Vitamin Shoppe, Inc. (VSI) 10-Q Quarterly Report May 2019

SECAUCUS, N.J. May 8, 2019 -- Vitamin Shoppe, Inc. (NYSE: VSI), an omni-channel, specialty retailer of nutritional products, today announced preliminary results for the three months ended March 30, 2019. Reported net earnings per share (EPS) from continuing operations in first quarter 2019 was $0.15, compared to EPS from continuing operations of $0.41 in the same period of the prior year. Excluding special items in both first quarter 2019 and first quarter 2018 as shown in Table 4 at the end of this press release, EPS from continuing operations was $0.21 in first quarter 2019 compared with $0.10 in first quarter 2018.

Commenting on the quarter’s results, Sharon Leite, Chief Executive Officer stated, “Our first quarter results were in line with our expectations and reflect continued progress on executing our reinvention plan and re-building our business. During the quarter, we made significant progress across a number of initiatives to better position the Vitamin Shoppe in the second half of the year and beyond. Importantly, we are encouraged by the progress we are making on our strategic initiatives, growing our private brands business, expanding into a wholesale model, improving our execution while reducing our costs.”

“With our new leadership team in place, we are taking bold steps to meet our customers’ needs and accelerating our strategic initiatives to realize our most attractive opportunities. We remain focused on driving efficiencies through productivity and making disciplined investment decisions to drive growth. While there is still more work to do, we remain confident that we have the right plans in place and are committed to advancing our strategy to regain top-line growth and grow profitability. As we continue our turnaround efforts, we remain focused on delivering our full-year outlook,” concluded Ms. Leite.

First Quarter 2019 Results

Total sales of $283.3 million in the quarter were 4.3% lower than the same period of the prior year. Total comparable sales were down 3.5% in the quarter. The Company closed five stores in the quarter and did not open any new ones.

Cost of goods sold, which includes product, distribution and store occupancy costs, were $188.5 million, 7.1% lower than the same period of the prior year, primarily attributable to product margin improvement. First quarter 2018 included $1.7 million in net expenses related to the closure of the New Jersey distribution center.

The following information was filed by Vitamin Shoppe, Inc. (VSI) on Wednesday, May 8, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Vitamin Shoppe, Inc.'s 10-Q Quarterly Report:

Financial - Earnings Highlight
A reconciliation of net income from continuing operations to EBITDA and Adjusted EBITDA is as follows (in thousands): (a) Costs related to management turnover, including severance charges and related professional fees.

Financial - Expense Highlight
Advertising and promotion expenses increased primarily due to higher digital advertising expenditures and costs related to the enhanced loyalty program.
Other - Other Highlight
The $14.8 million increase in cash provided by financing activities is primarily due to the Company's repurchases of Convertible Notes for $34.0 million partially offset by net borrowings on the Revolving Credit Facility of $23.0 million during the three months ended March 31, 2018.
Other - Other Highlight
We continue to focus on improving the customer experience through the roll-out of initiatives including increasing customer engagement and personalization, redesigning the omni-channel experience (including in stores as well as through the internet and mobile devices), growing our private brands and improving the effectiveness of pricing and promotions.
Other - Other Highlight
Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies, even in the same industry, may define Adjusted EBITDA differently than we do.
Financial - Expense
Additionally, we may experience increased...Read more
Legal - Other
For example, our industry is...Read more
Financial - Expense
Interest expense, net decreased $1.4...Read more
Mgmt Change - Other
As a result, it may...Read more
Revenue - Product
The following tables summarize our...Read more
Other - Other
Currently, the Company?s cash management...Read more
Other - Other
(c) Gain recognized on the...Read more
Other - Other
We understand that investors use...Read more
Financial - Cash Flow
The $17.9 million decrease in...Read more
Financial - Cash Flow
The $2.3 million decrease in...Read more
Other - Other
We believe our product offering...Read more
Other - Other
Using several measures to evaluate...Read more
Other - Other
We believe Adjusted EBITDA is...Read more
Other - Other
As part of this strategy,...Read more
Financial - Expense
Store payroll and benefits decreased...Read more
Other - Other
As of March 30, 2019,...Read more
Financial - Expense
Interest expense, net includes interest...Read more
Other - Other
We market approximately 700 nationally...Read more
Revenue - Product
We do not believe that...Read more
Other - Other
The effective tax rate for...Read more
Financial - Income
In addition, we believe that...Read more
Financial - Expense
We believe that the cash...Read more
Revenue - Product
We use a number of...Read more
Other - Other
During the three months ended...Read more
Financial - Expense
Store occupancy costs include rent,...Read more
Financial - Expense
(e) Costs related to the...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Vitamin Shoppe, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: VSI
CIK: 1360530
Form Type: 10-Q Quarterly Report
Accession Number: 0001360530-19-000029
Submitted to the SEC: Wed May 08 2019 12:25:20 PM EST
Accepted by the SEC: Wed May 08 2019
Period: Saturday, March 30, 2019
Industry: Retail Food Stores

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Vitamin Shoppe, Inc. (VSI) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 30, 2019

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