Company: NGVC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437749-25-015486
Chunk: 85

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. Income 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
			March 31,

			Six months ended
			March 31,

			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

			69.7

			70.7

			69.9

			70.6

			Gross profit

			30.3

			29.3

			30.1

			29.4

			Store expenses

			21.7

			22.5

			22.0

			22.5

			Administrative expenses

			3.3

			3.1

			3.4

			3.1

			Pre-opening expenses

			0.1

			0.1

			0.1

			0.1

			Operating income

			5.2

			3.7

			4.6

			3.6

			Interest expense, net

			(0.2
			)

			(0.4
			)

			(0.3
			)

			(0.3
			)

			Income before income taxes

			5.0

			3.3

			4.4

			3.3

			Provision for income taxes

			(1.1
			)

			(0.7
			)

			(0.9
			)

			(0.7
			)

			Net income

			3.9
			%