Vitamin Shoppe misses by $0.20, misses on revs; lowers FY17 guidance:
- Reports Q1 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.20 worse than the Capital IQ Consensus of $0.57; revenues fell 5.9% year/year to $316.9 mln vs the $325.71 mln Capital IQ Consensus.
- Total comparable sales were down 6.3% in the quarter reflecting a 5.8% decline in retail store comparablesales and a 9.1% decrease in vitaminshoppe.com comparable sales. The decrease in comparable sales was partially driven by a change in the Company's Healthy Awards program in first quarter 2016 from an annual redemption program to quarterly, estimated to have had a 2.5% negative impact. Manufacturing sales to Vitamin Shoppe increased 37.7%, while third party sales decreased 13.8% from the same period of the prior year. The Company opened six stores in the quarter, closed one and transformed three into the new brand defining format.
- Gross profit as a percentage of net sales was 31.2% in first quarter 2017, compared to 34.5% in the same period of 2016. The first quarter 2017 year over year decrease was primarily from deleverage in occupancy and supply chain due to lower sales, higher promotional activity and a weaker performance at Nutri-Force. This was partially offset by improvements in margin from favorable category and private brands mix shifts and lower costs through new vendor partnerships.
- Co lowers guidance for FY17, sees EPS of $1.50-1.75 (Previously guided for fully diluted earnings per share in the range of $1.95 - $2.20), excluding non-recurring items, vs. $2.04 Capital IQ Consensus Estimate; sees total comparable sales growth rate of negative low to mid single digit (Previously guided for total comparable sales growth flat to low single digit negative)
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