Updated from 10:12 a.m. EDT.

NEW YORK (TheStreet) -- Shares of GNC (GNC) - Get Report were slumping 22.85% to $15.74 on heavy trading volume mid-Thursday afternoon after the vitamins retailer reported lower-than-expected earnings and revenue for the 2016 third quarter.

Before today's market open, the Pittsburgh-based company posted adjusted earnings of 59 cents per diluted share, below analysts' estimates of 71 cents per share.

Revenue slid 8.1% year-over-year to $628 million and missed Wall Street's projections of $651.3 million.

Same-store sales for domestic company-owned stores, including e-commerce sales, fell 8.5% in the quarter. 

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"Our results for the quarter fell short of our expectations, but we have been moving quickly to address the key issues that are critical to returning GNC to growth," Interim CEO Robert Moran said in a company statement.

By mid-afternoon Thursday, more than 12.65 million GNC shares have traded hands vs. the 30-day average of 1.81 million.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C.

The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.

You can view the full analysis from the report here: GNC

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