Vitamin Shoppe (VSI) 2015年年度报告「NYSE」.pdf

1、?To?Our?Shareholders:?As?I?write?this?letter,?I?have?just?passed?my?one?year?anniversary?at?the?Vitamin?Shoppe.?My?first?year?was?both?challenging?and?exciting.?It?was?also?a?year?of?significant?accomplishments?as?we?worked?to?pivot?the?company?to?be?more?relevant?to?our?customers?evolving?health?an

2、d?wellness?needs.?Some?of?the?actions?taken?were?structural,?and?we?had?to?make?some?tough?calls?to?streamline?our?business.?We?also?strengthened?the?senior?management?team?and?added?new?capabilities.?We?institutionalized?a?continuous?focus?on?productivity?improvements?and?opportunities?for?margin?e

3、nhancement,?of?which?we?are?already?realizing?some?of?the?benefits.?During?2015?our?vision?for?the?Vitamin?Shoppes?future?began?to?take?form,?and?I?am?very?pleased?with?the?rapid?progress?we?made?with?our?reinvention?strategy.?We?focused?on?our?customer?experience?and?shoppers?journey?and?developed?

4、an?integrated?plan?to?enhance?our?performance,?which?we?call?Project?Evolve.?We?gained?clarity?on?the?Vitamin?Shoppes?core?customers?and?what?drives?their?health?and?wellness?goals.?We?focused?on?both?short?term?growth?drivers?and?the?continued?build?out?of?capabilities?to?develop?new?initiatives?po

5、sitioning?the?Vitamin?Shoppe?for?long?term?growth.?The?vitamins,?minerals?and?supplements?(VMS)?industry?continued?to?face?headwinds?in?2015,?including?lack?of?product?innovation,?an?increase?in?negative?media?and?increased?scrutiny?from?government?and?regulatory?bodies.?As?a?result,?industry?growth

6、?slowed?from?historical?trends,?and?the?Vitamin?Shoppes?sales?were?at?the?low?end?of?our?expectations.?Importantly,?our?financial?position?remained?strong,?which?enabled?us?to?continue?to?invest?in?new?stores?and?other?growth?initiatives,?as?well?as,?repurchase?$146?million?worth?of?our?common?share