Natural Grocers by Vitamin Cottage, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Provides Earnings Guidance for the full year of 2016
January 28, 2016 at 09:10 pm
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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.
Natural Grocers by Vitamin Cottage, Inc. is a specialty retailer of natural and organic groceries, body care products, and dietary supplements. In the Company's grocery departments, it only sells United States Department of Agriculture certified organic produce and does not approve for sale grocery products that contain artificial colors, flavors, preservatives or sweeteners or partially hydrogenated or hydrogenated oils. Its grocery product categories include Natural Grocers brand products; dry, frozen and canned groceries; meats and seafood; dairy products, and dairy substitutes and eggs. It sells a wide selection of private label repackaged bulk products. Its dietary supplement department sells name-brand supplements and a line of Natural Grocers brand private label dietary supplements. It offers different formulations and potencies for each type of product. It offers natural pet care and food products, and household and general merchandise. It has around 167 stores in 21 states.
Natural Grocers by Vitamin Cottage, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Provides Earnings Guidance for the full year of 2016