Company: NGVC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025419
Chunk: 35

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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 tax expense also includes excess tax benefits and deficiencies related to the vesting of RSUs.

Results of Operations

The following table presents key components of our results of operations expressed as a percentage of net sales for the periods presented:

			Three months ended
			June 30,

			Nine months ended
			June 30,

			2025

			2024

			2025

			2024

			Statements of Income Data: *

			Net sales

			100.0
			%

			100.0

			100.0

			100.0

			Cost of goods sold and occupancy costs

			70.1

			70.8

			70.0

			70.7

			Gross profit

			29.9

			29.2

			30.0

			29.3

			Store expenses

			21.8

			21.9

			21.9

			22.3

			Administrative expenses

			3.3

			3.1

			3.4

			3.1

			Pre-opening expenses

			—

			0.1

			0.1

			0.1

			Operating income

			4.7

			4.2

			4.7

			3.8

			Interest expense, net

			(0.2
			)

			(0.3
			)

			(0.2
			)

			(0.3
			)

			Income before income taxes

			4.5

			3.8

			4.4

			3.5

			Provision for income taxes

			(1.0
			)

			(0.8
			)

			(1.0
			)

			(0.7
			)

			Net income

			3.5
			%

			3.0

			3.5

			2.7

			__________________________

			*Figures may not sum due to rounding.

			Other Operating Data:

			Number of stores at end of period

			169

			168

			169