Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Jul. 29, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Natural Grocers by Vitamin Cottage, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 22,477,930 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001547459 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $6,634,000 | $8,132,000 |
Restricted cash | 0 | 500,000 |
Short term investments — available-for-sale securities | ' | 1,149,000 |
Accounts receivable, net | 1,706,000 | 2,401,000 |
Merchandise inventory | 56,017,000 | 45,472,000 |
Prepaid expenses and other current assets | 872,000 | 1,097,000 |
Deferred income tax assets | 855,000 | 1,114,000 |
Total current assets | 66,084,000 | 59,865,000 |
Property and equipment, net | 113,268,000 | 98,910,000 |
Other assets: | ' | ' |
Deposits and other assets | 739,000 | 203,000 |
Goodwill and other intangible assets, net of accumulated amortization of $654 and $654, respectively | 900,000 | 900,000 |
Deferred financing costs, net | 40,000 | 25,000 |
Total other assets | 1,679,000 | 1,128,000 |
Total assets | 181,031,000 | 159,903,000 |
Current liabilities: | ' | ' |
Accounts payable | 35,718,000 | 28,918,000 |
Accrued expenses | 11,340,000 | 9,306,000 |
Capital and financing lease obligations, current portion | 201,000 | 174,000 |
Total current liabilities | 47,259,000 | 38,398,000 |
Long-term liabilities: | ' | ' |
Capital and financing lease obligations, net of current portion | 19,508,000 | 19,648,000 |
Deferred income tax liabilities | 5,904,000 | 6,877,000 |
Deferred rent | 5,542,000 | 4,731,000 |
Leasehold incentives | 7,126,000 | 5,716,000 |
Total long-term liabilities | 38,080,000 | 36,972,000 |
Total liabilities | 85,339,000 | 75,370,000 |
Commitments (Note 12) | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $0.001 par value. Authorized 50,000,000 shares, 22,476,986 and 22,441,253 issued and outstanding, respectively | 22,000 | 22,000 |
Additional paid in capital | 54,578,000 | 53,704,000 |
Retained earnings | 41,092,000 | 30,807,000 |
Total stockholders’ equity | 95,692,000 | 84,533,000 |
Total liabilities and stockholders’ equity | $181,031,000 | $159,903,000 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Goodwill and other intangible assets, accumulated amortization (in Dollars) | $654 | $654 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 22,476,986 | 22,441,253 |
Common stock, shares outstanding | 22,476,986 | 22,441,253 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $134,036 | $113,164 | $384,959 | $315,480 |
Cost of goods sold and occupancy costs | 95,424 | 80,571 | 272,213 | 223,233 |
Gross profit | 38,612 | 32,593 | 112,746 | 92,247 |
Store expenses | 28,213 | 23,181 | 80,263 | 65,547 |
Administrative expenses | 3,585 | 3,242 | 11,022 | 9,910 |
Pre-opening and relocation expenses | 729 | 961 | 2,829 | 2,276 |
Operating income | 6,085 | 5,209 | 18,632 | 14,514 |
Other (expense) income: | ' | ' | ' | ' |
Interest expense | -706 | -610 | -2,117 | -1,266 |
Other income, net | ' | 3 | 2 | 7 |
Total other expense | -706 | -607 | -2,115 | -1,259 |
Income before income taxes | 5,379 | 4,602 | 16,517 | 13,255 |
Provision for income taxes | -2,015 | -1,716 | -6,232 | -4,931 |
Net income | $3,364 | $2,886 | $10,285 | $8,324 |
Net income per common share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.15 | $0.13 | $0.46 | $0.37 |
Diluted (in Dollars per share) | $0.15 | $0.13 | $0.46 | $0.37 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 22,476,986 | 22,401,924 | 22,461,289 | 22,389,287 |
Diluted (in Shares) | 22,482,352 | 22,443,576 | 22,478,980 | 22,437,429 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $3,364 | $2,886 | $10,285 | $8,324 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Unrealized gain on available-for-sale securities, net of tax | ' | ' | ' | 2 |
Other comprehensive income | ' | ' | ' | 2 |
Comprehensive income | $3,364 | $2,886 | $10,285 | $8,326 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating activities: | ' | ' |
Net income | $10,285,000 | $8,324,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 12,556,000 | 9,689,000 |
Loss on disposal of property and equipment | 0 | 10,000 |
Share-based compensation | 402,000 | 87,000 |
Excess tax benefit from share-based compensation | -472,000 | -211,000 |
Deferred income tax (benefit) expense | -714,000 | 1,222,000 |
Non-cash interest expense | 15,000 | 39,000 |
Interest accrued on investments and amortization of premium | 9,000 | 15,000 |
Other amortization | 0 | 26,000 |
Decrease (increase) in: | ' | ' |
Accounts receivable, net | 695,000 | -126,000 |
Income tax receivable | 612,000 | -15,000 |
Merchandise inventory | -10,545,000 | -5,829,000 |
Prepaid expenses and other assets | -923,000 | 193,000 |
Increase in: | ' | ' |
Accounts payable | 6,327,000 | 397,000 |
Accrued expenses | 2,514,000 | 1,017,000 |
Deferred rent and leasehold incentives | 2,221,000 | 307,000 |
Net cash provided by operating activities | 22,982,000 | 15,145,000 |
Investing activities: | ' | ' |
Acquisition of property and equipment | -26,427,000 | -25,863,000 |
Proceeds from sale of property and equipment | 0 | 3,000 |
Purchase of available-for-sale securities | 0 | -521,000 |
Proceeds from the sale of available-for-sale securities | 0 | 90,000 |
Proceeds from maturity of available-for-sale securities | 1,140,000 | 435,000 |
Decrease (increase) in restricted cash | 500,000 | -500,000 |
Net cash used in investing activities | -24,787,000 | -26,356,000 |
Financing activities: | ' | ' |
Borrowings under credit facility | 12,892,000 | 0 |
Repayments under credit facility | -12,892,000 | 0 |
Repayments under notes payable, related party | 0 | -282,000 |
Capital and financing lease obligations payments | -135,000 | -71,000 |
Excess tax benefit from share-based compensation | 472,000 | 211,000 |
Equity issuance costs | 0 | -268,000 |
Credit facility fees paid | -30,000 | -18,000 |
Net cash provided by (used in) financing activities | 307,000 | -428,000 |
Net decrease in cash and cash equivalents | -1,498,000 | -11,639,000 |
Cash and cash equivalents, beginning of period | 8,132,000 | 17,291,000 |
Cash and cash equivalents, end of period | 6,634,000 | 5,652,000 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 4,000 | 7,000 |
Cash paid for interest on capital and financing lease obligations | 2,090,000 | 1,220,000 |
Income taxes paid | 3,750,000 | 2,889,000 |
Supplemental disclosures of non-cash investing and financing activities: | ' | ' |
