Natural Grocers by Vitamin Cottage (NGVC) 10-Q 5 May 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2016	May. 03, 2016
Entity Registrant Name	Natural Grocers by Vitamin Cottage, Inc.
Entity Central Index Key	1,547,459
Trading Symbol	ngvc
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		22,503,644
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Current assets:
Cash and cash equivalents	$ 5,600	$ 2,915
Accounts receivable, net	2,270	2,576
Merchandise inventory	82,519	74,818
Prepaid expenses and other current assets	$ 2,722	1,108
Deferred income tax assets		866
Total current assets	$ 93,111	82,283
Property and equipment, net	158,813	145,219
Other assets:
Deposits and other assets	902	778
Goodwill and other intangible assets, net of accumulated amortization of $362 and $683, respectively	5,607	5,623
Deferred financing costs, net	55	21
Total other assets	6,564	6,422
Total assets	258,488	233,924
Current liabilities:
Accounts payable	55,188	49,896
Accrued expenses	14,671	19,649
Capital and financing lease obligations, current portion	418	333
Total current liabilities	70,277	69,878
Long-term liabilities:
Capital and financing lease obligations, net of current portion	29,803	27,274
Deferred income tax liabilities	9,987	$ 6,073
Revolving credit facility	8,577
Deferred compensation	532	$ 314
Deferred rent	7,760	6,922
Leasehold incentives	8,313	7,975
Total long-term liabilities	64,972	48,558
Total liabilities	$ 135,249	$ 118,436
Commitments (Note 5 and 11)
Stockholders’ equity:
Common stock, $0.001 par value, 50,000,000 shares authorized, 22,503,644 and 22,496,628 shares issued and outstanding, respectively	$ 23	$ 22
Additional paid-in capital	55,407	54,982
Retained earnings	67,809	60,484
Total stockholders’ equity	123,239	115,488
Total liabilities and stockholders’ equity	$ 258,488	$ 233,924

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Goodwill and other intangible assets, accumulated amortization	$ 362	$ 683
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	22,503,644	22,496,628
Common stock, shares outstanding (in shares)	22,503,644	22,496,628

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Net sales	$ 177,395	$ 157,744	$ 345,181	$ 303,631
Cost of goods sold and occupancy costs	125,792	110,874	245,283	214,467
Gross profit	51,603	46,870	99,898	89,164
Store expenses	38,774	32,461	74,673	63,510
Administrative expenses	4,936	4,156	9,690	8,383
Pre-opening and relocation expenses	1,444	870	2,392	1,447
Operating income	6,449	9,383	13,143	15,824
Interest expense	(733)	(714)	(1,386)	(1,449)
Income before income taxes	5,716	8,669	11,757	14,375
Provision for income taxes	(2,139)	(3,266)	(4,432)	(5,408)
Net income	$ 3,577	$ 5,403	$ 7,325	$ 8,967
Net income per common share:
Basic (in dollars per share)	$ 0.16	$ 0.24	$ 0.33	$ 0.40
Diluted (in dollars per share)	$ 0.16	$ 0.24	$ 0.33	$ 0.40
Weighted average common shares outstanding:
Basic (in shares)	22,499,378	22,488,667	22,498,327	22,487,884
Diluted (in shares)	22,510,409	22,499,322	22,505,079	22,496,919

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net income	$ 7,325	$ 8,967
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,237	10,130
Loss (gain) on disposal of property and equipment	2	(4)
Share-based compensation	452	297
Deferred income tax expense (benefit)	4,780	(1,467)
Non-cash interest expense	7	8
Changes in operating assets and liabilities
Accounts receivable, net	306	(27)
Merchandise inventory	(7,701)	(5,620)
Prepaid expenses and other assets	(1,738)	(568)
Accounts payable	5,690	8,134
Accrued expenses	(4,981)	3,889
Deferred compensation	218	103
Deferred rent and leasehold incentives	1,414	487
Net cash provided by operating activities	18,011	24,329
Investing activities:
Acquisition of property and equipment	(23,664)	(15,957)
Proceeds from sale of property and equipment	$ 12	4
Payment for acquisition		(5,601)
Net cash used in investing activities	$ (23,652)	(21,554)
Financing activities:
Borrowings under credit facility	147,662	66,790
Repayments under credit facility	(139,085)	(66,790)
Capital and financing lease obligations payments	$ (199)	(116)
Contingent consideration payments for acquisition		$ (514)
Loan fees paid	$ (42)
Payments on withholding tax for restricted stock unit vesting	(10)	$ (22)
Net cash provided by (used in) financing activities	8,326	(652)
Net increase in cash and cash equivalents	2,685	2,123
Cash and cash equivalents, beginning of period	2,915	5,113
Cash and cash equivalents, end of period	5,600	7,236
Supplemental disclosures of cash flow information:
Cash paid for interest	83	27
Cash paid for interest on capital and financing lease obligations, net of capitalized interest of $316 and $137, respectively	1,247	1,401
Income taxes paid	6,012	5,099
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid	6,031	2,358
Property acquired through capital and financing lease obligations	$ 2,665	$ 3,355

