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
Management will host a conference call to discuss its fiscal fourth quarter 2012 results at 8:30 a.m. Eastern Time (ET) today. Interested investors and other parties may listen to the simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.vitaminshoppe.com. The online replay will be available immediately following the call. A telephonic replay will also be available beginning at 11:30 a.m. ET and can be accessed by dialing 1-877-870-5176 or for international callers, 1-858-384-5517. The passcode for the replay is 2538074. The replay will be available until 11:59 p.m. ET on March 5, 2013.
About the Vitamin Shoppe, Inc. (NYSE:VSI) Vitamin Shoppe is a leading specialty retailer and direct marketer of nutritional products based in North Bergen, New Jersey. The company sells vitamins, minerals, nutritional supplements, herbs, sports nutrition formulas, homeopathic remedies, green living products, and health and beauty aids to customers located primarily in the United States. The company carries national brand products as well as exclusive products under the Vitamin Shoppe, BodyTech and True Athlete proprietary brands. The Vitamin Shoppe conducts business through more than 580 company-operated Vitamin Shoppe retail stores, national mail order catalogs, and website, www.VitaminShoppe.com and 31 Super Supplements stores in the Pacific Northwest. Follow The Vitamin Shoppe on Facebook at http://www.facebook.com/THEVITAMINSHOPPE and on Twitter at http://twitter.com/VitaminShoppe.
Forward Looking Statement Certain statements in this press release are "forward-looking statements." Such forward-looking statements reflect the Company's current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including, the risk that the operations of Super Supplements will not be integrated successfully, the strength of the economy, changes in the overall level of consumer spending, the performance of the Company's products within the prevailing retail environment, trade restrictions, availability of suitable store locations at appropriate terms and other factors which are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and in all filings with the Securities and Exchange Commission made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.
TABLE 1
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share and per share data)
(unaudited)
Three Months Ended
Fiscal Year Ended
December 29,
December 31,
December 29,
December 31,
2012
2011
2012
2011
(13 Weeks)
(14 Weeks)
(52 Weeks)
(53 Weeks)
Net sales
$ 218,876
$ 214,856
$ 950,902
$ 856,586
Cost of goods sold
142,485
140,328
617,920
563,627
Gross profit
76,391
74,528
332,982
292,959
Selling, general and administrative expenses
59,920
56,543
233,610
216,125
Income from operations
16,471
17,985
99,372
76,834
Loss on extinguishment of debt
83
635
Interest expense, net
124
249
659
2,325
Income before provision for income taxes
16,347
17,653
98,713
73,874
Provision for income taxes
6,669
8,241
37,888
29,010
Net income
$ 9,678
$ 9,412
$ 60,825
$ 44,864
Weighted average common shares outstanding
Basic
29,893,361
28,984,731
29,473,711
28,802,103
Diluted
30,460,739
29,697,814
30,110,237
29,556,024
Net income per common share
Basic
$ 0.32
$ 0.32
$ 2.06
$ 1.56
Diluted
$ 0.32
$ 0.32
$ 2.02
$ 1.52
TABLE 2
VITAMIN SHOPPE, INC. AND SUBSIDIARY
SEGMENT DATA, KEY PERFORMANCE INDICATORS AND STORE INFO
($ in thousands)
(Unaudited)
Three Months Ended
Fiscal Year Ended
December 29,
December 31,
December 29,
December 31,
2012
2011
2012
2011
(13 Weeks)
(14 Weeks)
(52 Weeks)
(53 Weeks)
Sales:
Retail
$ 194,532
$ 191,501
$ 849,765
$ 765,925
Direct
24,344
23,355
101,137
90,661
Net sales
$ 218,876
$ 214,856
$ 950,902
$ 856,586
Income from operations:
Retail
$ 37,076
$ 36,895
$ 173,300
$ 147,023
Direct
4,230
4,330
19,588
16,705
Corporate costs
(24,835)
(23,240)
(93,516)
(86,894)
Income from operations
$ 16,471
$ 17,985
$ 99,372
$ 76,834
Increase in comparable store net sales (a)
5.2%
6.5%
8.2%
7.4%
Depreciation and Amortization
$ 6,537
$ 5,395
$ 23,076
$ 20,300
Impairment charge on fixed assets
-
236
730
887
Impairment charge on intangible assets
-
325
-
325
Amortization of deferred financing fees
27
90
258
372
Capital Expenditures
$ 12,150
$ 9,876
$ 30,775
$ 25,046
Gross profit as a percent of net sales
34.9%
34.7%
35.0%
34.2%
Income from operations as a percent of net sales
7.5%
8.4%
10.5%
9.0%
Store Data:
Stores open at beginning of period
564
515
528
484
Stores opened
15
14
54
48
Stores closed
–
(1)
(3)
(4)
Stores open at end of period
579
528
579
528
(a) Comparable store net sales are based on a 13-week quarter and a 52-week year.