Acquisition of property and equipment not yet paid | 4,018,000 | 5,558,000 |
Property acquired through capital and financing lease obligations | $14,000 | $10,523,000 |
Note_1_Organization
Note 1 - Organization | 9 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. Organization | |
Nature of Business | |
Natural Grocers by Vitamin Cottage, Inc. (Natural Grocers or the holding company) and its consolidated subsidiaries (collectively, the Company) operate retail stores that specialize in natural and organic groceries and dietary supplements. The Company typically operates its retail stores under its trademark Natural Grocers by Vitamin Cottage® with 84 stores as of June 30, 2014, including 32 stores in Colorado, 13 in Texas, seven in Oregon, five each in Kansas and New Mexico, four in Montana, three each in Arizona, Idaho, Nebraska and Oklahoma, two each in Utah and Wyoming, and one each in Missouri and Washington, as well as a bulk food repackaging facility and distribution center in Colorado. The Company had 72 stores as of September 30, 2013. |
Note_2_Basis_of_Presentation_a
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' | ||||||||||||||||
2. Basis of Presentation and Summary of Significant Accounting Policies | |||||||||||||||||
Consolidated Financial Statements | |||||||||||||||||
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended September 30, 2013. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. Interim results are not necessarily indicative of results for any other interim period or for a full fiscal year. The Company reports its results of operations on a fiscal year ending September 30. | |||||||||||||||||
The holding company was incorporated in Delaware on April 9, 2012. The accompanying consolidated financial statements include all the accounts of the Company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company), Vitamin Cottage Two Ltd. Liability Company and Natural Systems, LLC. The operating company formed the holding company in order to facilitate the purchase of the remaining noncontrolling interest in Boulder Vitamin Cottage Group, LLC and consummation of the Company’s initial public offering (IPO) during fiscal year 2012. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
The Company has one reporting segment, natural and organic retail stores. Sales from the Company’s natural and organic retail stores are derived from sales of the following products, which are presented as a percentage of sales for the three and nine months ended June 30, 2014 and 2013 as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Grocery | 67.3 | % | 66.1 | 66.7 | 64.9 | ||||||||||||
Dietary supplements | 22.7 | 24 | 23.3 | 25 | |||||||||||||
Other | 10 | 9.9 | 10 | 10.1 | |||||||||||||
100 | % | 100 | 100 | 100 | |||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In February 2013, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU No. 2013-02 supersedes the presentation requirements for reclassifications out of accumulated other comprehensive income in both ASU No. 2011-12 and 2011-05. ASU No. 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income either on the face of the income statement or as a separate disclosure in the notes. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This update was effective for the Company beginning in the quarter ended December 31, 2013. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. ASU No 2014-09 provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning in the quarter ended December 31, 2017 and early application is not permitted. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company’s consolidated financial statements. |
Note_3_Earnings_Per_Share
Note 3 - Earnings Per Share | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
3. Earnings Per Share | |||||||||||||||||
Basic earnings per share (EPS) excludes dilution and is computed by dividing net income by the weighted average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company. Presented below are basic and diluted EPS for the three and nine months ended June 30, 2014 and 2013, dollars in thousands, except per share data: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 3,364 | 2,886 | 10,285 | 8,324 | ||||||||||||
Weighted average common shares outstanding | 22,476,986 | 22,401,924 | 22,461,289 | 22,389,287 | |||||||||||||
Effect of dilutive securities | 5,366 | 41,652 | 17,691 | 48,142 | |||||||||||||
Weighted average common shares outstanding including effect of dilutive securities | 22,482,352 | 22,443,576 | 22,478,980 | 22,437,429 | |||||||||||||
Basic earnings per share | $ | 0.15 | 0.13 | 0.46 | 0.37 | ||||||||||||
Diluted earnings per share | $ | 0.15 | 0.13 | 0.46 | 0.37 | ||||||||||||
There were 3,558 non-vested restricted stock units (RSUs) for the three and nine months ended June 30, 2014 excluded from the calculation as they are antidilutive. There were no antidilutive non-vested RSUs for the three and nine months ended June 30, 2013. | |||||||||||||||||
The Company did not declare any dividends in the three and nine months ended June 30, 2014 or 2013. |
Note_4_LongTerm_Debt
Note 4 - Long-Term Debt | 9 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Debt and Capital Leases Disclosures [Text Block] | ' |
4. Long-Term Debt | |
Credit Facility | |
The Company has a revolving credit facility. The operating company is the borrower under the credit facility, and its obligations under the credit facility are guaranteed by the holding company. | |
On December 12, 2013, the Company entered into an amended and restated $15.0 million credit agreement that, among other things, (i) extended the maturity date of the Company’s revolving credit facility by three years to January 31, 2017, (ii) provides the Company with the right to request the issuance of letters of credit under the credit facility up to $3.0 million, (iii) allows the Company to increase the amount available under the revolving credit facility, up to an additional amount that may not exceed $10.0 million by obtaining an additional commitment or commitments, (iv) eliminated a requirement for a consolidated earnings before interest, taxes, depreciation and amortization to revenue ratio and (v) amended the unused commitment fee from 0.20% to amounts ranging from 0.15% to 0.35% based on certain conditions. | |
