Vitamin Shoppe sees FY17 SSS down in mid-single digits
Given the unprecedented level of volatility in the market and the potential increase in variability of the company's results due to the number of initiatives being launched in the back half of the year, the company has reset its 2017 outlook and is modifying its approach to guidance. The company is providing guidance around the key levers that drive the business instead of providing specific EPS guidance. The company expects full year comparable sales decline rate of negative mid-single digits. Reported full year gross margin rate of 30.2% to 30.7%. This includes charges associated with the Nutri-Force restructuring and North Bergen closure this year. Excluding these charges, full year gross margins of 31.3% to 31.8%. Full year SG&A expense of $342 million to $347 million including charges associated with the Nutri-Force restructuring. Excluding these charges, full year SG&A expense of $335 million to $340 million. Full year capital expenditures of $45 million, including build out of distribution center in Arizona, IT investments, approximately 15 new stores and 10-15 brand defining store transformations.