* Q1 EPS $0.32 vs est $0.27 - Thomson Reuters I/B/E/S
* Q1 rev up 11 pct to $191.6 mln vs est $188.6 mln
* Says sees cannibalization on its store base
* Shares up as much as 6 pct
(Adds conference call and other details, updates stock
April 21 Health supplement retailer Vitamin
Shoppe Inc (VSI.N) posted better-than-expected quarterly
profit, helped by strong same-store sales and growth in its
direct business, sending its shares up as much as 6 percent to
Vitamin Shoppe plans to make $22 million of capital
expenditures in 2010 as it opens 42 more stores, and said it
sees cannibalization on its store base going forward.
Comparable sales guidance for the year reflects about 1
percent impact from that cannibalization, a company executive
said on a conference call with analysts.
The company expanded its senior credit facility by $20
million to $70 million. It also plans to redeem an additional
$25 million of floating rate notes, which would save $1 million
of interest expense annually.
Gross margins for the quarter rose 90 basis points to 33.9
percent, partly helped by lower promotional activity.
Net income for the quarter includes a pretax loss on
extinguishment of debt of $0.6 million, or 1 cent a share, the
Revenue for the company, which opened 16 stores during the
quarter, rose 11 percent to $191.6 million.
Analysts on average were expecting earnings of 27 cents a
share on revenue of $188.6 million, according to Thomson
Same-store sales for the quarter rose 6.2 percent and
Vitamin Shoppe said it continued to see mid-single digit growth
for comparable sales in 2010.
Direct business sales rose 7.8 percent, driven by growth in
Vitamin Shoppe's online business.
Shares of the North Bergen, New Jersey-based company were
up 5 percent at $24.33 Wednesday morning on the New York Stock
Exchange. They touched a high of $24.70 earlier in the
(Reporting by Shobhana Chadha in Bangalore; Editing by Maju
Samuel, Unnikrishnan Nair)