Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 339

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 339
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 2023, the Company funded matching contributions to participants’ accounts of $1.4 million and $1.3 million, respectively.

79

18. Segment Reporting

The Company has one operating segment, and therefore, a single reportable segment: natural and organic retail stores. This segment derives all of its revenue from the sale of grocery, dietary supplements, body care and other products at the Company’s stores located in the United States. The accounting policies of this segment are the same as those described in the Company's summary of significant accounting policies. The Company's chief operating decision maker (CODM) is its Co-President and Chairman of the Board. The CODM uses the segment's net income to assess performance against budget, make key operating decisions, and allocate capital resources, including the rate at which to invest in new or relocated stores. The measure of the segment’s assets is reported on the consolidated balance sheet as total assets and its depreciation and amortization expense is reported in Note 6, Property and Equipment.

The following table represents the significant categories and amounts that are regularly reviewed by the CODM and included in the segment's net income, dollars in thousands:

			Year ended September 30,

			2025

			2024

			2023

			Net sales

			$
			1,330,836

			1,241,585

			1,140,568

			Less:

			Cost of goods sold and occupancy costs

			932,959

			876,775

			813,637

			Direct operating costs

			316,661

			296,385

			274,167

			Pre-opening expenses

			1,043

			1,722

			2,007

			Other segment items (1)

			18,183

			19,726

			19,088

			Interest expense, net

			3,063

			4,176

			3,299

			Provision for income taxes

			12,483

			8,866

			5,127

			Net income

			$
			46,444

			33,935

			23,243

(1) Other segment items include other general and administrative expenses, selling expenses, asset impairment and disposal net losses, amortization expense, store closure costs, sublease income, and other miscellaneous income