NGVC
Natural Grocers by Vitamin Cottage, Inc.25.22
-0.09-0.36%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q1 '26
Shrink details, store EPS headwind
Q&A unpacked the 40bps gross margin drop, pinning half on shrink cycling from low prior-year levels and another quarter on weather outages plus closures—temporary hits, per management. A $0.12 EPS headwind stems from accelerating to eight new stores this year, but should flatten next year at that pace. Income-constrained non-Empower customers fueled the slowdown; Rewards members stayed robust. Supplements and body care saw unit declines amid zero inflation. No further closures planned after one prior. Management affirmed guidance, sounding cautious on consumer caution. Shrink fix matters most.
Key Stats
Market Cap
580.89MP/E (TTM)
12.61Basic EPS (TTM)
2.00Dividend Yield
0.02%Recent Filings
8-K
Annual meeting votes approved
Natural Grocers by Vitamin Cottage stockholders overwhelmingly approved key items at the March 4, 2026 virtual annual meeting, with 92.33% of shares represented. Zephyr Isely, David Rooney, and Sandra Buffa won election as Class II directors for three-year terms despite some withheld votes. KPMG's appointment as auditor passed easily. Board continuity locked in.
10-Q
Q1 FY2026 results
Natural Grocers posted solid Q1 FY2026 results through December 31, 2025, with net sales up 1.6% y/y to $335.6M on 1.7% comparable store sales growth, while gross margin slipped to 29.5% from 29.9% due to higher inventory shrink per MD&A. Operating income climbed 9.7% y/y to $14.6M as store expenses fell 0.7% and administrative costs dropped 5.9%, lifting diluted EPS 14.0% y/y to $0.49, reconciled to 23.3M diluted shares. Cash jumped to $23.2M with $21.1M operating cash flow; $67.6M revolver availability backs $70M commitment to 2028 amid covenant compliance, no term debt. Capex hit $9.6M. Competition intensifies from grocery consolidation.
8-K
Q1 sales up 1.6%, income +14%
Natural Grocers reported Q1 FY2026 net sales up 1.6% to $335.6M, net income rising 14.0% to $11.3M ($0.49/share), while affirming full-year outlook for 6-8 new stores and $2.00-$2.15 EPS. Comparable sales grew 1.7%, boosted by transaction count, yet gross margin slipped to 29.5% from shrink. Cash hit $23.2M; quarterly dividend set at $0.15/share. Steady amid uncertainty.
10-K
FY2025 results
Natural Grocers delivered FY2025 net sales of $1.33B, up 7.2% y/y, fueled by 7.3% daily average comparable store sales growth from 4.6% higher transaction counts and 2.6% bigger baskets at $48.62 average. Gross margin expanded to 29.9% via sharp promotions and occupancy leverage, while store expenses dipped to 21.8% of sales on better expense control despite comp headwinds from a Q4 UNFI cyber disruption. Net income jumped 36.9% to $46.4M ($2.00 diluted EPS); Q4 operations normalized post-disruption. Steady $0.12/share quarterly dividends held, with $17M cash bolstering $70M revolver availability. Regional concentration exposes quarterly momentum to local downturns.
8-K
Record sales, dividend hike
Natural Grocers posted record fiscal 2025 sales of $1.33B, up 7.2%, with net income jumping 36.9% to $46.4M. Comparable sales grew 7.3%, marking 22 straight years of gains, while margins expanded. Board hiked quarterly dividend 25% to $0.15/share, payable December 10. Plans six to eight new stores in 2026. Strong cash flow fuels growth.
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