GNC GNC Holdings Inc

GNC Holdings Inc. replaced its chief executive on Thursday and suspended its earnings guidance as the health and wellness retailer works to turn itself around and continues its strategic review that could result in a sale of the company.

GNC said Chief Executive Mike Archbold is leaving the company and has resigned from its board of directors.

"As we continue the strategic review process and move with urgency to improve performance, the board believes it is the right time to undertake this change to drive effective execution of our plans," GNC Chairman Michael Hines said.

Robert Moran, current director of GNC and former Chief Executive of PetSmart Inc., will take over as interim chief executive.

The company also reported quarterly results, with same-store sales continuing their decline. Same-store sales in U.S. company-owned stores and online decreased 3.7% in the first quarter, while same-store sales at franchise locations fell 6.6%.

"Our results for the quarter were disappointing," Mr. Moran said.

Retail sales in U.S. and Canada dropped 2% and manufacturing and wholesale sales dropped 10%. Domestic franchise revenue fell 2.1%.

In all, the company reported quarterly earnings of $64 million, down from $67.4 million a year prior. On a per-share basis, earnings rose to 94 cents from 79 cents as the number of shares outstanding fell 20%. Revenue fell 2.4% to $673.2 million.

Analysts polled by Thomson Reuters had expected earnings of 78 cents a share on $670.4 million in revenue.

GNC had more than 9,000 global locations, including 3,506 company-owned locations in the U.S. and 1,163 U.S. franchises.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

July 28, 2016 09:05 ET (13:05 GMT)

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