The Company had no amounts outstanding on the revolving credit facility as of June 30, 2014 and September 30, 2013. During the nine months ended June 30, 2014, the Company made and repaid draws on the revolving credit facility. As of June 30, 2014, the Company had an undrawn, issued and outstanding letter of credit of $0.7 million which was reserved against the amount available for borrowing under the terms of the revolving credit facility. There was an available balance of $14.3 million and $15.0 million as of June 30, 2014 and September 30, 2013, respectively, under the revolving credit facility. | |
As of June 30, 2014 and September 30, 2013, the Company was in compliance with the debt covenants under the credit facility. | |
Capital and Financing Lease Obligations | |
From time to time, the Company enters into various leases that are included in capital and financing lease obligations. The Company does not record rent expense for these capitalized real estate leases, but rather rental payments under the capital leases are recognized as a reduction of the capital and financing lease obligation and as interest expense (see Note 5). | |
Interest | |
The Company incurred interest expense of approximately $0.7 million and approximately $0.6 million in the three months ended June 30, 2014 and 2013, respectively, and approximately $2.1 million and approximately $1.3 million in the nine months ended June 30, 2014 and 2013, respectively, related primarily to interest on capital and financing lease obligations, and to a lesser extent, interest on the revolving credit facility. The Company did not capitalize any interest for the three and nine months ended June 30, 2014 and 2013. The Company had insignificant amounts of amortization of deferred financing costs for the three and nine months ended June 30, 2014 and 2013. |
Note_5_Lease_Commitments
Note 5 - Lease Commitments | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases of Lessee Disclosure [Text Block] | ' | ||||||||
5. Lease Commitments | |||||||||
Capital and financing lease obligations as of June 30, 2014 and September 30, 2013, are as follows, dollars in thousands: | |||||||||
As of | |||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Capital lease finance obligations, due in monthly installments through fiscal year 2028 | $ | 15,006 | 13,746 | ||||||
Capital lease obligations, due in monthly installments through fiscal year 2028 | 4,703 | 4,792 | |||||||
Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2028 | — | 1,284 | |||||||
Total capital and financing lease obligations | 19,709 | 19,822 | |||||||
Less current portion | (201 | ) | (174 | ) | |||||
Total capital and financing lease obligations, net of current portion | $ | 19,508 | 19,648 | ||||||
Note_6_Property_and_Equipment
Note 6 - Property and Equipment | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||||||||
6. Property and Equipment | |||||||||||||||||
The Company had the following property and equipment balances as of June 30, 2014 and September 30, 2013, dollars in thousands: | |||||||||||||||||
As of | |||||||||||||||||
Useful lives | June 30, | September 30, | |||||||||||||||
(in years) | 2014 | 2013 | |||||||||||||||
Construction in process | n/a | $ | 5,477 | 5,421 | |||||||||||||
Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively | 40 | 17,107 | 15,774 | ||||||||||||||
Capitalized real estate leases | 15 | 4,866 | 4,866 | ||||||||||||||
Land improvements | 15-May | 1,000 | 1,000 | ||||||||||||||
Leasehold and building improvements | 20-Feb | 71,775 | 59,058 | ||||||||||||||
Fixtures and equipment | 7-May | 67,222 | 56,459 | ||||||||||||||
Computer hardware and software | 5-Mar | 10,297 | 8,252 | ||||||||||||||
177,744 | 150,830 | ||||||||||||||||
Less accumulated depreciation and amortization | (64,476 | ) | (51,920 | ) | |||||||||||||
Property and equipment, net | $ | 113,268 | 98,910 | ||||||||||||||
As of June 30, 2014 and September 30, 2013, respectively, capitalized real estate leases for build-to-suit stores includes the assets for the Company’s buildings for build-to-suit stores under capital lease finance obligations, and capitalized real estate leases includes assets for the Company’s buildings under capital leases (see Note 5). | |||||||||||||||||
Construction in process includes zero and approximately $1.3 million as of June 30, 2014 and September 30, 2013, respectively, related to construction costs for build-to-suit leases in process for which the Company was deemed the owner during the construction period. | |||||||||||||||||
Depreciation and amortization expense for the three and nine months ended June 30, 2014 and 2013 is summarized as follows, dollars in thousands: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation and amortization expense included in cost of goods sold and occupancy costs | $ | 195 | 177 | 572 | 532 | ||||||||||||
Depreciation and amortization expense included in store expenses | 4,143 | 3,185 | 11,585 | 8,835 | |||||||||||||
Depreciation and amortization expense included in administrative expenses | 164 | 102 | 399 | 322 | |||||||||||||
Total depreciation and amortization expense | $ | 4,502 | 3,464 | 12,556 | 9,689 | ||||||||||||
Note_7_Supplementary_Balance_S
Note 7 - Supplementary Balance Sheet Information | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | ||||||||
7. Supplementary Balance Sheet Information | |||||||||
Restricted Cash | |||||||||
As of September 30, 2013, the Company held $0.5 million in restricted cash which represented cash that was pledged as collateral for a standby letter of credit related to the Company’s workers’ compensation insurance. As of June 30, 2014, the Company had released the restricted cash balance which existed as of September 30, 2013, and had no restricted cash balance outstanding. | |||||||||
Accrued Expenses | |||||||||
The composition of accrued expenses is summarized as follows as of June 30, 2014 and September 30, 2013, dollars in thousands: | |||||||||
As of | |||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Accrued income, property, sales and use tax payable | $ | 4,944 | 2,686 | ||||||
Payroll and employee-related expenses | 4,252 | 5,247 | |||||||
Deferred revenue related to gift card sales | 682 | 625 | |||||||
Other | 1,462 | 748 | |||||||
Total accrued expenses | $ | 11,340 | 9,306 | ||||||
Note_8_Investments
Note 8 - Investments | 3 Months Ended |
Jun. 30, 2014 | |
Schedule of Investments [Abstract] | ' |
Summary of Investment Holdings, Schedule of Investments [Text Block] | ' |
8. Investments | |
