Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 4

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 4
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 scientific research or findings regarding the benefits or efficacy of these products, reduced or changed consumer choices and the cost or sustainability of these products. Our store offerings are comprised of natural and organic products and dietary supplements. A change in consumer preferences away from our offerings, including as a result of, among other things, higher retail prices for our products due to inflation, or reductions or changes in our offerings, could have a material adverse effect on our business. Additionally, negative publicity regarding the safety of natural and organic products or dietary supplements, or new or upgraded regulatory standards, may adversely affect demand for the products we sell and could result in lower customer traffic, sales and results of operations.

If we are unable to anticipate and satisfy consumer merchandise preferences in the regions where we operate, our net sales may decrease, and we may be forced to increase markdowns of slow-moving merchandise, either of which could have a material adverse effect on our business, financial condition and results of operations.

Our store sales growth and quarterly financial performance may fluctuate for a variety of reasons.

Our store sales growth and quarterly results of operations have fluctuated in the past, and we expect them to continue to fluctuate in the future. A variety of factors affect our store sales growth and quarterly financial performance, including:

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			changes in our merchandising strategy or product mix;

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			the performance of our newer and remodeled stores;

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			the effectiveness of our inventory management;

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			the timing and concentration of new store openings, and the related additional human resource requirements and pre-opening and other start-up costs;

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			slowing in the natural and organic retail sector;

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			the cannibalization of existing store sales by our new store openings;

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			levels of pre-opening expenses associated with new stores;

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			the timing and effectiveness of our marketing activities;

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			consumer preferences, buying trends and spending levels;

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			food and commodity price inflation or disinflation;

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			the number and dollar amount of customer transactions in our stores;

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			seasonal fluctuations due to weather conditions and extreme weather-related disruptions;

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			our ability to generate new and repeat visits to our stores and adequate levels of customer engagement;

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			actions by our existing or new competitors, including pricing changes and delivery and fulfillment options;

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