stores (including GNC.com) in the third quarter of 2018. Excluding the impact of higher loyalty points redemption in the current quarter compared with the prior year quarter as the program matures, same store sales decreased 1.3%. In domestic franchise locations, same store sales decreased 4.1%.
For the third quarter of 2018, GNC reported a net loss of $8.6 million compared with net income of $21.1 million in the prior year quarter.
Diluted loss per share was $0.10 in the current quarter compared with diluted earnings per share of $0.31 in the prior year quarter.
Excluding the non-cash long-lived asset impairment and other store closing charges of $14.6 million in the current quarter and other expenses outlined in the table below, adjusted net income was $2.1 million in the current quarter compared with adjusted net income of $21.8 million in the prior year quarter, and adjusted EPS was $0.02 in the current quarter compared with $0.32 in the prior year quarter.
GNC shares tumbled 77 cents, or 18.3%, late in the day Monday, to $3.44.
