Company: NGVC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025419
Chunk: 77

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 growing consumer interest in health and nutrition have enabled us to continue to open new stores and enter new markets. During the five fiscal years ended September 30, 2024, we increased our store count at a compound annual growth rate of 2.0%. In fiscal year 2024, we opened four new stores and relocated/remodeled four existing stores. We plan to open two new stores and relocate/remodel three existing stores in fiscal year 2025. During the nine months ended June 30, 2025, we opened two new stores, relocated/remodeled two existing stores and closed two stores. Between July 1, 2025 and the date of this Form 10-Q, we did not open any new stores and relocated/remodeled one existing store.

Performance Highlights

Key highlights of our performance for the three and nine months ended June 30, 2025 are discussed briefly below and in further detail throughout this MD&A. Key financial metrics, including, but not limited to, daily average comparable store sales, are defined in the section “Key Financial Metrics in Our Business,” presented later in this MD&A.

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			Net sales. Net sales were $328.7 million for the three months ended June 30, 2025, an increase of $19.6 million, or 6.3%, compared to net sales of $309.1 million for the three months ended June 30, 2024. Net sales were $994.7 million for the nine months ended June 30, 2025, an increase of $75.8 million, or 8.2%, compared to net sales of $918.9 million for the nine months ended June 30, 2024.

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			Daily average comparable store sales. Daily average comparable store sales for the three months ended June 30, 2025 increased 7.4% compared to the three months ended June 30, 2024. Daily average comparable store sales for the nine months ended June 30, 2025 increased 8.4% compared to the nine months ended June 30, 2024.

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			Net income. Net income was $11.6 million for the three months ended June 30, 2025, an increase of $2.4 million, or 26.0%, compared to net income of $9.2 million for the three months ended June 30, 2024. Net income was