Company: NGVC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001437749-25-003026
Chunk: 24

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 consumer interest in health and nutrition have enabled us to continue to open new stores and enter new markets. During the five years ended September 30, 2024, we increased our store count at a compound annual growth rate of 2.0%. In fiscal year 2024, we opened four new stores and relocated/remodeled four existing stores. We plan to open four to six new stores and relocate/remodel two to four existing stores in fiscal year 2025. During the three months ended December 31, 2024, we relocated/remodeled two existing stores and closed two stores. Between January 1, 2025 and the date of this Form 10-Q, we opened one new store and did not relocate/remodel any existing stores.

Performance Highlights

Key highlights of our performance for the three months ended December 31, 2024 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 $330.2 million for the three months ended December 31, 2024, an increase of $28.5 million, or 9.4%, compared to net sales of $301.8 million for the three months ended December 31, 2023.

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			Daily average comparable store sales. Daily average comparable store sales for the three months ended December 31, 2024 increased 8.9% from the three months ended December 31, 2023.

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			Net income. Net income was $9.9 million for the three months ended December 31, 2024 compared to net income of $7.8 million for the three months ended December 31, 2023.

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			EBITDA. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $21.3 million for the three months ended December 31, 2024, an increase of $3.0 million, or 16.7%, compared to $18.3 million for the three months ended December 31, 2023. EBITDA is not a measure of financial performance under GAAP. Refer to the “Non-GAAP Financial Measures” section in this MD&A for a definition of EBITDA and a reconciliation of net income