Company: NGVC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001437749-25-003026
Chunk: 77

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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107

			22.4

			Pre-opening expenses

			436

			538

			(102
			)

			(19.0
			)

			Operating income

			13,348

			10,803

			2,545

			23.6

			Interest expense, net

			(923
			)

			(894
			)

			(29
			)

			3.2

			Income before income taxes

			12,425

			9,909

			2,516

			25.4

			Provision for income taxes

			(2,487
			)

			(2,154
			)

			(333
			)

			15.5

			Net income

			$
			9,938

			7,755

			2,183

			28.1
			%

21

Net sales

Net sales increased $28.5 million, or 9.4%, to $330.2 million for the three months ended December 31, 2024 compared to $301.8 million for the three months ended December 31, 2023, due to a $26.7 million increase in comparable store sales and a $2.9 million increase in new store sales, partially offset by a $1.1 million decrease in net sales related to closed stores. Daily average comparable store sales increased 8.9% for the three months ended December 31, 2024 compared to an increase of 6.2% for the three months ended December 31, 2023. The daily average comparable store sales increase in the first quarter of fiscal year 2025 resulted from a 5.3% increase in daily average transaction count and a 3.4% increase in daily average transaction size. Comparable store average transaction size was $48.94 for the three months ended December 31, 2024. The increase in net sales during the three months ended December 31, 2024 was driven by increases in transaction counts, items per transaction, retail prices and new store sales. Sales growth was driven by enhanced customer engagement with our {N}power rewards program, compelling offers, marketing initiatives, and the increased sales of Natural Grocers brand products.

Gross profit

Gross profit increased $10.1