The Company had no available-for-sale securities as of June 30, 2014. The Company had available-for-sale securities generally consisting of certificates of deposit, corporate bonds and municipal bonds of approximately $1.1 million as of September 30, 2013, which were classified as short-term. At September 30, 2013, the average maturity of the Company’s short-term investments was approximately five months. There was no other-than-temporary impairment on available-for-sale securities as of September 30, 2013. | |
During the three and nine months ended June 30, 2014 and 2013, the Company recorded insignificant amounts of interest income and expense relating to amortized premiums paid. |
Note_9_Fair_Value_Measurements
Note 9 - Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
9. Fair Value Measurements | |||||||||||||||||||||
The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in authoritative guidance. The framework establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). The three levels are defined as follows: | |||||||||||||||||||||
Level 1— | Inputs are unadjusted quoted prices for identical assets or liabilities in active markets; | ||||||||||||||||||||
Level 2— | Inputs include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and | ||||||||||||||||||||
Level 3— | Inputs are unobservable and are considered significant to the fair value measurement. | ||||||||||||||||||||
Non-financial assets, such as goodwill and long-lived assets, are accounted for at fair value, if determined to be impaired, on a non-recurring basis. These items are tested for impairment on the occurrence of a triggering event or in the case of goodwill, at least on an annual basis. | |||||||||||||||||||||
The carrying amounts of financial instruments not included in the table below, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and other accrued expenses, approximate fair value because of the short maturity of those instruments. | |||||||||||||||||||||
As of June 30, 2014 and September 30, 2013, the Company had the following financial assets and liabilities that were subject to fair value measurements according to the fair value hierarchy, dollars in thousands: | |||||||||||||||||||||
As of | |||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | ||||||||||||||||||||
Fair Value Hierarchy | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||
Level | Amount | Amount | |||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Money market fund | 1 | $ | — | — | 501 | 501 | |||||||||||||||
Investments — available-for-sale securities: | |||||||||||||||||||||
Certificates of deposit | 2 | — | — | 585 | 585 | ||||||||||||||||
Corporate bonds | 2 | — | — | 376 | 376 | ||||||||||||||||
Municipal bonds | 2 | — | — | 188 | 188 | ||||||||||||||||
The money market fund and available-for-sale securities are carried at fair value. For debt securities for which quoted market prices are not available, the fair value is determined using an income approach valuation technique that considers, among other things, rates currently observed in publicly traded debt markets for debt of similar terms to companies with comparable credit risk. During the three and nine months ended June 30, 2014, the Company made no purchases of available-for-sale securities. During the three and nine months ended June 30, 2013, the Company made purchases of approximately $0.1 million and $0.5 million, respectively, of available-for-sale securities. During the three and nine months ended June 30, 2014, the Company had approximately $0.1 million and $1.1 million of maturities of available-for-sale securities, respectively. During the three and nine months ended June 30, 2013, the Company had approximately $0.1 million and $0.4 million of maturities of available-for-sale securities, respectively. During the three and nine months ended June 30, 2013, the Company had approximately $0.1 million and $0.1 million of proceeds from the sale of available-for-sale securities, respectively. During the three and nine months ended June 30, 2014 and 2013, and for the fiscal year ended September 30, 2013, there were no transfers between levels and the Company had no Level 3 assets. See Note 8 for additional disclosures. |
Note_10_ShareBased_Compensatio
Note 10 - Share-Based Compensation | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
10. Share-based Compensation | |||||||||
The Company adopted an Omnibus Incentive Plan (the Plan) on July 17, 2012. RSUs granted pursuant to the Plan, if they vest, will be settled in shares of the Company’s common stock. Changes in non-vested RSUs outstanding under the Plan as of June 30, 2014 were as follows: | |||||||||
RSUs | Weighted average grant date fair value | ||||||||
Non-vested as of September 30, 2013 | 86,053 | $ | 21.8 | ||||||
Granted | 3,558 | 42.16 | |||||||
Forfeited | (940 | ) | 34.07 | ||||||
Vested | (35,733 | ) | 4.6 | ||||||
Non-vested as of June 30, 2014 | 52,938 | 34.56 | |||||||
Each independent member of the Company’s Board of Directors is granted a number of RSUs under the Plan each year equal to the number of shares of common stock having a value of $50,000 based on the closing price of common stock on the New York Stock Exchange (NYSE) on the date of grant. All of these RSUs are granted on the date of the Company’s annual meeting of stockholders or, in the case of a mid-year appointment, a pro rata portion is granted at the time of appointment. In either case, the RSUs vest over a twelve month period and are expensed straight-line over that period. The Company held its annual meeting of stockholders on March 5, 2014, and each independent member of the Company’s Board of Directors received awards based on the closing price of common stock on the NYSE on that date. The RSU’s granted to the independent members of the Board of Directors at the Company’s annual meeting on March 6, 2013 vested on March 6, 2014. | |||||||||
The RSU grant to the Chief Financial Officer (CFO Award) under the Plan was in accordance with the terms of her employment agreement that was signed in June 2008, which stated she was entitled to receive a grant of RSUs equal to 1.2% of the fully diluted shares of the Company in connection with an IPO. Two-thirds of the CFO Award vested immediately upon completion of the IPO and was settled in a combination of common stock and cash. The remaining one-third was settled 100% in shares of common stock and vested, in three equal parts over a six, 12 and 18 month period following the IPO. In January 2014, which was 18 months after the IPO, the final portion vested. | |||||||||
