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Shares of retail health chain GNC (GNC) - Get GNC Holdings, Inc. Class A Report  fell Tuesday after the company posted weaker-than-expected earnings that offset the announcement of a new partnership with International Vitamin Corp. 

Fourth-quarter net income was $58.8 million, or 62 cents a share, vs. a year-earlier loss of $212.7 million, or $3.03 a share. On an adjusted basis, the company posted a loss of 13 cents a share vs EPS of 3 cents analysts surveyed by FactSet had been expecting.

Revenue fell to $547.9 million from $562.8 million, short of the FactSet consensus of $550 million.

"While fourth-quarter operating results were below our expectations, we recently achieved some major milestones in repositioning the company," CEO Ken Martindale said in a statement.

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One of the milestones included the concurrent announcement of its joint venture with Irvine, Calif.-based International Vitamin, which will net GNC approximately $176 million over the next four years.

As part of the deal, GNC said it will receive an aggregate $101 million in exchange for the net assets of International Vitamin's Nutra manufacturing plant and Anderson facility, and will retain an initial 43% in the venture.

GNC will then receive an additional $75 million over a four-year period, based on the venture's performance as International Vitamin's ownership stake rises to 100%, the company said.

Shares of GNC were down 9.8% to $2.93 on Tuesday.