Company: NGVC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437749-25-015486
Chunk: 88

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 88
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31, 2025 compared to $69.2 million for the three 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 21.7% and 22.5% for the three 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 $1.5 million, or 15.8%, to $11.0 million for the three months ended March 31, 2025 compared to $9.5 million for the three months ended March 31, 2024. The increase in administrative expenses was driven by higher compensation expenses and technology expenses. Administrative expenses as a percentage of net sales were 3.3% and 3.1% for the three months ended March 31, 2025 and 2024, respectively.

Pre-opening expenses

Pre-opening expenses were $0.4 million for each of the three months ended March 31, 2025 and 2024.

23

Interest expense, net

Interest expense, net of capitalized interest, was $0.8 million for the three months ended March 31, 2025 compared to $1.2 million for the three months ended March 31, 2024.

Income taxes

Income tax expense increased $1.6 million for the three months ended March 31, 2025 to $3.7 million compared to $2.1 million for the three months ended March 31, 2024. The Company’s effective income tax rate was 22.0% and 21.1% for the three months ended March 31, 2025 and 2024, respectively.

Net income

Net income was $13.1 million, or $0.56 diluted earnings per share, for the three months ended March 31, 2025 compared to $8.0 million, or $0.35 diluted earnings per share, for the three months ended March 31, 2024.

Six months ended March 31, 2025 compared to the six months ended March 31, 2024

The following table summarizes our results of operations and other operating data for the periods presented, dollars in thousands:

			Six months ended

			March 31,

			Change in

			2025

			202