The Company recorded total share-based compensation expense before income taxes of approximately $0.1 million and $0.4 million in the three and nine months ended June 30, 2014, respectively, and recorded less than $0.1 million and approximately $0.1 million in the three and nine months ended June 30, 2013, respectively. The share-based compensation expense is included in cost of goods sold and occupancy expenses, store expenses or administrative expenses in the consolidated statements of income consistent with the manner in which the applicable officer, board member or key employee’s compensation expense is recorded. As of June 30, 2014, there was approximately $1.3 million of unrecognized share-based compensation expense related to non-vested RSUs net of estimated forfeitures, which the Company anticipates will be recognized over a weighted average period of approximately three years. |
Note_11_Related_Party_Transact
Note 11 - Related Party Transactions | 9 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
11. Related Party Transactions | |
The Company has ongoing relationships with related entities as noted below: | |
Chalet Properties, LLC: The Company has seven operating leases with Chalet Properties, LLC (Chalet). Chalet is owned by the Company’s four non-independent board members: Kemper Isely, Zephyr Isely, Heather Isely and Elizabeth Isely, and other related family members. Rent paid to Chalet was approximately $0.3 million for each of the three months ended June 30, 2014 and 2013. Rent paid to Chalet was approximately $0.9 million and approximately $1.0 million for the nine months ended June 30, 2014 and 2013, respectively. | |
Isely Family Land Trust LLC: The Company has one operating lease for a store location with the Isely Family Land Trust LLC (Land Trust). The Land Trust is owned by the Isely Children’s Trust and by the Margaret A. Isely Family Trust. Rent paid to the Land Trust was approximately $0.1 million for each of the three months ended June 30, 2014 and 2013. Rent paid to the Land Trust was approximately $0.2 million for each of the nine months ended June 30, 2014 and 2013. |
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
12. Commitments and Contingencies | |
Legal | |
The Company is periodically involved in various legal proceedings that are incidental to the conduct of its business, including but not limited to employment discrimination claims, customer injury claims and investigations. When the potential liability from a matter can be estimated and the loss is considered probable, the Company records the estimated loss. Due to uncertainties related to the resolution of lawsuits, investigations and claims, the ultimate outcome may differ from the estimates. Although the Company cannot predict with certainty the ultimate resolution of any lawsuits, investigations and claims asserted against it, management does not believe any currently pending legal proceeding to which the Company is a party will have a material adverse effect on its business, prospects, financial condition, cash flows or results of operations. |
Note_13_Subsequent_Events
Note 13 - Subsequent Events | 9 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
13. Subsequent Events | |
Share Issuances | |
Subsequent to June 30, 2014, the vesting of certain RSUs resulted in the issuance of a total of 944 shares of the Company’s common stock. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||
Consolidated Financial Statements | |||||||||||||||||
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended September 30, 2013. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. Interim results are not necessarily indicative of results for any other interim period or for a full fiscal year. The Company reports its results of operations on a fiscal year ending September 30. | |||||||||||||||||
The holding company was incorporated in Delaware on April 9, 2012. The accompanying consolidated financial statements include all the accounts of the Company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company), Vitamin Cottage Two Ltd. Liability Company and Natural Systems, LLC. The operating company formed the holding company in order to facilitate the purchase of the remaining noncontrolling interest in Boulder Vitamin Cottage Group, LLC and consummation of the Company’s initial public offering (IPO) during fiscal year 2012. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
The Company has one reporting segment, natural and organic retail stores. Sales from the Company’s natural and organic retail stores are derived from sales of the following products, which are presented as a percentage of sales for the three and nine months ended June 30, 2014 and 2013 as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Grocery | 67.3 | % | 66.1 | 66.7 | 64.9 | ||||||||||||
Dietary supplements | 22.7 | 24 | 23.3 | 25 | |||||||||||||
Other | 10 | 9.9 | 10 | 10.1 | |||||||||||||
100 | % | 100 | 100 | 100 | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In February 2013, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU No. 2013-02 supersedes the presentation requirements for reclassifications out of accumulated other comprehensive income in both ASU No. 2011-12 and 2011-05. ASU No. 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income either on the face of the income statement or as a separate disclosure in the notes. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This update was effective for the Company beginning in the quarter ended December 31, 2013. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. ASU No 2014-09 provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning in the quarter ended December 31, 2017 and early application is not permitted. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company’s consolidated financial statements. |
Note_2_Basis_of_Presentation_a1
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Product Information [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Grocery | 67.3 | % | 66.1 | 66.7 | 64.9 | ||||||||||||
Dietary supplements | 22.7 | 24 | 23.3 | 25 | |||||||||||||
Other | 10 | 9.9 | 10 | 10.1 | |||||||||||||
100 | % | 100 | 100 | 100 |
Note_3_Earnings_Per_Share_Tabl
Note 3 - Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 3,364 | 2,886 | 10,285 | 8,324 | ||||||||||||
