Vitamin Shoppe Inc (VSI, Financial) filed Quarterly Report for the period ended 2012-09-29.
Vitamin Shoppe, Inc. has a market cap of $1.71 billion; its shares were traded at around $60.68 with a P/E ratio of 29.6 and P/S ratio of 2.
Cost of goods sold, which includes product, warehouse and distribution and occupancy costs, increased $52.1 million, or 12.3%, to $475.4 million for the nine months ended September 29, 2012 compared to $423.3 million for the nine months ended September 24, 2011. The dollar increase was primarily due to an increase in sales, as well as an increase in occupancy costs for the nine months ended September 29, 2012, as compared to the nine months ended September 24, 2011. Cost of goods sold as a percentage of net sales decreased to 64.9% for the nine months ended September 29, 2012, compared to 66.0% for the nine months ended September 24, 2011. This decrease was due to a decrease in occupancy costs of 0.7% as a percentage of net sales, a decrease in product costs of 0.2% as a percentage of net sales and a decrease in warehouse and distribution costs of 0.2% as a percentage of net sales. The decrease in occupancy costs as a percentage of net sales reflects the maturation of our newer stores as the increase in comparable store sales more than offsets the increase in our store occupancy costs.
Other selling, general and administrative expenses, which include depreciation and amortization expense, increased $5.8 million, or 6.5%, to $94.1 million for the nine months ended September 29, 2012 compared to $88.3 million for the nine months ended September 24, 2011. The dollar increase in other selling, general and administrative expenses was primarily due to increases in corporate payroll and stock compensation expense of $5.7 million, impairments and dispositions of fixed assets of $1.3 million and an increase in depreciation and amortization expense of $1.0 million in the nine months ended September 29, 2012 compared to the nine months ended September 24, 2011, partially offset by a $3.7 million charge for non-income based tax exposures during the nine months ended September 24, 2011. Other selling, general and administrative expenses as a percentage of net sales decreased to 12.8% for the nine months ended September 29, 2012 compared to 13.8% for the nine months ended September 24, 2011. The decrease as a percentage of sales was largely the result of the charge for non-income based taxes, which was approximately 0.6% as a percentage of net sales during the nine months ended September 24, 2011.
Income from operations for the retail segment increased $26.1 million, or 23.7%, to $136.2 million for the nine months ended September 29, 2012 compared to $110.1 million for the nine months ended September 24, 2011. Income from operations as a percentage of net sales for the retail segment increased to 20.8% for the nine months ended September 29, 2012 compared to 19.2% for the nine months ended September 24, 2011. The increase as a percentage of net sales was primarily due to a decrease in occupancy costs of 0.7% as a percentage of net sales and a decrease in general administrative expenses of 0.5% as a percentage of net sales. The decrease in occupancy costs as a percentage of net sales reflects the maturation of our newer stores as the increase in comparable sales more than offsets the increase in our store occupancy costs. The decrease in general administrative expenses as a percentage of net sales were largely the result of experiencing overall economies of scale with regards to these expenses relative to the increase in sales for the nine months ended September 29, 2012 as compared to the nine months ended September 24, 2011.
Corporate costs increased $5.0 million, or 7.9%, to $68.7 million during the nine months ended September 29, 2012 compared to $63.7 million for the nine months ended September 24, 2011. Corporate costs as a percentage of net sales decreased to 9.4% for the nine months ended September 29, 2012 compared to 9.9% for the nine months ended September 24, 2011. The dollar increase was primarily due to increases in corporate payroll and stock compensation expense of $5.7 million, impairments and dispositions of fixed assets of $1.3 million and an increase in depreciation and amortization expense of $1.0 million in the nine months ended September 29, 2012 compared to the nine months ended September 24, 2011, partially offset by a $3.7 million charge for non-income based tax exposures during the nine months ended September 24, 2011. The decrease as a percentage of sales was largely the result of the charge for non-income based taxes, which was approximately 0.6% as a percentage of net sales during the nine months ended September 24, 2011.
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Vitamin Shoppe, Inc. has a market cap of $1.71 billion; its shares were traded at around $60.68 with a P/E ratio of 29.6 and P/S ratio of 2.
