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Vitamin Shoppe, Inc. Announces Fiscal Fourth Quarter and Year End 2009 Results
- Comparable store sales growth of 7.0% for the fiscal fourth quarter 2009 versus the same quarter last year; net sales up 13.5%
- Income from operations increased 17.8%
- Operated 438 stores versus 401 stores compared to the prior year
- Completion of tender offer for $44.9 million of outstanding floating rate notes in the fourth quarter
NORTH BERGEN, N.J., Feb. 17 /PRNewswire-FirstCall/ Vitamin Shoppe, Inc. (NYSE: VSI), a leading specialty retailer and direct marketer of nutritional products, today announced its preliminary (unaudited) results for its fiscal fourth quarter and year ended December 26, 2009.
We are pleased to post record results in our business for the fourth quarter and the 2009 fiscal year, said Rick Markee, Chairman and Chief Executive Officer of Vitamin Shoppe, Inc. Vitamin Shoppes comparable store sales increased 7.0%, making this our 17th consecutive quarter of comparable same-store sales growth. Vitamin Shoppe continues to demonstrate its ability to grow both sales and net income amidst broader economic conditions that remain challenging.
Fiscal Fourth Quarter 2009 Results
Net sales increased $19.3 million, or 13.5%, to $162.4 million for the three months ended December 26, 2009, compared with $143.1 million for the three months ended December 27, 2008. The increase was primarily the result of an increase in comparable store sales, new sales from non-comparable stores and a slight increase in direct sales.
The Company operated 438 stores as of December 26, 2009 compared with 401 stores as of December 27, 2008. Overall store sales for the three months ended December 26, 2009 rose due to an increase in non-comparable store sales of $10.5 million and an increase in comparable store sales of $8.6 million, or 7.0%.
Cost of goods sold, which includes product, warehouse and distribution and occupancy costs, increased $13.4 million, or 13.8%, to $110.6 million for the three months ended December 26, 2009 compared with $97.2 million for the three months ended December 27, 2008. The increase was primarily due to an increase in product costs and occupancy costs for the quarter ended December 26, 2009, as compared with the quarter ended December 27, 2008.
Gross profit increased $5.9 million, or 12.8%, to $51.8 million for the three months ended December 26, 2009, compared with $45.9 million for the three months ended December 27, 2008. Gross profit as a percentage of sales was 31.9% for the quarter ended December 26, 2009, compared with 32.1% for the comparable prior year period. The change in gross margin reflects reduced vendor incentives associated with the reduced number of new stores opened in the fourth quarter of 2009 compared with 2008.
The following information was filed by Vitamin Shoppe, Inc. (VSI) on Wednesday, February 17, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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