Post this June 14 – 16: Customers can enjoy fabulous Father's Day deals and gifts over Father's Day weekend. With savings up to 49% off, these practical, premium products will put a smile on dad's face, while stretching every dollar.[i] {N}POWER® FAMILY PERKS June 16: {N}power members will receive a FREE Epic® Snack Strip or Primal® Strip (meatless vegan jerky). Limit 1 per {N}power account, while supplies last![ii] June 14 -16: {N}power members can enjoy 10% off their entire alcohol purchase at select Natu ...

Enjoy special discounts, sweepstakes, recipes and more, June 7-9, 2024 LAKEWOOD, Colo., June 5, 2024 /PRNewswire/ -- Natural Grocers®, the largest family-operated organic and natural grocery retailer in the U.S., kicks off grilling season with a weekend of sizzling savings and freebies at this year's 'Art of Grilling' event, June 7-9, 2024. Customers can also enter to win three separate sweepstakes, give back to their communities, and try the company's tested and approved fresh seasonal grilling recipes all ...

Family-Operated Grocer offers Oklahoma {N}power® members a free state-themed Natural Grocers reusable bag and additional in-store savings LAKEWOOD, Colo., June 5, 2024 /PRNewswire/ -- Natural Grocers®, the leading family-operated organic and natural grocery retailer in the U.S., invites customers to its first annual Celebrate Oklahoma Event, June 7-9, at its six Oklahoma stores. Customers are invited to celebrate National Oklahoma Day with a free Natural Grocers reusable tote bag and a $5 off coupon for in- ...

Funds will go to the American Red Cross, and its ongoing regional tornado relief efforts. Post this These funds will go to the American Red Cross, and its ongoing regional tornado relief efforts. COMMITMENT TO COMMUNITY One of the Natural Grocers' founding principles is a "Commitment to Community." In the decades since its inception, Natural Grocers has developed enduring partnerships with various charities, non-profits and organizations that better the lives of communities in the 21 states the company serv ...

ABOUT NATURAL GROCERS CYCLING Natural Grocers Cycling has been a living, pedaling extension of the Company's founding principles since 1987. The squad has a broad range of riders, encompassing all disciplines of cycling. With over 100 members, you'll spot these riders on the trails, the roads, volunteering at events and, of course, at Natural Grocers stores all around the country to support healthy living on and off the bike. Natural Grocers Cycling is interested in growing the cycling communities in which ...

THE HISTORY OF READY. SET. CO "At Natural Grocers, we are dedicated to supporting the health and wellness of our communities. Partnering with UCHealth for the Ready. Set. CO. program is a perfect alignment with our mission to provide access to high-quality, affordable nutrition and promote healthy living," said Raquel Isely, Vice President of Natural Grocers. "We are delighted to renew our partnership commitment. We're proud to be included in this amazing group of partners, each invested in the health and w ...

Financial Data and Key Metrics Changes - Net sales increased by 8.8% year-over-year to $308.1 million, with daily average comparable store sales rising by 7.5% and 10.2% on a two-year basis [34][21] - Diluted earnings per share increased by 34.6% to $0.35, compared to $0.26 in the same quarter last year [26][21] - Gross margin improved by 20 basis points to 29.3%, driven by store occupancy cost leverage, despite lower product margins due to a reduced supplement sales mix [25][21] Business Line Data and Key Metrics Changes - Daily average transaction size increased by 3.9%, with half attributed to an increase in items per basket and the other half to product cost inflation [34][10] - Strong sales growth was observed across all product categories, particularly in meat, dairy, and body care, while dietary supplement sales comp was in the low single digits [10][21] Market Data and Key Metrics Changes - The company reported a 78% net sales penetration from its loyalty program, up from 76% a year ago, indicating effective customer engagement [8][28] - The annualized cost inflation for the second quarter was approximately 2%, down 1 percentage point from the previous quarter [34] Company Strategy and Development Direction - The company emphasizes a differentiated business model focusing on high product standards, affordable pricing, and free science-based nutrition education, which resonates with health-conscious consumers [7][27] - Future plans include opening four to six new stores and relocating or remodeling four to six stores, with a capital expenditure budget of $30 million to $39 million [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive growth and enhance stakeholder value, citing strong sales momentum and effective expense management [17][21] - The outlook anticipates a moderation in daily average comparable store sales growth in the second half of the year due to cycling stronger comps from the previous year [39] Other Important Information - The company ended the quarter with $11 million in cash and cash equivalents and generated $36.8 million in cash from operations [12] - Store expenses increased by 6.2%, primarily due to higher compensation expenses, but as a percentage of sales, they decreased by 50 basis points [11] Q&A Session Summary Question: What do you attribute your success to with your strong comp? - The company attributes its success to effective communication with customers through its loyalty program, which drives shopping frequency and increases basket size [28] Question: Do you feel Ozempic is impacting your business? - Management noted that all categories are performing well in new stores, with strong community engagement contributing to success [29][30]

LAKEWOOD, Colo., May 9, 2024 /PRNewswire/ -- Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) today announced that the Company's Board of Directors has declared a quarterly cash dividend of $0.10 per common share. The dividend will be paid on June 19, 2024 to all stockholders of record at the close of business on June 3, 2024. About Natural Grocers by Vitamin Cottage  Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care pro ...