Consolidated Statements of Cas6

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Capitalized interest	$ 316	$ 137

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
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 operates its retail stores under its trademark Natural Grocers by Vitamin Cottage ® . As of March 31, 2016, the Company operated 112 stores in 19 states. The Company also has a bulk food repackaging facility and distribution center in Golden, Colorado. The Company had 103 stores in 18 states as of September 30, 2015.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Basis of Presentation and Significant 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 annual financial statements. The information included in this 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2015. The accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial results. 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 accompanying consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company (VC2). Natural Systems, LLC, formerly a wholly owned subsidiary of the operating company, was merged into the operating company on November 13, 2015. 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 product categories, which are presented as a percentage of sales for the three and six months ended March 31, 2016 and 2015 as follows: Three months ended March 31, Six months ended March 31, 201 6 201 5 201 6 201 5 Grocery 66.2 % 66.0 66.2 66.3 Dietary supplements 22.8 23.1 22.4 22.6 Other 11.0 10.9 11.4 11.1 100.0 % 100.0 100.0 100.0 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 (including the fair value of assets acquired and liabilities assumed in a business combination), the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to allowances for self-insurance reserves, valuation of inventories, useful lives of property and equipment for depreciation and amortization, valuation allowances for deferred tax assets and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases,” Topic 842, “Leases” (ASU 2016-02). ASU 2016-02 intends to improve financial reporting about leasing transactions. The ASU will require organizations that lease assets to recognize on the balance sheet assets and liabilities for the rights and obligations created by those leases. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or capital. Operating leases will result in straight-line expense while capital leases will result in a front-loaded expense pattern. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The amendments also require certain quantitative and qualitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those years. The provisions of ASU 2016-02 are effective for the Company’s first quarter of the fiscal year ending September 30, 2020. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements but expects it to have a significant impact on its balance sheet due to the number of operating leases to which the Company is a party. In November 2015, the FASB issued Accounting Standards Update 2015-17, “Income Taxes,” Topic 740, “Income Taxes” (ASU 2015-17). ASU 2015-17 addresses the balance sheet classification of deferred taxes. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. The amendments in ASU 2015-17 require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 will be effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The guidance will be effective for the Company’s first quarter of the fiscal year ending September 30, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The Company has elected to early adopt the provisions of ASU 2015-17 prospectively for the period ended March 31, 2016 and has presented its deferred tax liabilities and assets as noncurrent in its consolidated financial statements as of March 31, 2016. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” Topic 330, “Inventory” (ASU 2015-11). The amendments in ASU 2015-11, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost and net realizable value. The amendments in ASU 2015-11 should be applied on a prospective basis. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016 and interim periods within those years. The provisions of ASU 2015-11 are effective for the Company’s first quarter of the fiscal year ending September 30, 2018. The Company does not expect the adoption of these provisions to have a significant impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” Subtopic 350-40, “Intangibles-Goodwill and Other – Internal-Use Software” (ASU 2015-05). ASU 2015-05 provides guidance as to whether a cloud computing arrangement (such as software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. The amendments in ASU 2015-05 may be applied on either a prospective or retrospective basis and early adoption is permitted. ASU 2015-05 is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The provisions of ASU 2015-05 are effective for the Company’s first quarter of the fiscal year ending September 30, 2017. The Company is currently evaluating the impact that the adoption of ASU 2015-05 will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” Topic 835, “Interest” (ASU 2015-03). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Interest – Imputation of Interest,” Subtopic 835-30, “Interest” (ASU 2015-15). The guidance in ASU 2015-03 did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 was issued to clarify that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangements. The amendments in ASU 2015-03 should be applied on a retrospective basis and early adoption is permitted. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The guidance in ASU 2015-03 will be effective for the Company in the first quarter of the fiscal year ending September 30, 2017. The Company does not expect the adoption of these provisions to have a significant impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” Topic 606, “Revenue from Contracts with Customers” (ASU 2014-09). ASU 2014-09 provides guidance for revenue recognition and will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09’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 for the transfer of those goods or services. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers – Deferral of the Effective Date.” The FASB approved the deferral of ASU 2014-09, by extending the new revenue recognition standard’s mandatory effective date by one year and permitting public companies to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. However, earlier application is permitted only as of annual reporting periods beginning after December 15, 2016. The guidance in ASU 2014-09 will be effective for the Company in the first quarter of the fiscal year ending September 30, 2019. The Company is currently evaluating the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements.

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	3 . Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income by the weighted average shares of common stock 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 six months ended March 31, 2016 and 2015, dollars in thousands, except per share data: Three months ended Six months ended 2016 2015 2016 2015 Net income $ 3,577 5,403 7,325 8,967 Weighted average common shares outstanding 22,499,378 22,488,667 22,498,327 22,487,884 Effect of dilutive securities 11,031 10,655 6,752 9,035 Weighted average common shares outstanding including effect of dilutive securities 22,510,409 22,499,322 22,505,079 22,496,919 Basic earnings per share $ 0.16 0.24 0.33 0.40 Diluted earnings per share $ 0.16 0.24 0.33 0.40 There were 17,833 and 104,716 non-vested restricted stock units (RSUs) for the three and six months ended March 31, 2016, respectively, excluded from the calculation as they are antidilutive. There were 6,162 and 33,378 antidilutive non-vested RSUs for the three and six months ended March 31, 2015, respectively. The Company did not declare any dividends in the three or six months ended March 31, 2016 or 2015.

