Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 480

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 4
Chunk 480
---
 As of September 30, 2025, these leases accounted for $10.1 million of operating lease assets and $10.2 million of operating lease liabilities, of which $0.7 million was current, and are included in the disclosures below. Lease expense is recognized on a straight-line basis and was $1.2 million for each of the years ended September 30, 2025, 2024 and 2023.

73

The components of total lease cost for the years ended September 30, 2025, 2024 and 2023 were as follows, dollars in thousands:

			Year ended September 30, 

			Lease cost

			Classification

			2025

			2024

			2023

			Operating lease cost:

			Cost of goods sold and occupancy costs

			$
			44,340

			43,958

			43,913

			Store expenses

			461

			461

			319

			Administrative expenses

			393

			402

			327

			Pre-opening expenses

			289

			420

			269

			Finance lease cost:

			Depreciation of lease assets:

			Store expenses

			4,284

			4,128

			3,746

			Pre-opening expenses

			69

			185

			446

			Interest on lease liabilities:

			Interest expense, net

			2,192

			2,052

			1,837

			Pre-opening expenses

			—

			225

			482

			Short-term lease cost

			Store expenses

			3,308

			3,333

			3,071

			Variable lease cost

			Cost of goods sold and occupancy costs (1)

			7,149

			6,658

			6,429

			Sublease income

			Store expenses

			(443
			
			)

			(308
			
			)

			(323
			
			)

			Total lease cost

			$
			62,042

			61,514

			60,516

(1) Immaterial balances related to corporate headquarters and distribution center are included in administrative expenses and store expenses, respectively.

Additional information related to the Company