Weighted average common shares outstanding | 22,476,986 | 22,401,924 | 22,461,289 | 22,389,287 | |||||||||||||
Effect of dilutive securities | 5,366 | 41,652 | 17,691 | 48,142 | |||||||||||||
Weighted average common shares outstanding including effect of dilutive securities | 22,482,352 | 22,443,576 | 22,478,980 | 22,437,429 | |||||||||||||
Basic earnings per share | $ | 0.15 | 0.13 | 0.46 | 0.37 | ||||||||||||
Diluted earnings per share | $ | 0.15 | 0.13 | 0.46 | 0.37 |
Note_5_Lease_Commitments_Table
Note 5 - Lease Commitments (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Leases [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
As of | |||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Capital lease finance obligations, due in monthly installments through fiscal year 2028 | $ | 15,006 | 13,746 | ||||||
Capital lease obligations, due in monthly installments through fiscal year 2028 | 4,703 | 4,792 | |||||||
Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2028 | — | 1,284 | |||||||
Total capital and financing lease obligations | 19,709 | 19,822 | |||||||
Less current portion | (201 | ) | (174 | ) | |||||
Total capital and financing lease obligations, net of current portion | $ | 19,508 | 19,648 |
Note_6_Property_and_Equipment_
Note 6 - Property and Equipment (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Schedule of Property, Plant and Equipment Components [Table Text Block] | ' | ||||||||||||||||
As of | |||||||||||||||||
Useful lives | June 30, | September 30, | |||||||||||||||
(in years) | 2014 | 2013 | |||||||||||||||
Construction in process | n/a | $ | 5,477 | 5,421 | |||||||||||||
Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively | 40 | 17,107 | 15,774 | ||||||||||||||
Capitalized real estate leases | 15 | 4,866 | 4,866 | ||||||||||||||
Land improvements | 15-May | 1,000 | 1,000 | ||||||||||||||
Leasehold and building improvements | 20-Feb | 71,775 | 59,058 | ||||||||||||||
Fixtures and equipment | 7-May | 67,222 | 56,459 | ||||||||||||||
Computer hardware and software | 5-Mar | 10,297 | 8,252 | ||||||||||||||
177,744 | 150,830 | ||||||||||||||||
Less accumulated depreciation and amortization | (64,476 | ) | (51,920 | ) | |||||||||||||
Property and equipment, net | $ | 113,268 | 98,910 | ||||||||||||||
Depreciation and Amortization Expense [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation and amortization expense included in cost of goods sold and occupancy costs | $ | 195 | 177 | 572 | 532 | ||||||||||||
Depreciation and amortization expense included in store expenses | 4,143 | 3,185 | 11,585 | 8,835 | |||||||||||||
Depreciation and amortization expense included in administrative expenses | 164 | 102 | 399 | 322 | |||||||||||||
Total depreciation and amortization expense | $ | 4,502 | 3,464 | 12,556 | 9,689 |
Note_7_Supplementary_Balance_S1
Note 7 - Supplementary Balance Sheet Information (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
As of | |||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Accrued income, property, sales and use tax payable | $ | 4,944 | 2,686 | ||||||
Payroll and employee-related expenses | 4,252 | 5,247 | |||||||
Deferred revenue related to gift card sales | 682 | 625 | |||||||
Other | 1,462 | 748 | |||||||
Total accrued expenses | $ | 11,340 | 9,306 |
Note_9_Fair_Value_Measurements1
Note 9 - Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||
As of | |||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | ||||||||||||||||||||
Fair Value Hierarchy | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||
Level | Amount | Amount | |||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Money market fund | 1 | $ | — | — | 501 | 501 | |||||||||||||||
Investments — available-for-sale securities: | |||||||||||||||||||||
Certificates of deposit | 2 | — | — | 585 | 585 | ||||||||||||||||
Corporate bonds | 2 | — | — | 376 | 376 | ||||||||||||||||
Municipal bonds | 2 | — | — | 188 | 188 |
Note_10_ShareBased_Compensatio1
Note 10 - Share-Based Compensation (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||
RSUs | Weighted average grant date fair value | ||||||||
Non-vested as of September 30, 2013 | 86,053 | $ | 21.8 | ||||||
Granted | 3,558 | 42.16 | |||||||
Forfeited | (940 | ) | 34.07 | ||||||
Vested | (35,733 | ) | 4.6 | ||||||
Non-vested as of June 30, 2014 | 52,938 | 34.56 |
Note_1_Organization_Details
Note 1 - Organization (Details) | Jun. 30, 2014 | Sep. 30, 2013 |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 84 | 72 |
COLORADO | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 32 | ' |
TEXAS | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 13 | ' |
OREGON | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 7 | ' |
KANSAS | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 5 | ' |
NEW MEXICO | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 5 | ' |
MONTANA | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 4 | ' |
ARIZONA | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 3 | ' |
IDAHO | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 3 | ' |
NEBRASKA | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 3 | ' |
OKLAHOMA | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 3 | ' |
WYOMING | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 2 | ' |
UTAH | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 2 | ' |
MISSOURI | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 1 | ' |
WASHINGTON | ' | ' |
Note 1 - Organization (Details) [Line Items] | ' | ' |
Number of Stores | 1 | ' |
Note_2_Basis_of_Presentation_a2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Number of Reportable Segments | 1 |
Note_2_Basis_of_Presentation_a3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Sales from Natural and Organic Retail Stores | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Product Information [Line Items] | ' | ' | ' | ' |
Sales percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Grocery [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Sales percentage | 67.30% | 66.10% | 66.70% | 64.90% |
Dietary Supplement [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Sales percentage | 22.70% | 24.00% | 23.30% | 25.00% |
Other Products [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Sales percentage | 10.00% | 9.90% | 10.00% | 10.10% |
Note_3_Earnings_Per_Share_Deta
Note 3 - Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 3 - Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Dividends | $0 | $0 | $0 | $0 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Note 3 - Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,558 | 0 | 3,558 | 0 |