TABLE 3
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - ADJUSTED
($ in thousands, except share and per share data)
(unaudited)
Three Months Ended December 29, 2012
As Reported
Super
Storm Sandy Impact
Start-up Costs
Acquisition Costs
As Adjusted
Net sales
$ 218,876
$ 3,015
$ (10)
$ -
$ 221,881
Income from operations
16,471
2,055
387
1,281
20,194
Net income
9,678
1,239
387
772
12,076
Net income per share - Diluted
$ 0.32
$ 0.04
$ 0.01
$ 0.03
$ 0.40
Three Months Ended December 31, 2011
As Reported
Impact of 14th Week
Store Closing Expenses
Impairments
Income Tax Adjustments
As Adjusted
Net sales
$ 214,856
$ (15,557)
$ -
$ -
$ -
$ 199,299
Income from operations
17,985
(3,532)
732
560
-
15,745
Net income
9,412
(2,129)
440
336
1,249
9,308
Net income per share - Diluted
$ 0.32
$ (0.07)
$ 0.01
$ 0.01
$ 0.04
$ 0.31
TABLE 4
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - ADJUSTED
($ in thousands, except share and per share data)
(unaudited)
Fiscal Year Ended December 29, 2012
As Reported
Super Storm Sandy
Impact
Start-up Costs
Acquisition Costs
As Adjusted
Net sales
$ 950,902
$ 3,015
$ (10)
$ -
$ 953,907
Income from operations
99,372
2,055
797
1,281
103,505
Net income
60,825
1,239
797
772
63,633
Net income per share - Diluted
$ 2.02
$ 0.04
$ 0.03
$ 0.03
$ 2.11
Fiscal Year Ended December 31, 2011
As Reported
Impact of 53rd Week
Non-income Based Tax Adjustment
Store Closing Expenses
Impairments
Income Tax Adjustments
As Adjusted
Net sales
$ 856,586
$ (15,557)
$ -
$ -
$ -
$ -
$ 841,029
Income from operations
76,834
(3,532)
3,721
732
1,212
-
78,967
Net income
44,864
(2,129)
2,251
440
727
(245)
45,908
Net income per share - Diluted
$ 1.52
$ (0.07)
$ 0.08
$ 0.01
$ 0.02
$ (0.01)
$ 1.55
TABLE 5
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share data)
(Unaudited)
December 29,
December 31,
2012
2011
ASSETS
Current assets:
Cash and cash equivalents
$ 81,168
$ 10,754
Inventories
137,693
121,494
Prepaid expenses and other current assets
14,572
15,130
Deferred income taxes
7,904
2,863
Total current assets
241,337
150,241
Property and equipment, net
95,401
88,677
Goodwill
177,248
177,248
Other intangibles, net
69,116
68,852
Other long-term assets
3,183
2,812
Total assets
$ 586,285
$ 487,830
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease obligations
$ 88
$ 956
Accounts payable
22,445
21,416
Deferred sales
20,912
18,859
Accrued expenses and other current liabilities
44,439
39,667
Total current liabilities
87,884
80,898
Capital lease obligations, net of current portion
80
-
Deferred income taxes
13,011
13,725
Deferred rent
30,150
28,738
Other long-term liabilities
7,742
8,666
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 250,000,000 shares authorized and no shares issued and outstanding
at December 29, 2012 and December 31, 2011
-
-
Common stock, $0.01 par value; 400,000,000 shares authorized, 30,170,627 shares issued and outstanding
at December 29, 2012, and 29,216,888 shares issued and outstanding at December 31, 2011
Press Release $VSI Vitamin Shoppe, Inc.
