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Vitamin Shoppe, Inc. Message Board

  • bluecheese4u bluecheese4u Feb 26, 2013 10:44 AM Flag

    Vitamin Shoppe, Inc. Announces Fourth Quarter and Full Year 2012 Results

    Vitamin Shoppe, Inc. Announces Fourth Quarter and Full Year 2012 Results

    NORTH BERGEN, N.J., Feb. 26, 2013 /PRNewswire/ --
    4Q12 Highlights:
    - 4Q12 Comparable store sales grew 5.2%, includes an estimated 1.6% negative impact from Superstorm Sandy
    - E-commerce revenues increased 13.4% on a comparable basis, 6th consecutive quarter of double-digit growth
    - Fully diluted EPS of $0.32, includes impact from Superstorm Sandy and acquisition and start-up costs
    - Opened 13 new stores in the U.S.
    - Opened first 2 stores in Canada
    Vitamin Shoppe, Inc. (NYSE: VSI), a leading specialty retailer and direct marketer of nutritional products, today announced preliminary results for its fiscal fourth quarter ended December 29, 2012. Fiscal fourth quarter 2012 was a 13-week quarter while fiscal fourth quarter 2011 was 14 weeks. On a reported basis, net income per diluted share for fiscal fourth quarter 2012 was $0.32. This includes an estimated negative $0.08 per share impact resulting from Superstorm Sandy, the Super Supplements acquisition and Canadian start-up costs. (See Table 3.)
    Tony Truesdale, Chief Executive Officer of the Company commented, "I am very pleased that we delivered another quarter and year of strong growth despite the challenges of Superstorm Sandy that we faced in the fourth quarter. Our brand and commitment to customer service, whether it is in the stores or on our website, is resonating with consumers. I am pleased that we have delivered positive comparable store sales for 29 consecutive quarters and 19 consecutive years. This performance is a testament to all the hard work and dedication that everyone at the Vitamin Shoppe puts forth every day and I would like to thank every one of them for making these achievements possible."
    Mr. Truesdale further commented, "Our performance in 2012 reflects the strength of our business model and our improving financial position provides the necessary resources to fund our growth. Initiatives undertaken in the past year, including accelerating new product development, improving our customers online shopping experience, testing small market stores and opening our first stores in Canada have positioned us well for long-term sustainable growth."
    Fiscal Fourth Quarter 2012 Results
    Net sales in fiscal fourth quarter 2012 were $218.9 million compared to $214.9 million in the same period of the prior year. Sales growth in the quarter was driven by: 1) a 5.2% increase in comparable sales, 2) growth from new stores, and, 3) a 13.4% increase in ecommerce sales. Sales growth was partially offset by the impact of Superstorm Sandy which negatively impacted comparable sales by 1.6%. When compared with the same period in the prior year, fiscal fourth quarter 2012 had one less selling week. As reported last year, the extra week in fiscal fourth quarter 2011 contributed $15.6 million in revenue.
    The Company opened 15 stores in the quarter and 54 for the full year. Total store count was 579 as of December 29, 2012, compared with 528 on December 31, 2011 and included the first two stores in Canada.
    Cost of goods sold, which includes product, warehouse, distribution and occupancy costs, increased $2.2 million, or 1.5%, to $142.5 million for the three months ended December 29, 2012, compared with $140.3 million for the three months ended December 31, 2011.
    Gross profit increased $1.9 million, or 2.5%, to $76.4 million for the fiscal 2012 fourth quarter, compared with $74.5 million for fiscal fourth quarter 2011. Gross profit as a percentage of net sales was 34.9% for the quarter ended December 29, 2012, up from 34.7% in fiscal fourth quarter 2011.
    Selling, general and administrative expenses (SG&A), including operating payroll and related benefits, advertising and promotion expense, depreciation and amortization, and other SG&A, increased $3.4 million, or 6.0%, to $59.9 million for the quarter ended December 29, 2012, compared with $56.5 million for the quarter ended December 31, 2011. SG&A as a percentage of net sales were 27.4% for the quarter ended December 29, 2012. SG&A includes transaction related expenses for the Super Supplements acquisition of $1.3 million and Canadian start-up costs of approximately $0.4 million. SG&A expenses in fourth quarter 2011 include store closing and impairment expenses of $1.3 million. (See Table 3.) Adjusted SG&A as a percentage of net sales was 26.1% up from an adjusted 25.9% in fiscal fourth quarter 2011. This increase was primarily due to higher depreciation and amortization expenses.
    Income from operations in fiscal fourth quarter 2012 was $16.5 million compared to $18.0 million in fiscal fourth quarter 2011. Income from operations for the quarter ended December 31, 2011, included $3.5 million attributable to the extra week. As a percentage of net sales, income from operations was 7.5% for the fiscal 2012 fourth quarter, compared with 8.4% for fiscal fourth quarter 2011. Adjusted operating margin was 9.1% in fiscal 4Q12 and 7.9% in fiscal 4Q11. (See Table 3.)
    Net income was $9.7 million for fiscal fourth quarter 2012, compared with $9.4 million for fiscal fourth quarter 2011. Adjusted net income in fiscal fourth quarter 2012 was $12.1 million compared to $9.3 million in the same period of the prior year. (See Table 3.) This was primarily attributable to stronger sales and margin improvement.
    Reported earnings per diluted share (EPS) were $0.32 in fiscal fourth quarter 2012. Adjusted EPS was $0.40 in fiscal fourth quarter 2012, compared with adjusted fourth quarter 2011 EPS of $0.31. (See Table 3.)
    Balance Sheet and Cash Flow
    Cash and equivalents at December 29, 2012 were $81 million, of which approximately $50 million was utilized in February of fiscal 2013 to complete the acquisition of Super Supplements. Capital expenditures were $12.2 million in the quarter and $30.8 million for the full year. Capital expenditures were used primarily for the build-out of new stores, improvements to existing stores, as well as computer equipment related to those stores. Additionally, approximately $5.0 million was expended in fiscal 2012 related to the new distribution center.
    Fiscal 2012 Highlights:
    Comparable store sales grew 8.2%, the highest annual level since 2003
    Net sales increased 11.0%
    Operating income rose 29.3%
    Operating margin of 10.5%
    Fully diluted EPS of $2.02
    Opened 54 stores during the year, including first two in Canada
    2013 Outlook
    For the current year management expects:
    Approximately 50 new stores
    Comparable store sales growth in mid-single digits for the year
    Capital expenditures of approximately $45 - $50 million, which includes capital for the new distribution center
    Depreciation & amortization of approximately $28 million which includes the additional depreciation from the Super Supplements acquisition. This figure is subject to change pending finalization of purchase accounting for the acquisition
    Super Supplements acquisition is expected to be dilutive to earnings per share by approximately $0.03, which includes transaction and integration costs
    Fully diluted shares outstanding of 30.7 million
    Webcast

    vitaminshoppeDOTcom/content/en/support/help/investorsDOTjsp

 
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