Highlight of Business Operations:
Income from operations for the retail segment increased $8.6 million, or 25.5%, to $42.5 million for the three months ended September 29, 2012 compared to $33.9 million for the three months ended September 24, 2011. Income from operations as a percentage of net sales for the retail segment increased to 19.9% for the three months ended September 29, 2012 compared to 18.1% for the three months ended September 24, 2011. The increase as a percentage of net sales was primarily due to a decrease in occupancy costs of 0.7% as a percentage of net sales, a decrease in product costs of 0.6% as a percentage of net sales and a decrease in general administrative expenses of 0.5% as a percentage of net sales. The decrease in occupancy costs as a percentage of net sales reflects the maturation of our newer stores as the increase in comparable sales more than offsets the increase in our store occupancy costs. The decrease in product costs as a percentage of net sales was primarily due to effective inventory management and the timing of vendor allowances for new stores recognized during the three months ended September 29, 2012, as compared to the three months ended September 24, 2011. We anticipate the amortization of vendor allowances for new stores to decrease in the fiscal fourth quarter of 2012 as compared to the three months ended September 29, 2012. The decrease in general administrative expenses as a percentage of net sales were largely the result of experiencing overall economies of scale with regards to these expenses relative to the increase in sales for the three months ended September 29, 2012 as compared to the three months ended September 24, 2011.Cost of goods sold, which includes product, warehouse and distribution and occupancy costs, increased $52.1 million, or 12.3%, to $475.4 million for the nine months ended September 29, 2012 compared to $423.3 million for the nine months ended September 24, 2011. The dollar increase was primarily due to an increase in sales, as well as an increase in occupancy costs for the nine months ended September 29, 2012, as compared to the nine months ended September 24, 2011. Cost of goods sold as a percentage of net sales decreased to 64.9% for the nine months ended September 29, 2012, compared to 66.0% for the nine months ended September 24, 2011. This decrease was due to a decrease in occupancy costs of 0.7% as a percentage of net sales, a decrease in product costs of 0.2% as a percentage of net sales and a decrease in warehouse and distribution costs of 0.2% as a percentage of net sales. The decrease in occupancy costs as a percentage of net sales reflects the maturation of our newer stores as the increase in comparable store sales more than offsets the increase in our store occupancy costs.
Other selling, general and administrative expenses, which include depreciation and amortization expense, increased $5.8 million, or 6.5%, to $94.1 million for the nine months ended September 29, 2012 compared to $88.3 million for the nine months ended September 24, 2011. The dollar increase in other selling, general and administrative expenses was primarily due to increases in corporate payroll and stock compensation expense of $5.7 million, impairments and dispositions of fixed assets of $1.3 million and an increase in depreciation and amortization expense of $1.0 million in the nine months ended September 29, 2012 compared to the nine months ended September 24, 2011, partially offset by a $3.7 million charge for non-income based tax exposures during the nine months ended September 24, 2011. Other selling, general and administrative expenses as a percentage of net sales decreased to 12.8% for the nine months ended September 29, 2012 compared to 13.8% for the nine months ended September 24, 2011. The decrease as a percentage of sales was largely the result of the charge for non-income based taxes, which was approximately 0.6% as a percentage of net sales during the nine months ended September 24, 2011.
Income from operations for the retail segment increased $26.1 million, or 23.7%, to $136.2 million for the nine months ended September 29, 2012 compared to $110.1 million for the nine months ended September 24, 2011. Income from operations as a percentage of net sales for the retail segment increased to 20.8% for the nine months ended September 29, 2012 compared to 19.2% for the nine months ended September 24, 2011. The increase as a percentage of net sales was primarily due to a decrease in occupancy costs of 0.7% as a percentage of net sales and a decrease in general administrative expenses of 0.5% as a percentage of net sales. The decrease in occupancy costs as a percentage of net sales reflects the maturation of our newer stores as the increase in comparable sales more than offsets the increase in our store occupancy costs. The decrease in general administrative expenses as a percentage of net sales were largely the result of experiencing overall economies of scale with regards to these expenses relative to the increase in sales for the nine months ended September 29, 2012 as compared to the nine months ended September 24, 2011.
Corporate costs increased $5.0 million, or 7.9%, to $68.7 million during the nine months ended September 29, 2012 compared to $63.7 million for the nine months ended September 24, 2011. Corporate costs as a percentage of net sales decreased to 9.4% for the nine months ended September 29, 2012 compared to 9.9% for the nine months ended September 24, 2011. The dollar increase was primarily due to increases in corporate payroll and stock compensation expense of $5.7 million, impairments and dispositions of fixed assets of $1.3 million and an increase in depreciation and amortization expense of $1.0 million in the nine months ended September 29, 2012 compared to the nine months ended September 24, 2011, partially offset by a $3.7 million charge for non-income based tax exposures during the nine months ended September 24, 2011. The decrease as a percentage of sales was largely the result of the charge for non-income based taxes, which was approximately 0.6% as a percentage of net sales during the nine months ended September 24, 2011.
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