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:
2013 Outlook
For the current year management expects:
Webcast
Management will host a conference call to discuss its fiscal fourth quarter 2012 results at 8:30 a.m. Eastern Time (ET) today. Interested investors and other parties may listen to the simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.vitaminshoppe.com. The online replay will be available immediately following the call. A telephonic replay will also be available beginning at 11:30 a.m. ET and can be accessed by dialing 1-877-870-5176 or for international callers, 1-858-384-5517. The passcode for the replay is 2538074. The replay will be available until 11:59 p.m. ET on March 5, 2013.
About the Vitamin Shoppe, Inc. (NYSE:VSI)
Vitamin Shoppe is a leading specialty retailer and direct marketer of nutritional products based in North Bergen, New Jersey. The company sells vitamins, minerals, nutritional supplements, herbs, sports nutrition formulas, homeopathic remedies, green living products, and health and beauty aids to customers located primarily in the United States. The company carries national brand products as well as exclusive products under the Vitamin Shoppe, BodyTech and True Athlete proprietary brands. The Vitamin Shoppe conducts business through more than 580 company-operated Vitamin Shoppe retail stores, national mail order catalogs, and website, www.VitaminShoppe.com and 31 Super Supplements stores in the Pacific Northwest. Follow The Vitamin Shoppe on Facebook at http://www.facebook.com/THEVITAMINSHOPPE and on Twitter at http://twitter.com/VitaminShoppe.
Forward Looking Statement
Certain statements in this press release are "forward-looking statements." Such forward-looking statements reflect the Company's current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including, the risk that the operations of Super Supplements will not be integrated successfully, the strength of the economy, changes in the overall level of consumer spending, the performance of the Company's products within the prevailing retail environment, trade restrictions, availability of suitable store locations at appropriate terms and other factors which are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and in all filings with the Securities and Exchange Commission made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.
TABLE 1
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share and per share data)
(unaudited)
Three Months Ended
Fiscal Year Ended
December 29,
December 31,
December 29,
December 31,
2012
2011
2012
2011
(13 Weeks)
(14 Weeks)
(52 Weeks)
(53 Weeks)
Net sales
$ 218,876
$ 214,856
$ 950,902
$ 856,586
Cost of goods sold
142,485
140,328
617,920
563,627
Gross profit
76,391
74,528
332,982
292,959
Selling, general and administrative expenses
59,920
56,543
233,610
216,125
Income from operations
16,471
17,985
99,372
76,834
Loss on extinguishment of debt
83
635
Interest expense, net
124
249
659
2,325
Income before provision for income taxes
16,347
17,653
98,713
73,874
Provision for income taxes
6,669
8,241
37,888
29,010
Net income
$ 9,678
$ 9,412
$ 60,825
$ 44,864
Weighted average common shares outstanding
Basic
29,893,361
28,984,731
29,473,711
28,802,103
Diluted
30,460,739
29,697,814
30,110,237
29,556,024
Net income per common share
Basic
$ 0.32
$ 0.32
$ 2.06
$ 1.56
Diluted
$ 0.32
$ 0.32
$ 2.02
$ 1.52
TABLE 2
VITAMIN SHOPPE, INC. AND SUBSIDIARY
SEGMENT DATA, KEY PERFORMANCE INDICATORS AND STORE INFO
($ in thousands)
(Unaudited)
Three Months Ended
Fiscal Year Ended
December 29,
December 31,
December 29,
December 31,
2012
2011
2012
2011
(13 Weeks)
(14 Weeks)
(52 Weeks)
(53 Weeks)
Sales:
Retail
$ 194,532
$ 191,501
$ 849,765
$ 765,925
Direct
24,344
23,355
101,137
90,661
Net sales
$ 218,876
$ 214,856
$ 950,902
$ 856,586
Income from operations:
Retail
$ 37,076
$ 36,895
$ 173,300
$ 147,023
Direct
4,230
4,330
19,588
16,705
Corporate costs
(24,835)
(23,240)
(93,516)
(86,894)
Income from operations
$ 16,471
$ 17,985
$ 99,372
$ 76,834
Increase in comparable store net sales (a)
5.2%
6.5%
8.2%
7.4%
Depreciation and Amortization
$ 6,537
$ 5,395
$ 23,076
$ 20,300
Impairment charge on fixed assets
-
236
730
887
Impairment charge on intangible assets
-
325
-
325
Amortization of deferred financing fees
27
90
258
372
Capital Expenditures
$ 12,150
$ 9,876
$ 30,775
$ 25,046
Gross profit as a percent of net sales
34.9%
34.7%
35.0%
34.2%
Income from operations as a percent of net sales
7.5%
8.4%
10.5%
9.0%
Store Data:
Stores open at beginning of period
564
515
528
484
Stores opened
15
14
54
48
Stores closed
–
(1)
(3)
(4)
Stores open at end of period
579
528
579
528
(a) Comparable store net sales are based on a 13-week quarter and a 52-week year.
