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Natural Grocers by Vitamin Cottage Inc. (NGVC-9.28%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing net sales of $330.2 million, an increase of 9.4% compared to $301.8 million in the same quarter the previous year. The increase is attributed to a rise in comparable store sales and new store sales.
Gross profit for the quarter was $98.8 million, up from $88.8 million in the previous year, with gross margin increasing to 29.9% from 29.4%. This was driven by higher product margins and store occupancy cost leverage.
Store expenses increased to $73.5 million from $68.0 million, primarily due to higher compensation expenses. However, store expenses as a percentage of net sales decreased slightly to 22.3% from 22.5% due to expense leverage.
Administrative expenses rose to $11.5 million from $9.4 million, mainly due to increased compensation and technology expenses. Pre-opening expenses were $0.4 million, down from $0.5 million in the previous year.
Net income for the quarter was $9.9 million, up from $7.8 million in the previous year. Diluted earnings per share were $0.43 compared to $0.34.
The company reported EBITDA of $21.3 million, an increase from $18.3 million, and Adjusted EBITDA of $22.8 million, up from $18.8 million. These metrics exclude certain non-cash and non-recurring items.
Cash provided by operating activities was $2.7 million, while cash used in investing activities was $9.4 million, primarily for new store openings and relocations. Cash provided by financing activities was $4.2 million.
Natural Grocers had $6.3 million in cash and cash equivalents as of December 31, 2024, with $61.4 million available for borrowing under its Credit Facility.
The company continues to focus on expanding its store base and increasing comparable store sales, while managing costs and leveraging its supply chain.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Natural Grocers by Vitamin Cottage Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.