Note_3_Earnings_Per_Share_Deta1
Note 3 - Earnings Per Share (Details) - Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic and Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income (in Dollars) | $3,364 | $2,886 | $10,285 | $8,324 |
Weighted average common shares outstanding | 22,476,986 | 22,401,924 | 22,461,289 | 22,389,287 |
Effect of dilutive securities | 5,366 | 41,652 | 17,691 | 48,142 |
Weighted average common shares outstanding including effect of dilutive securities | 22,482,352 | 22,443,576 | 22,478,980 | 22,437,429 |
Basic earnings per share (in Dollars per share) | $0.15 | $0.13 | $0.46 | $0.37 |
Diluted earnings per share (in Dollars per share) | $0.15 | $0.13 | $0.46 | $0.37 |
Note_4_LongTerm_Debt_Details
Note 4 - Long-Term Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 12, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Dec. 12, 2013 | Dec. 12, 2013 | Jun. 30, 2014 | Dec. 12, 2013 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Letter of Credit [Member] | |||||
Minimum [Member] | Maximum [Member] | ||||||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | $3,000,000 |
Line Of Credit Facility, Period By Which Maturity Date Extended | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility, Additional Maximum Borrowing Capacity | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility, Unused Capacity, Commitment Fee, Percentage Before Amendment | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.35% | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | 14,300,000 | 15,000,000 | ' | ' | ' | ' |
Interest Expense, Debt, Excluding Amortization | 700,000 | 600,000 | 2,100,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Note_5_Lease_Commitments_Detai
Note 5 - Lease Commitments (Details) - Capital and Financing Lease Obligations (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 5 - Lease Commitments (Details) - Capital and Financing Lease Obligations [Line Items] | ' | ' |
Less current portion | ($201) | ($174) |
Total capital and financing lease obligations, net of current portion | 19,508 | 19,648 |
Build to Suit Lease in Process [Member] | Capital Lease Finance Obligations [Member] | ' | ' |
Note 5 - Lease Commitments (Details) - Capital and Financing Lease Obligations [Line Items] | ' | ' |
Capital and financing lease obligations | ' | 1,284 |
Capital Lease Finance Obligations [Member] | ' | ' |
Note 5 - Lease Commitments (Details) - Capital and Financing Lease Obligations [Line Items] | ' | ' |
Capital and financing lease obligations | 15,006 | 13,746 |
Capital Lease Obligations [Member] | ' | ' |
Note 5 - Lease Commitments (Details) - Capital and Financing Lease Obligations [Line Items] | ' | ' |
Capital and financing lease obligations | 4,703 | 4,792 |
Capital and Financing Lease Obligations [Member] | ' | ' |
Note 5 - Lease Commitments (Details) - Capital and Financing Lease Obligations [Line Items] | ' | ' |
Capital and financing lease obligations | $19,709 | $19,822 |
Note_6_Property_and_Equipment_1
Note 6 - Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Note 6 - Property and Equipment (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $177,744,000 | $150,830,000 |
Build to Suit Lease in Process [Member] | ' | ' |
Note 6 - Property and Equipment (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $0 | $1,300,000 |
Note_6_Property_and_Equipment_2
Note 6 - Property and Equipment (Details) - Property and Equipment Components (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Sep. 30, 2013 | |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | $177,744,000 | $150,830,000 |
Less accumulated depreciation and amortization | -64,476,000 | -51,920,000 |
Property and equipment, net | 113,268,000 | 98,910,000 |
Construction in Progress [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | 5,477,000 | 5,421,000 |
Assets Held under Real Estate Leases for Build to Suit Stores [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '40 years | ' |
Property, Plant, and Equipment, Gross | 17,107,000 | 15,774,000 |
Assets Held under Capital Leases [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '15 years | ' |
Property, Plant, and Equipment, Gross | 4,866,000 | 4,866,000 |
Land Improvements [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | 1,000,000 | 1,000,000 |
Land Improvements [Member] | Minimum [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '5 years | ' |
Land Improvements [Member] | Maximum [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '15 years | ' |
Leasehold and Building Improvements [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | 71,775,000 | 59,058,000 |
Leasehold and Building Improvements [Member] | Minimum [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '2 years | ' |
Leasehold and Building Improvements [Member] | Maximum [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '20 years | ' |
Furniture and Fixtures [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | 67,222,000 | 56,459,000 |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '5 years | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '7 years | ' |
Computer Hardware and Software [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Property, Plant, and Equipment, Gross | $10,297,000 | $8,252,000 |
Computer Hardware and Software [Member] | Minimum [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '3 years | ' |
Computer Hardware and Software [Member] | Maximum [Member] | ' | ' |
Note 6 - Property and Equipment (Details) - Property and Equipment Components [Line Items] | ' | ' |
Useful lives | '5 years | ' |
Note_6_Property_and_Equipment_3
Note 6 - Property and Equipment (Details) - Depreciation and Amortization Expense (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Note 6 - Property and Equipment (Details) - Depreciation and Amortization Expense [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $4,502 | $3,464 | $12,556 | $9,689 |
Cost of Sales [Member] | ' | ' | ' | ' |
Note 6 - Property and Equipment (Details) - Depreciation and Amortization Expense [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 195 | 177 | 572 | 532 |
Stores [Member] | ' | ' | ' | ' |
Note 6 - Property and Equipment (Details) - Depreciation and Amortization Expense [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 4,143 | 3,185 | 11,585 | 8,835 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Note 6 - Property and Equipment (Details) - Depreciation and Amortization Expense [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $164 | $102 | $399 | $322 |
