Natural Grocers by Vitamin Cottage has posted positive results for its fiscal 2014 first quarter ended Dec. 31.
Net sales increased $24.8 million, or 25.8 percent, over the same period in fiscal year 2013 to $120.6 million—due to a $14.6 million increase in sales from new stores and a $10.2 million, or 10.6 percent, increase in comparable store sales. Daily average comparable store sales increased 10.6 percent in the first quarter compared to a 12.9 percent increase in the first quarter a year prior. The 10.6 percent increase in the first quarter of fiscal 2014 was driven by a 5.1 percent increase in daily average transaction count and a 5.3 percent increase in average transaction size. Daily average mature store sales increased 6.9 percent in the first quarter.
Net income increased 31.6 percent to $2.9 million with diluted earnings per share of $0.13.
“We are pleased to report another quarter of solid financial results and we continue to meet our outlook expectations,” said Natural Grocers Co-President Kemper Isely. “We look forward to carrying this positive momentum into the remainder of fiscal 2014.”
Growth and development
During the first quarter of fiscal year 2014, Natural Grocers opened four new stores, bringing the company’s total store count to 76 stores located in 13 states. The grocer plans to open a total of 15 stores in fiscal year 2014 and expects to remodel two existing stores. Additionally, the company has signed leases for 10 of the remaining 11 stores it plans to open in fiscal year 2014 for locations in Colorado, Idaho, Kansas, New Mexico, Oklahoma, Oregon, Utah and Washington.