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GNC shares tumble as weaker-than-expected earnings offset news of IVC venture

GNC Holdings Inc. shares slid about 14% Tuesday, after the vitamin and dietary supplement retailer posted weaker-than-expected earnings for the fourth quarter, offsetting news of a partnership that will garner it about $176 million.

Pittsburgh-based GNC GNC, -13.19% said it had net income of $58.8 million, or 62 cents a share, in the fourth quarter, after a loss of $212.7 million, or $3.03 a share, in the year-earlier period, when it booked impairment charges.

The 2018 fourth quarter included a roughly $89 million gain on forward contracts for the issuance of convertible preferred stock, in connection with a $300 million investment by China’s Harbin Pharmaceutical Group Co.

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