Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 200

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1C
Chunk 200
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 and nutrition have enabled us to continue to open new stores and enter new markets. During the five fiscal years ended September 30, 2025, we increased our store count at a compound annual growth rate of 1.2%. In fiscal year 2025, we opened two new stores, relocated/remodeled three existing stores and closed two stores. We plan to open six to eight new stores and relocate/remodel two to three existing stores in fiscal year 2026. We intend to continue to target an annual new store unit growth rate of 4% to 5% for the foreseeable future. Between October 1, 2025 and the date of this Form 10-K, we did not open any new stores or relocate/remodel any existing stores and closed one store.

Performance Highlights

Key highlights of our performance are discussed briefly below and in further detail throughout this MD&A. Key financial metrics, including, but not limited to, daily average comparable store sales, are defined in the section “Key Financial Metrics in Our Business,” presented later in this MD&A.

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			Net sales. Net sales were $1,330.8 million for the year ended September 30, 2025, an increase of $89.3 million, or 7.2%, compared to net sales of $1,241.6 million for the year ended September 30, 2024.

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			Daily average comparable store sales. Daily average comparable store sales for the year ended September 30, 2025 increased 7.3% from the year ended September 30, 2024.

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			Net income. Net income was $46.4 million for the year ended September 30, 2025, an increase of $12.5 million, or 36.9%, compared to net income of $33.9 million for the year ended September 30, 2024.

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			EBITDA. Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $93.8 million for the year ended September 30, 2025, an increase of $15.9 million, or 20.4%, compared to EBITDA of $77.9 million for the year ended September 30, 2024. EBITDA is not a measure of financial performance under generally accepted accounting principles in the United States of America (GAAP). Refer to the “Non