Vitamin Shoppe profit tops Street; on track for 50 stores

NORTH BERGEN, N.J. — Vitamin Shoppe Inc. had a tough quarter but its earnings still beat the Street.



The retailer on Wednesday reported second-quarter net income of $14.2 million, down from $16.9 million in the year-ago period, but still topping Wall Street expectations.



The company also said it plans 50 new stores in 2015.



Revenue increased 5.3% to $322.3 million in the period, short of analysts’ forecasts for $327.9 million.



"As expected, the second quarter was a difficult one for us, reflecting both external and internal challenges,” said Colin Watts, CEO. “Although our comparable sales for the quarter were at the lower end of our expectations, we achieved improved comparable sales results as the quarter progressed."



Watts added: "As we previously discussed, we proactively developed and implemented action plans to improve the cost structure and strengthen the core business. As a result of these actions, the gross margin improved as compared to first quarter 2015 and we delivered against our reset expectations."