Workflow
Natural Grocers by Vitamin tage(NGVC)
icon
Search documents
Natural Grocers by Vitamin tage(NGVC) - 2024 Q3 - Quarterly Report
2024-08-08 20:05
Financial Performance - Net sales for the three months ended June 30, 2024, increased to $309,082,000, up 9.7% from $281,791,000 in the same period last year[12]. - Gross profit for the nine months ended June 30, 2024, was $269,448,000, representing a 11.1% increase compared to $242,586,000 for the same period in 2023[12]. - Operating income for the three months ended June 30, 2024, rose to $12,847,000, a 41.5% increase from $9,084,000 in the prior year[12]. - Net income for the nine months ended June 30, 2024, was $24,925,000, compared to $17,363,000 for the same period in 2023, reflecting a 43.7% increase[12]. - Basic net income per share for the three months ended June 30, 2024, was $0.40, up from $0.31 in the same period last year[12]. - Net income for the three months ended June 30, 2024, was $9.2 million, an increase of $2.1 million, or 30.2%, compared to $7.1 million for the same period in 2023[69]. - EBITDA for the three months ended June 30, 2024, was $20.7 million, an increase of $4.4 million, or 27.0%, compared to $16.3 million for the same period in 2023[70]. - Adjusted EBITDA for the three months ended June 30, 2024, was $22.2 million, an increase of $5.5 million, or 32.8%, compared to $16.7 million for the same period in 2023[72]. Cash Flow and Dividends - Cash provided by operating activities for the nine months ended June 30, 2024, was $49,280,000, compared to $36,159,000 for the same period in 2023, indicating a 36.3% increase[15]. - The company reported a cash dividend of $29,585,000 to stockholders during the nine months ended June 30, 2024, compared to $6,816,000 in the same period last year[15]. - The company paid a quarterly cash dividend of $0.10 per share in each of the first three quarters of fiscal years 2024 and 2023[43]. - The company is permitted to pay cash dividends to the holding company up to an aggregate amount not to exceed $15.0 million during any fiscal year, subject to certain conditions[129]. Stockholders' Equity and Debt - Total stockholders' equity as of June 30, 2024, was $167,802,000, an increase from $153,860,000 at the end of the previous fiscal year[16]. - The Company had $16.6 million outstanding under the Revolving Facility as of June 30, 2024, compared to no amounts outstanding as of September 30, 2023[37]. - The Company had $56.2 million available for borrowing under the Revolving Facility as of June 30, 2024, an increase from $48.5 million as of September 30, 2023[37]. - The Company incurred interest expense of $3,123,000 for the nine months ended June 30, 2024, compared to $2,478,000 for the same period in 2023[12]. - The effective income tax rate increased to 21.6% for the nine months ended June 30, 2024, from 19.1% for the same period in 2023, primarily due to lower food donation deductions[107]. Store Operations - As of June 30, 2023, the company operated 168 stores, an increase from 165 stores as of September 30, 2022[18]. - The company operated 168 stores across 21 states as of June 30, 2024, with plans to open four new stores and relocate/remodel five existing stores in fiscal year 2024[66][67]. - Daily average comparable store sales increased by 7.2% for the three months ended June 30, 2024, compared to the same period in 2023[69]. Expenses and Costs - Administrative expenses increased by $0.2 million, or 2.5%, to $9.5 million for the three months ended June 30, 2024, representing 3.1% of net sales[96]. - Interest expense, net of capitalized interest, was $1.1 million for the three months ended June 30, 2024, compared to $0.8 million for the same period in 2023[98]. - Pre-opening expenses increased to $1.3 million for the nine months ended June 30, 2024, compared to $1.1 million for the same period in 2023[107]. Lease and Asset Management - Total lease cost for the three months ended June 30, 2024, was $15,400, a slight decrease from $15,407 in the same period of 2023[48]. - Total lease cost for the nine months ended June 30, 2024, was $46,129, compared to $45,273 for the same period in 2023, reflecting an increase of 1.9%[48]. - The company recorded impairment charges of $0.4 million for the three months and $0.5 million for the nine months ended June 30, 2024, related to operating lease assets[51]. - The company had property and equipment net balances of $178,219 as of June 30, 2024, compared to $169,060 as of September 30, 2023[53]. Future Outlook - Future sales growth may vary due to increasing competitive conditions and economic factors, including inflationary or recessionary trends[79]. - The company aims to leverage costs and achieve economies of scale in sourcing products, although fixed costs may limit this ability[79]. - The company experienced annualized cost inflation of approximately 1% in the third quarter of fiscal year 2024, influenced by various macroeconomic factors[74]. Accounting and Compliance - The company has made estimates and assumptions that affect the reported amounts in its financial statements, which may differ from actual amounts[134]. - Critical accounting policies include accounting for income taxes, impairment of long-lived assets, and leases, which significantly impact financial statement preparation[135]. - The company was in compliance with all covenants under the Credit Facility as of June 30, 2024[130].
