Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 305

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 305
---
327

			Retained earnings

			149,339

			113,904

			Total stockholders’ equity

			212,395

			174,254

			Total liabilities and stockholders’ equity

			$
			670,504

			655,476

See accompanying notes to consolidated financial statements.

59

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Statements of Income

(Dollars in thousands, except per share data)

			Year ended September 30,

			2025

			2024

			2023

			Net sales

			$
			1,330,836

			1,241,585

			1,140,568

			Cost of goods sold and occupancy costs

			932,959

			876,775

			813,637

			Gross profit

			397,877

			364,810

			326,931

			Store expenses

			290,491

			277,396

			257,282

			Administrative expenses

			44,353

			38,715

			35,973

			Pre-opening expenses

			1,043

			1,722

			2,007

			Operating income

			61,990

			46,977

			31,669

			Interest expense, net

			(3,063
			
			)

			(4,176
			
			)

			(3,299
			
			)

			Income before income taxes

			58,927

			42,801

			28,370

			Provision for income taxes

			(12,483
			
			)

			(8,866
			
			)

			(5,127
			
			)

			Net income

			$
			46,444

			33,935

			23,243

			Net income per share of common stock:

			Basic

			$
			2.02

			1.49

			1.02

			Diluted

			$
			2.00

			1.47

			1.02

			Weighted average number of shares of common stock outstanding:

			B