Natural Grocers by Vitamin Cottage posted positive results for its fiscal 2013 fourth quarter and for its fiscal year ended Sept. 30.
Fourth quarter net sales increased $25.2 million, or 28.1 percent over the same period in 2012, to $115.2 million due to a $15.7 million increase in sales from new stores and a $9.5 million, or 10.7 percent, increase in comparable store sales. Daily average comparable store sales increased 10.7 percent in the fourth quarter compared to a 13.0 percent increase in the 2012 fourth quarter. The 10.7 percent increase in the 2013 fourth quarter was driven by a 5.5 percent increase in daily average transaction count and a 4.9 percent increase in average transaction size. Daily average mature store sales increased 6.1 percent in the 2013 fourth quarter.
Gross profit during the fourth quarter increased 27.0 percent over the same period in 2012 to $33.5 million, driven by positive comparable store sales and new store growth.
Net income increased 129.0 percent to $2.2 million compared to the same period in 2012.
For the company’s fiscal year, net sales increased $94.3 million, or 28.0 percent over 2012, to $430.7 million due to a $58.2 million increase in sales from new stores and a $36.1 million, or 10.8 percent, increase in comparable store sales. Daily average comparable store sales increased 11.1 percent in fiscal 2013 compared to an 11.3 percent increase in 2012. The 11.1 percent increase in 2013 is due to a 5.9 percent increase in daily average transaction count and a 4.9 percent increase in average transaction size. Daily average mature store sales increased 6.4 percent in fiscal 2013.
Gross profit in fiscal 2013 increased 26.9 percent over the same period in 2012 to $125.7 million driven by positive comparable store sales and new store growth. Gross profit reflects earnings after both product and occupancy costs. Net income increased 58.7 percent to $10.6 million compared to the same period in 2012.
“We are very pleased with our performance this fiscal year,” said Kemper Isely, co-president of Natural Grocers. “Our five founding principles continue to drive our robust sales and we remain focused on our disciplined approach to cost controls. We delivered strong financial results this year and fully anticipate that we will carry this positive momentum into fiscal 2014.”
Store growth expected to continue
During the fourth quarter of fiscal 2013, Natural Grocers opened four new stores, bringing the total store count to 72 stores located in 13 states at the end of fiscal 2013. The company opened 13 new stores during fiscal 2013. Additionally, the company completed the remodel of two existing stores and relocated one existing store during its fourth quarter.
Since the end of its fourth quarter the company has opened two stores in Tulsa, Okla., and Idaho Falls, Idaho. The company also has signed leases for 10 stores that are expected to open in fiscal year 2014 in Colorado, Idaho, Kansas, New Mexico, Oregon, Texas, Utah and Washington.
Natural Grocers expects to open about 15 new stores in fiscal 2014 and undertake two remodels. Currently, the Lakewood, Colo.-based grocer operates 74 stores in 13 states.
