Vitamin Shoppe has Q2 earnings surprise as online sales skyrocket
Weeks before its new CEO will take the reins, Vitamin Shoppe reported better-than-expected earnings for its second quarter amid digital growth and better gross margins.
The nutritional supplement company reported net income of $7.2 million for the quarter ended June 30, compared to a net loss of $156.4 million in the year-ago period.
Its adjusted earnings came in at 31 cents per share versus the 5 cents per share analysts had expected.
Total net sales were $293.1 million, down from $296.4 million last year. Same-store sales fell 1.1%. Digital comparable net sales, jumped 36.9% in the quarter.
Alex Smith, the chairman of the Vitamin Shoppe stated, “Our focus on retail fundamentals is starting to deliver improved performance,” said Alex Smith, chairman, Vitamin Shoppe.
In July, Vitamin Shoppe announced the appointment of Sharon Leite as the company’s new CEO, effective Aug. 27. Most recently, she served as president of Godiva Chocolatier in North America
“I am delighted to have a leader of Sharon’s caliber to spearhead the ongoing turnaround and future growth, building on the recent good work of the organization,” said Smith.
Vitamin Shoppe operates more than 775 company-operated retail stores under The Vitamin Shoppe and Super Supplements retail banners.
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