Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Vitamin Shoppe Zeroes In On ECommerce Growth

Vitamin Shoppe (NYSE:VSI) is an omni-channel retailer of nutrition products and supplements. While the company continues to embark on a physical store build out -- including 154 new and 31 acquired stores since FY 2011 (659 total stores at year-end) -- it appears that VSI is also attempting to bolster its eCommerce platform, where it is enjoying significant growth (17% year-over-year in the most recent quarter).

VSI carries over 900 third party brands and offers its own line of proprietary brands, comprising over 18,000 SKUs available through its eCommerce channels and an additional 8,000 SKUs in store.

The nutrition and supplement market is a large, growing and fragmented industry. The industry has been experiencing consolidation over the last...

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