[Natural Grocers by Vitamin Cottage Announces Second Quarter Fiscal 2024 Results](index=1&type=section&id=Natural%20Grocers%20by%20Vitamin%20Cottage%20Announces%20Second%20Quarter%20Fiscal%202024%20Results) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) The company reported record Q2 sales, expanded margins, and significant earnings growth, leading to an upgraded fiscal 2024 outlook Q2 Fiscal 2024 Key Performance Indicators | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Net Sales | $308.1 million | +8.8% | | Daily Average Comparable Store Sales | +7.5% | - | | Net Income | $8.0 million | +36.0% | | Diluted Earnings Per Share (EPS) | $0.35 | +34.6% | | Adjusted EBITDA | $19.7 million | +17.4% | - The **7.5% growth** in daily average comparable store sales was driven by a **3.9% increase** in transaction size and a **3.5% increase** in transaction count, indicating both higher spending per visit and more customer traffic[3](index=3&type=chunk) - Based on the strong performance in the first half of the year, the company raised its fiscal 2024 outlook for daily average comparable store sales growth and diluted earnings per share[3](index=3&type=chunk) [Operating Results](index=1&type=section&id=Operating%20Results) Robust sales growth, driven by comparable store performance and expanded gross margins, boosted operating income across both Q2 and H1 2024 [Second Quarter Fiscal 2024 vs. 2023](index=1&type=section&id=Second%20Quarter%20Fiscal%202024%20vs.%202023) Q2 net sales grew 8.8% to $308.1 million, with improved gross margins and expense control driving a 34.6% rise in diluted EPS Q2 Fiscal 2024 vs. Q2 Fiscal 2023 (in millions, except EPS) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $308.1 | $283.2 | +8.8% | | Gross Profit | $90.4 | $82.5 | +9.6% | | Operating Income | $11.3 | $8.4 | +34.4% | | Net Income | $8.0 | $5.9 | +36.0% | | Diluted EPS | $0.35 | $0.26 | +34.6% | - The increase in net sales was driven by a **$21.1 million rise** in comparable store sales and **$5.2 million** from new stores[4](index=4&type=chunk) - Gross margin increased to **29.3%** from 29.1%, driven by store occupancy cost leverage, though partially offset by lower product margin from product mix[5](index=5&type=chunk) - Store expenses as a percentage of net sales decreased to **22.5%** from 23.0% in the prior year quarter, demonstrating effective expense leverage[6](index=6&type=chunk) [First Six Months Fiscal 2024 vs. 2023](index=2&type=section&id=First%20Six%20Months%20Fiscal%202024%20vs.%202023) H1 net sales rose 8.2% to $609.8 million, with significant gross margin expansion leading to a 52.5% increase in net income First Six Months Fiscal 2024 vs. 2023 (in millions, except EPS) | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $609.8 | $563.7 | +8.2% | | Gross Profit | $179.1 | $161.2 | +11.1% | | Operating Income | $22.1 | $14.8 | +49.2% | | Net Income | $15.7 | $10.3 | +52.5% | | Diluted EPS | $0.68 | $0.45 | +51.1% | - Daily average comparable store sales for the six-month period grew **6.9%**, comprised of a **3.4% increase** in transaction count and a **3.3% increase** in transaction size[11](index=11&type=chunk) - Gross margin for the first six months increased to **29.4%** from 28.6% year-over-year, attributed to effective pricing and promotions and store occupancy cost leverage[12](index=12&type=chunk) [Financial Position and Cash Flow](index=2&type=section&id=Financial%20Position%20and%20Cash%20Flow) The company maintained a solid financial position, generating $36.8 million in operating cash flow to fund capital expenditures Balance Sheet and Cash Flow Highlights (as of March 31, 2024) | Metric | Value (in millions) | | :--- | :--- | | Cash and cash equivalents | $11.0 | | Outstanding borrowings (revolving facility) | $11.4 | | Cash from operations (First six months) | $36.8 | | Net capital expenditures (First six months) | $22.5 | - Net cash provided by operating activities for the first six months of fiscal 2024 was **$36.8 million**, compared to $34.9 million in the prior year period[33](index=33&type=chunk) [Growth, Dividends, and