Company: NGVC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437749-25-015486
Chunk: 90

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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 the six months ended March 31, 2024. The daily average comparable store sales increase for the six months ended March 31, 2025 resulted from a 5.6% increase in daily average transaction count and a 3.1% increase in daily average transaction size. Comparable store average transaction size was $48.94 for the six months ended March 31, 2025.

Gross profit

Gross profit increased $21.5 million, or 12.0%, to $200.6 million for the six months ended March 31, 2025 compared to $179.1 million for the six months ended March 31, 2024. Gross profit reflects earnings after product and store occupancy costs. Gross margin increased to 30.1% for the six months ended March 31, 2025 compared to 29.4% for the six months ended March 31, 2024. The increase in gross margin during the six months ended March 31, 2025 was driven by higher product margin primarily attributed to effective promotions, and store occupancy cost leverage.

24

Store expenses

Store expenses increased $9.1 million, or 6.6%, to $146.3 million for the six months ended March 31, 2025 compared to $137.2 million for the six months ended March 31, 2024. The increase in store expenses was primarily driven by higher compensation expenses. Store expenses as a percentage of net sales were 22.0% and 22.5% for the six months ended March 31, 2025 and 2024, respectively. The decrease in store expenses as a percentage of net sales reflects expense leverage.

Administrative expenses

Administrative expenses increased $3.6 million, or 19.1%, to $22.5 million for the six months ended March 31, 2025 compared to $18.9 million for the six months ended March 31, 2024. The increase in administrative expenses was driven by higher compensation expenses, including costs related to our Chief Financial Officer transition, and technology expenses. Administrative expenses as a percentage of net sales were 3.4% and 3.1% for the six months ended March 31, 2025 and 2024, respectively.

Pre-opening expenses

Pre-opening expenses were $0.9 million for each of the six months ended March 31, 2025 and 2024.

Interest expense, net