Vitamin Shoppe nearly doubles net income
This article was originally published in The Tan Sheet
Executive SummaryFirst-quarter net sales reach $191.6 million, up 11 percent, helping Vitamin Shoppe increase its net income 91.3 percent to $8.7 million. Diluted net income per share grew to 31 cents from 12 cents over first quarter 2009, Vitamin Shoppe said April 21. The North Bergen, N.J.-based company reported comparable same-store sales grew 6.2 percent, or $9.3 million, in the three months ended March 27, marking the 18 consecutive quarter of growth by that measure. Vitamin Shoppe, with 453 current locations, opened 16 stores in the January-March period and projects 42 total openings in 2010. Executive VP and Chief Financial Officer Michael Archbold said during a same-day earnings call that the firm projects mid-single-digit growth for comp-store sales for the year, with an expected degree of cannibalization as new locations open
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