TABLE 3
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - ADJUSTED
($ in thousands, except share and per share data)
(unaudited)
Three Months Ended December 29, 2012
As
Reported
Super
Storm
Sandy Impact
Start-up
Costs
Acquisition
Costs
As
Adjusted
Net sales
$ 218,876
$ 3,015
$ (10)
$ -
$ 221,881
Income from operations
16,471
2,055
387
1,281
20,194
Net income
9,678
1,239
387
772
12,076
Net income per share - Diluted
$ 0.32
$ 0.04
$ 0.01
$ 0.03
$ 0.40
Three Months Ended December 31, 2011
As
Reported
Impact of
14th Week
Store Closing
Expenses
Impairments
Income Tax
Adjustments
As
Adjusted
Net sales
$ 214,856
$ (15,557)
$ -
$ -
$ -
$ 199,299
Income from operations
17,985
(3,532)
732
560
-
15,745
Net income
9,412
(2,129)
440
336
1,249
9,308
Net income per share - Diluted
$ 0.32
$ (0.07)
$ 0.01
$ 0.01
$ 0.04
$ 0.31
TABLE 4
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - ADJUSTED
($ in thousands, except share and per share data)
(unaudited)
Fiscal Year Ended December 29, 2012
As
Reported
Super Storm
Sandy
Impact
Start-up
Costs
Acquisition
Costs
As
Adjusted
Net sales
$ 950,902
$ 3,015
$ (10)
$ -
$ 953,907
Income from operations
99,372
2,055
797
1,281
103,505
Net income
60,825
1,239
797
772
63,633
Net income per share - Diluted
$ 2.02
$ 0.04
$ 0.03
$ 0.03
$ 2.11
Fiscal Year Ended December 31, 2011
As
Reported
Impact of
53rd Week
Non-income
Based Tax
Adjustment
Store
Closing
Expenses
Impairments
Income Tax
Adjustments
As
Adjusted
Net sales
$ 856,586
$ (15,557)
$ -
$ -
$ -
$ -
$ 841,029
Income from operations
76,834
(3,532)
3,721
732
1,212
-
78,967
Net income
44,864
(2,129)
2,251
440
727
(245)
45,908
Net income per share - Diluted
$ 1.52
$ (0.07)
$ 0.08
$ 0.01
$ 0.02
$ (0.01)
$ 1.55
TABLE 5
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share data)
(Unaudited)
December 29,
December 31,
2012
2011
ASSETS
Current assets:
Cash and cash equivalents
$ 81,168
$ 10,754
Inventories
137,693
121,494
Prepaid expenses and other current assets
14,572
15,130
Deferred income taxes
7,904
2,863
Total current assets
241,337
150,241
Property and equipment, net
95,401
88,677
Goodwill
177,248
177,248
Other intangibles, net
69,116
68,852
Other long-term assets
3,183
2,812
Total assets
$ 586,285
$ 487,830
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease obligations
$ 88
$ 956
Accounts payable
22,445
21,416
Deferred sales
20,912
18,859
Accrued expenses and other current liabilities
44,439
39,667
Total current liabilities
87,884
80,898
Capital lease obligations, net of current portion
80
-
Deferred income taxes
13,011
13,725
Deferred rent
30,150
28,738
Other long-term liabilities
7,742
8,666
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 250,000,000 shares authorized and no shares issued and outstanding
at December 29, 2012 and December 31, 2011
-
-
Common stock, $0.01 par value; 400,000,000 shares authorized, 30,170,627 shares issued and outstanding
at December 29, 2012, and 29,216,888 shares issued and outstanding at December 31, 2011
302
292
Additional paid-in capital
287,574
256,795
Accumulated other comprehensive income
1
-
Retained earnings
159,541
98,716
Total stockholders' equity
447,418
355,803
Total liabilities and stockholders' equity
$ 586,285
$ 487,830
SOURCE Vitamin Shoppe, Inc.