Outlook](index=2&type=section&id=Growth%2C%20Dividends%2C%20and%20Outlook) The company continues its store expansion, announced a quarterly dividend, and raised its fiscal 2024 sales and earnings outlook [Store Growth and Development](index=2&type=section&id=Store%20Growth%20and%20Development) The company expanded its footprint to 168 stores across 21 states with the opening of one new store in Q2 2024 - The company ended Q2 fiscal 2024 with **168 stores in 21 states** after opening one new store during the quarter[19](index=19&type=chunk) [Dividend Announcement](index=2&type=section&id=Dividend%20Announcement) The Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable in June 2024 - A quarterly cash dividend of **$0.10 per common share** was declared, payable on June 19, 2024, to stockholders of record on June 3, 2024[18](index=18&type=chunk) [Fiscal 2024 Outlook](index=4&type=section&id=Fiscal%202024%20Outlook) Fiscal 2024 guidance was raised, projecting comparable store sales growth of 4.0%-6.0% and diluted EPS of $1.08-$1.18 Updated Fiscal 2024 Outlook | Metric | Fiscal 2024 Outlook | | :--- | :--- | | Number of new stores | 4 to 6 | | Number of relocations/remodels | 4 to 6 | | Daily average comparable store sales growth | 4.0% to 6.0% (Raised) | | Diluted earnings per share | $1.08 to $1.18 (Raised) | | Capital expenditures (in millions) | $30 to $39 | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated statements of income, balance sheets, and cash flows for the period ended March 31, 2024 [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Statements of Income (Unaudited, in thousands) | | Three months ended March 31, | Six months ended March 31, | | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | **Net sales** | **$308,092** | **$283,245** | **$609,842** | **$563,702** | | Gross profit | $90,357 | $82,477 | $179,117 | $161,196 | | Operating income | $11,261 | $8,431 | $22,064 | $14,848 | | **Net income** | **$7,961** | **$5,884** | **$15,716** | **$10,291** | | **Diluted EPS** | **$0.35** | **$0.26** | **$0.68** | **$0.45** | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets (Unaudited, in thousands) | | **March 31, 2024** | **September 30, 2023** | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $10,970 | $18,342 | | Merchandise inventory | $117,352 | $119,260 | | Total current assets | $140,869 | $152,550 | | Total assets | $656,571 | $669,185 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $159,895 | $154,029 | | Total liabilities | $496,597 | $498,344 | | Total stockholders' equity | $159,974 | $170,841 | | **Total liabilities and stockholders' equity** | **$656,571** | **$669,185** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (Unaudited, in thousands) | | **Six months ended March 31,** | | :--- | :--- | | | **2024** | **2023** | | Net cash provided by operating activities | $36,847 | $34,857 | | Net cash used in investing activities | ($22,510) | ($17,765) | | Net cash used in financing activities | ($21,709) | ($10,166) | | **Net (decrease) increase in cash** | **($7,372)** | **$6,926** | | Cash and cash equivalents, beginning of period | $18,342 | $12,039 | | **Cash and cash equivalents, end of period** | **$10,970** | **$18,965** | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a key non-GAAP metric, increased 17.4% in Q2 and 25.6% in H1, with corresponding margin expansion - Management uses EBITDA and Adjusted EBITDA to compare operating performance on a consistent basis, excluding certain non-cash and non-recurring items[35](index=35&type=chunk)[38](index=38&type=chunk) - Adjusted EBITDA as a percentage of net sales increased to **6.4%** in Q2 2024 from 5.9% in Q2 2023, and to **6.3%** for H1 2024 from 5.4% in the prior year period[37](index=37&type=chunk) Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands) | | **Q2 2024** | **Q2 2023** | **H1 2024** | **H1 2023** | | :--- | :--- | :--- | :--- | :--- | | Net income | $7,961 | $5,884 | $15,716 | $10,291 | | EBITDA | $18,963 | $15,585 | $37,217 | $29,064 | | **Adjusted EBITDA** | **$19,730** | **$16,812** | **$38,479** | **$30,648** |