Natural Grocers® Celebrates 69th Anniversary Event, With Epic Savings, Freebies and a Chance to Win Over $126,000 in Prizes, August 15-17, 2024
Prnewswire· 2024-08-07 16:21
NATURAL GROCERS THEN & NOW Natural Grocers has been serving communities with a wide range of natural and organic grocery options and premium-quality supplements since 1955. Almost 70 years later, Natural Grocers continues to adhere to its Five Founding Principles: Quality, Always AffordableSM Pricing, Nutrition Education, Community and Crew. The company celebrates its birthday each August since it's the birth month of co-founder, Margaret Isely. "As we celebrate our 69th Anniversary, we'd like to remember t ...
Natural Grocers by Vitamin Cottage, Inc. Announces Third Quarter Fiscal Year 2024 Earnings Conference Call and Webcast
Prnewswire· 2024-07-25 20:05
LAKEWOOD, Colo., July 25, 2024 /PRNewswire/ -- Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) today announced that the Company will release its third quarter fiscal year 2024 financial results after the market close on Thursday, August 8, 2024. Following the release via the wire services, the Company will host a conference call with financial analysts and investors at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). To participate in the conference call, dial 1-888-347-6606 (U.S.); 1-855-669-9657 (C ...
Natural Grocers® Announces Partnership with the Foundation for Fresh Produce to Offer "Nutrition 4 the Win" Kids' Class at Select Locations, August 19-31, 2024
Prnewswire· 2024-07-24 18:39
Company will offer a fun, educational nutrition class geared towards kids, emphasizing children's health and nutrition, just in time for the back-to-school season Founded in 1955, Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care products, and dietary supplements. The products sold by Natural Grocers must meet strict quality guidelines and may not contain artificial colors, flavors, preservatives or sweeteners, or partially h ...
Natural Grocers® Expands House Brand Sports Supplement Line With Two New Electrolyte Products in Powder and Capsule Format
Prnewswire· 2024-07-23 11:09
Natural Grocers adds two new varieties of electrolyte sports supplements to the company's premium quality house brand. Post this NATURAL GROCERS BRAND ELECTROLYTE SUPPLEMENTS The new private label electrolytes are GMP (Good Manufacturing Practices) third-party certified to ensure purity, potency and overall quality and have certificates of analysis verified for authenticity of ingredients. Raquel Isely, Vice President of Marketing at Natural Grocers states, "With over 5000 SKUs, Natural Grocers has the larg ...
Natural Grocers® Invites Incline Village, NV Community to Grand Opening Celebration on July 31, 2024
Prnewswire· 2024-07-22 17:43
Post this Grand Opening festivities at the new Incline Village location start on July 31. They will include a Natural Grocers gift card (varying amounts between $5 - $500) for the 150 customers and a free hand-crafted, Ecuadorian poncho for the first 250 customers. Grand Opening festivities at the new Incline Village location start on July 31. They will include a Natural Grocers gift card (varying amounts between $5 - $500) for the 150 customers and a free hand-crafted, Ecuadorian poncho for the first 250 c ...
Natural Grocers® Issues Statement Supporting FDA's Recent Ruling Against the Use of Brominated Vegetable Oil in Food
Prnewswire· 2024-07-19 17:08
Brominated vegetable oil is a vegetable oil that is modified with the chemical, bromine and used as an emulsifier. Starting in 1970, the FDA began regulating BVO as a food additive due to toxicity concerns. The FDA continued to evaluate new information about the possible health effects of BVO as it became available and began to reduce the list of acceptable foods in which BVO was allowed.* On July 2, 2024, the agency concluded that the intended use of BVO in food is no longer considered safe after the resul ...
Natural Grocers® Celebrates Pioneer Day with a Freebie and $5 Off, July 24-26, 2024
Prnewswire· 2024-07-18 11:07
UTAH PROUD To say 'thank you' for this decade-and-a-half relationship, the company is hosting its second annual Celebrate Pioneer Day event, starting July 24, 2024. Natural Grocers provides careers for approximately 175 Crew members in the state of Utah. The company is passionate about ensuring that its employees can live a healthy, balanced life. Natural Grocers is committed to positively impacting Crew's physical, emotional and financial well-being with free nutrition education programs, excellent benefit ...
Natural Grocers® Celebrates Summer With 'Splash into Savings' Event: July 11 - 13, 2024
Prnewswire· 2024-07-10 16:56
[ii] NO PURCHASE NECESSARY. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. Void where prohibited by law. Contest starts at all stores on 7/13/2024 at 11:00 a.m. local time. 10 prizes will be awarded at each store upon finding an animal splash buddy, including nine $10 gift cards and one $50 gift card. Limit one gift card prize per winner. Crew and members of their households are not eligible. LAKEWOOD, Colo., July 10, 2024 /PRNewswire/ -- Natural Grocers®, the largest family-operated organic and natu ...
Natural Grocers by Vitamin Cottage, Inc. Announces Retirement of Todd Dissinger, CFO
Prnewswire· 2024-06-27 20:05
The following constitutes a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Certain statements in this release, including statements regarding Mr. Dissinger's intent to retire and plans for identifying a successor are forward-looking statements within the meaning of the PSLRA, are based on management's current expectations and are subject to uncertainty and changes in circumstances. The information contained herein speaks only as of the date of this release ...