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Sales grew but not as much as Vitacost.com originally forecast for the quarter ended June 30.
Revenue is higher for vitamin and health supplements web retailer Vitacost.com Inc. in the second quarter, but the growth wasn’t as much as earlier forecast.
In a preliminary report on sales for the quarter ended June 30, Vitacost.com, No. 80 in the Internet Retailer Top 500 Guide, reported:
- Sales grew 14.2% to $54 million from $47.3 million in the second quarter of 2009. Earlier, Vitacost.com, which breaks out full earnings on Aug. 16, expected sales in the quarter to range from $57.2 million to $58.2 million.
“Revenue was impacted by weaker than expected demand, as well as the continuation of manufacturing logistics issues,” says Vitacost.com.
At the same time Vitacost.com is dealing with lower-than-expected sales, the company, which in May hired Oppenheimer & Co. Inc. as a financial advisor to pursue a potential sale or merger, is also adding more consulting expertise.
Vitacost.com will pay Horowitz a consulting fee of $140,000, payable in six monthly installments of $23,333. He also is eligible for an additional fee of $140,000 if certain other conditions are met and he stays for the length of the six-month consulting contract, says Vitacost.com.