Natural Grocers by Vitamin Cottage, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2015. For the quarter, the company's net sales increased $21.9 million, or 15.0%, over the same period in fiscal 2015 to $167.8 million, primarily due to a $16.6 million increase in sales from new stores and a $5.3 million, or 3.6%, increase in comparable store sales. The 3.6% increase in daily average comparable store sales in the first quarter of fiscal 2016 followed a 6.2% increase in the first quarter of fiscal 2015 and was driven by a 1.9% increase in daily average transaction count and a 1.7% increase in average transaction size. Operating income was $6,694,000 compared to $6,441,000 a year ago. Income before income taxes was $6,041,000 compared to $5,706,000 a year ago. Net income was $3,748,000 compared to $3,564,000 a year ago. Basic and diluted net income per share was $0.17 compared to $0.16 a year ago. Net cash provided by operating activities was $9,493,000 compared to $6,906,000 a year ago. Acquisition of property and equipment was $10,180,000 compared to $7,572,000 a year ago. EBITDA was $12,739,000 compared to $11,422,000 a year ago. Capital expenditures were $10.2 million.

During fiscal 2016, the Company expects to open 23 stores, resulting in 22.3% unit growth. Daily average comparable store sales growth expected to be of 5% to 7%. EBITDA as a % of sales expected to be of 7.8% to 8.0%. Net income as a % of sales expected to be of 2.3% to 2.5%. Diluted earnings per share expected to be of $0.79 to $0.83. Capital expenditures expected to be of $54 million to $56 million.