Supplement and nutritional products retailer Vitamin Shoppe is planning to open about 48 new stores in 2011, after a strong 2010 saw an 11.4% increase in net sales.
Fiscal highlights for 2010 for the company include a 44.3 percent increase in income from operations, a doubling of net income, and the opening of 47 new stores.
The company plans to continue this with the opening of approximately 48 in 2011, which represents a 10 percent increase in its store base, according to the company.
"We are optimistic about the outlook for the current year, and are encouraged by the healthy trends in consumer demand and foot traffic in our stores,” said Rick Markee, Vitamin Shoppe’s chairman and CEO. “In 2011, we plan to increase our store base by 10 percent and drive 4 to 5 percent comparable store sales growth through consistent focus on our growth strategy.
“Strategically and financially, many initiatives were undertaken in 2010, our first full year as a public company. We believe these initiatives have positioned Vitamin Shoppe to deliver ongoing positive comparable store sales and profitable growth,” he added.
Changes at the top
The company also announced a series of changes at top management level, to be made effective April 4, 2011. Anthony Truesdale will be promoted to CEO and Michael Archbold to President and will maintain his position as Chief Operating Officer. Markee will be Executive Chairman of the Company as well as maintain his position as Chairman of the Board.