PART I. Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited interim consolidated financial statements for the period ended March 31, 2024, reflect decreased total assets, stable liabilities, and significant increases in net sales and net income, with cash flow impacted by a special dividend [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets decreased to $656.6 million, primarily due to reduced cash, while total liabilities remained stable and equity declined due to dividends | Balance Sheet Items | March 31, 2024 (in thousands) | September 30, 2023 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $10,970 | $18,342 | | Total current assets | $140,869 | $152,550 | | Total assets | $656,571 | $669,185 | | **Liabilities & Equity** | | | | Total current liabilities | $159,895 | $154,029 | | Total liabilities | $496,597 | $498,344 | | Total stockholders' equity | $159,974 | $170,841 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) For the three and six months ended March 31, 2024, net sales and net income significantly increased, with diluted EPS also rising compared to prior-year periods | Income Statement Highlights | Three Months Ended Mar 31, 2024 (in thousands) | Three Months Ended Mar 31, 2023 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net sales | $308,092 | $283,245 | 8.8% | | Gross profit | $90,357 | $82,477 | 9.6% | | Operating income | $11,261 | $8,431 | 33.6% | | Net income | $7,961 | $5,884 | 35.3% | | Diluted EPS | $0.35 | $0.26 | 34.6% | | Income Statement Highlights | Six Months Ended Mar 31, 2024 (in thousands) | Six Months Ended Mar 31, 2023 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net sales | $609,842 | $563,702 | 8.2% | | Gross profit | $179,117 | $161,196 | 11.1% | | Operating income | $22,064 | $14,848 | 48.6% | | Net income | $15,716 | $10,291 | 52.7% | | Diluted EPS | $0.68 | $0.45 | 51.1% | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended March 31, 2024, operating cash flow slightly increased, while investing and financing cash outflows grew significantly, leading to a net decrease in cash | Cash Flow Activities (Six Months Ended) | March 31, 2024 (in thousands) | March 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $36,847 | $34,857 | | Net cash used in investing activities | ($22,510) | ($17,765) | | Net cash used in financing activities | ($21,709) | ($10,166) | | Net (decrease) increase in cash | ($7,372) | $6,926 | | Cash and cash equivalents, end of period | $10,970 | $18,965 | - A significant use of cash in financing activities was **$27.3 million** paid in dividends to shareholders during the six months ended March 31, 2024, compared to **$4.5 million** in the prior year period[23](index=23&type=chunk) [Notes to Unaudited Interim Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Interim%20Consolidated%20Financial%20Statements) The notes detail accounting policies, store operations, revenue breakdown, credit facility, and significant dividend payments, including a special dividend and subsequent board approvals - The company operated **168 stores** in 21 states as of March 31, 2024, an increase from **165 stores** as of September 30, 2023[27](index=27&type=chunk) | Revenue by Product Category (Six Months Ended Mar 31) | 2024 | 2023 | | :--- | :--- | :--- | | Grocery | 70% | 70% | | Dietary supplements | 20% | 21% | | Body care, pet care and other | 10% | 9% | - The company paid a **special cash dividend of $1.00 per share** in the first quarter of fiscal year 2024, in addition to its regular quarterly dividend of **$0.10 per share**[55](index=55&type=chunk) - On May 8, 2024, the Board approved a quarterly cash dividend of **$0.10 per share** and extended the company's share repurchase program to **May 31, 2026**[78](index=78&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 and H1 FY2024 performance to increased sales and comparable store sales, improved gross margin, solid liquidity, and plans for new store openings and remodels | Performance Metric | Q2 FY2024 | Q2 FY2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $308.1M | $283.2M | +8.8% | | Daily Avg. Comparable Store Sales | +7.5% | +2.7% | +4.8 p.p. | | Net Income | $8.0M | $5.9M | +35.3% | | Adjusted EBITDA | $19.7M | $16.8M | +17.4% | | Performance Metric | H1 FY2024 | H1 FY2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $609.8M | $563.7M | +8.2% | | Daily Avg. Comparable Store Sales | +6.9% | +1.6% | +5.3 p.p. | | Net Income | $15.7M | $10.3M | +52.7% | | Adjusted EBITDA | $38.5M | $30.6M | +25.6% | - The company plans to open **four to six new stores** and relocate/remodel **four to six existing stores** in fiscal year 2024. As of March 31, 2024, **three new stores** had been opened and **one relocated/remodelled**[83](index=83&type=chunk) - Management estimates the company experienced annualized cost inflation of approximately **2%** in the second quarter of fiscal year 2024, influenced by supply disruptions, and increased shipping, commodity, and labor costs[87](index=87&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes have occurred regarding the company's market risk position since the prior fiscal year's Form 10-K disclosure - There have been **no material changes** regarding the company's market risk position from the information provided in the Form 10-K[148](index=148&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2024, the company's principal executive and financial officers concluded that disclosure controls and procedures were **effective**[150](index=150&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[151](index=151&type=chunk) PART II. Other Information [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, none of which are expected to have a material adverse effect on its financial statements - The company states that it does not believe any currently pending legal proceedings will have a **material adverse effect** on its business, financial condition, or results of operations[153](index=153&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred regarding the risk factors disclosed in the company's Form 10-K - No **material changes** have occurred regarding the risk factors disclosed in the company's Form 10-K[154](index=154&type=chunk) [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) The Board of Directors extended the share repurchase program until May 31, 2026, with approximately $8.1 million remaining for repurchases - The company's Board of Directors extended the share repurchase program until **May 31, 2026**, with approximately **$8.1 million** remaining for repurchases[155](index=155&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including corporate governance documents and certifications - Lists exhibits filed with the report, including Sarbanes-Oxley Act certifications and iXBRL data files[159](index=159&type=chunk)