Note_7_Supplementary_Balance_S2
Note 7 - Supplementary Balance Sheet Information (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Restricted Cash and Cash Equivalents, Current | $0 | $500,000 |
Note_7_Supplementary_Balance_S3
Note 7 - Supplementary Balance Sheet Information (Details) - Composition of Accrued Expenses (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Composition of Accrued Expenses [Abstract] | ' | ' |
Accrued income, property, sales and use tax payable | $4,944 | $2,686 |
Payroll and employee-related expenses | 4,252 | 5,247 |
Deferred revenue related to gift card sales | 682 | 625 |
Other | 1,462 | 748 |
Total accrued expenses | $11,340 | $9,306 |
Note_8_Investments_Details
Note 8 - Investments (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2014 | |
Note 8 - Investments (Details) [Line Items] | ' | ' |
Other Than Temporary Impairment Losses On Investments, Available For SaleSecurities | $0 | ' |
Short-term Investments [Member] | ' | ' |
Note 8 - Investments (Details) [Line Items] | ' | ' |
Available-for-sale Securities | $1,100,000 | $0 |
Investments, Maturity Period | '5 months | ' |
Note_9_Fair_Value_Measurements2
Note 9 - Fair Value Measurements (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | |
Note 9 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ' |
Payments to Acquire Available-for-sale Securities | $0 | $100,000 | $0 | $521,000 | ' |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 100,000 | 100,000 | 1,140,000 | 435,000 | ' |
Proceeds from Sale of Available-for-sale Securities | ' | 100,000 | 0 | 90,000 | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | 0 | 0 | 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Note 9 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ' |
Assets, Fair Value Disclosure | $0 | $0 | $0 | $0 | $0 |
Note_9_Fair_Value_Measurements3
Note 9 - Fair Value Measurements (Details) - Financial Assets and Liabilites Subject to Fair Value Measurements (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Reported Value Measurement [Member] | ' |
Cash and cash equivalents: | ' |
Money market fund | $501 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | ' |
Cash and cash equivalents: | ' |
Money market fund | 501 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ' |
Investments b available-for-sale securities: | ' |
Investments b available-for-sale securities | 585 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ' |
Investments b available-for-sale securities: | ' |
Investments b available-for-sale securities | 585 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ' |
Investments b available-for-sale securities: | ' |
Investments b available-for-sale securities | 376 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ' |
Investments b available-for-sale securities: | ' |
Investments b available-for-sale securities | 376 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ' |
Investments b available-for-sale securities: | ' |
Investments b available-for-sale securities | 188 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ' |
Investments b available-for-sale securities: | ' |
Investments b available-for-sale securities | $188 |
Note_10_ShareBased_Compensatio2
Note 10 - Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2008 | Jun. 30, 2014 | Jun. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||
One Third [Member] | One Third [Member] | One Third [Member] | One Third [Member] | Vesting over 18 Month Period [Member] | Chief Financial Officer [Member] | Chief Financial Officer [Member] | ||||||
Vesting over Six Month Period [Member] | Vesting over 12 Month Period [Member] | Vesting over 18 Month Period [Member] | Chief Financial Officer [Member] | Chief Financial Officer [Member] | ||||||||
Chief Financial Officer [Member] | Chief Financial Officer [Member] | Chief Financial Officer [Member] | ||||||||||
Note 10 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equivalent Value Of Shares Authorized To Grant | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '6 months | '12 months | '18 months | ' | '18 months | ' | ' | '12 months |
Share-Based Compensation Arrangement by Share-Based Payment Award, Grant Entitlement As Percentage Of Fully Diluted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award, Vesting Rights, Percentage Upon Completion of Initial Public Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Awards Settled in Shares of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award, Settlement Percentage of Awards in Shares Of Common Stock | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Equal Parts Over Which Awards Vest | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 100,000 | 100,000 | 400,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Note_10_ShareBased_Compensatio3
Note 10 - Share-Based Compensation (Details) - Changes in Non-Vested RSUs Outstanding (Restricted Stock Units (RSUs) [Member], USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Note 10 - Share-Based Compensation (Details) - Changes in Non-Vested RSUs Outstanding [Line Items] | ' |
Non-vested as of September 30, 2013 | 86,053 |
Non-vested as of September 30, 2013 | $21.80 |
Granted | 3,558 |
Granted | $42.16 |
Forfeited | -940 |
Forfeited | $34.07 |
Vested | -35,733 |
Vested | $4.60 |
Non-vested as of June 30, 2014 | 52,938 |
Non-vested as of June 30, 2014 | $34.56 |
Note_11_Related_Party_Transact1
Note 11 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Chalet Properties LLC [Member] | ' | ' | ' | ' |
Note 11 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' |
Number Of Properties Leased | ' | ' | 7 | ' |
Related Party Transaction, Number of Owners That Are Non-Independent Board Members of the Entity | ' | ' | 4 | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $0.30 | $0.30 | $0.90 | $1 |
Land Trust [Member] | ' | ' | ' | ' |
Note 11 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' |
Number Of Properties Leased | ' | ' | 1 | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $0.10 | $0.10 | $0.20 | $0.20 |
Note_13_Subsequent_Events_Deta
Note 13 - Subsequent Events (Details) (Subsequent Event [Member]) | 9 Months Ended |
Jun. 30, 2014 | |
Subsequent Event [Member] | ' |
Note 13 - Subsequent Events (Details) [Line Items] | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 944 |