UPDATE 1-Vitamin Shoppe Q2 results beat Wall Street, shares rise

Thu Jul 22, 2010 11:45am EDT

* Q2 adj EPS $0.29 vs est. $0.26

* Q2 sales up 12 pct, beat Street view

* Plans to open about 46 new stores in 2010

* Sees H2 comp sales growth in mid-single digits

* Shares rise as much as 10 pct

July 22 (Reuters) - Health supplement retailer Vitamin Shoppe Inc's (VSI.N) second-quarter results beat Wall Street estimates, helped by robust same-store sales growth, sending its shares up as much as 10 percent.

The company, which went public in October last year, sees comparable sales growth in the mid-single digits for the remainder of the year and plans to open about 46 new stores this year, up from an earlier forecast of 42.

Vitamin Shoppe's quarterly net income jumped 74 percent to $7.3 million, or 26 cents a share, from $4.2 million, 10 cents a share, a year earlier. [ID:nASA00JOO ]

Excluding items, the company earned 29 cents a share.

Net sales rose 12 percent to $192.2 million, lifted by a nine percent jump in same-store sales, strong performance at new stores, and a five percent increase in direct sales from the company's online business during the quarter.

Analysts were looking for earnings of 26 cents a share, on revenue of $189.3 million, according to Thomson Reuters I/B/E/S.

Shares of the North Bergen, New Jersey-based company touched a high of $27.11, but shed part of the gains to trade up $2 at $26.70 Thursday morning on the New York Stock Exchange. (Reporting by Shradhha Sharma in Bangalore; Editing by Vyas Mohan)

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