SELECT 
  COUNT(
    IF(p.product_type = 'M', 1, NULL)
  ) AS merchandise, 
  COUNT(
    IF(p.product_type = 'V', 1, NULL)
  ) AS vinyl 
FROM 
  cscart_products p 
  INNER JOIN cscart_label_manager_product_labels pl ON (pl.product_id = p.product_id) 
WHERE 
  p.status = 'A' 
  AND pl.label_id = 576

Query time 0.03426

Result

merchandise vinyl
0 0