Note 4 - Debt

Note 4 - Debt	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt and Capital Leases Disclosures [Text Block]	4 . Debt Credit Facility On January 28, 2016, the Company entered into a new credit agreement (the 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 and VC2. The Credit Facility is secured by a lien on substantially all of the Company’s assets. The amount available for borrowing under the Credit Facility is $30.0 million (including a $5.0 million sublimit for standby letters of credit), and the Company has the ability to increase the amount available for borrowing by an additional amount that may not exceed $20.0 million if the existing lenders or other eligible lenders agree to provide an additional commitment or commitments. The Company has the right to borrow, prepay and re-borrow amounts under the Credit Facility at any time prior to the maturity date. The Credit Facility matures on January 31, 2021. For floating rate borrowings under the Credit Facility, interest is determined by the lender’s administrative agent based on the most recent compliance certificate of the operating company and stated at the prime rate less the lender spread based upon certain financial measures. For fixed rate borrowings under the Credit Facility, interest is determined by quoted LIBOR rates for the interest period plus the lender spread based upon certain financial measures. The unused commitment fee is based upon certain financial measures. The Credit Facility requires compliance with certain customary operational and financial covenants, including a leverage ratio. The Credit Facility also contains certain other customary limitations on the Company’s ability to incur additional debt, guarantee other obligations, grant liens on assets and make investments or acquisitions, among other limitations. Additionally, the Credit Facility prohibits the payment of cash dividends to the holding company from the operating company without the administrative agent’s consent, except when no default or event of default exists. If no default or event of default exists, dividends are allowed for various audit, accounting, tax, securities, indemnification, reimbursement, insurance expenses and for other reasonable expenses incurred in the ordinary course of business. At the same time it entered into the Credit Facility, the Company terminated its prior credit agreement (the Prior Credit Facility). The Company had $8.6 million outstanding under the Credit Facility as of March 31, 2016 and zero outstanding under the Prior Credit Facility as of September 30, 2015. As of March 31, 2016, the Company had undrawn, issued and outstanding letters of credit of $1.0 million, which were reserved against the amount available for borrowing under the terms of the Credit Facility. As of September 30, 2015, the Company had undrawn, issued and outstanding letters of credit of $1.0 million, which were reserved against the amount available for borrowing under the terms of the Prior Credit Facility. The Company had $20.4 million available for borrowing under the Credit Facility as of March 31, 2016 and $14.0 million available for borrowing under the Prior Credit Facility as of September 30, 2015. As of March 31, 2016, the Company was in compliance with the debt covenants under the Credit Facility. As of September 30, 2015, the Company was in compliance with the debt covenants under the Prior Credit Facility. Capital and Financing Lease Obligations The Company had 15 leases as of March 31, 2016 and 13 leases as of September 30, 2015 that are included in capital and financing lease obligations (see Note 5). 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. The interest rate on capital and financing lease obligations is determined at the inception of the lease. Interest The Company incurred gross interest expense of approximately $0.7 million for each of the three months ended March 31, 2016 and 2015, and approximately $1.4 million for each of the six months ended March 31, 2016 and 2015. Interest expense for the three and six months ended March 31, 2016 and 2015 relates primarily to interest on capital and financing lease obligations. The Company capitalized interest of $0.2 million and $0.1 million for the three months ended March 31, 2016 and 2015, respectively, and $0.3 million and $0.1 million for the six months ended March 31, 2016 and 2015, respectively.

Note 5 - Lease Commitments

Note 5 - Lease Commitments	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	5. Lease Commitments Capital and financing lease obligations as of March 31, 2016 and September 30, 2015, were as follows, dollars in thousands: As of March 31, 2016 September 30, 201 5 Capital lease finance obligations, due in monthly installments through fiscal year 2029 $ 22,243 22,096 Capital lease obligations, due in monthly installments through fiscal year 2041 5,313 4,539 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2 031 2,665 — Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2041 — 972 Total capital and financing lease obligations 30,221 27,607 Less current portion (418 ) (333 ) Total capital and financing lease obligations, net of current portion $ 29,803 27,274

Note 6 - Property and Equipment

Note 6 - Property and Equipment	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	6 . Property and Equipment The Company had the following property and equipment balances as of March 31, 2016 and September 30, 2015, dollars in thousands: As of Useful lives (in years) March 31, 2016 September 30, 201 5 Construction in process n/a $ 8,778 10,150 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 29,270 24,774 Capitalized real estate leases 15 5,735 4,866 Land n/a 192 192 Buildings 40 4,980 4,980 Land improvements 5 - 15 1,015 1,015 Leasehold and building improvements 1 - 25 103,242 91,865 Fixtures and equipment 5 - 7 92,096 83,932 Computer hardware and software 3 - 5 15,077 13,834 260,385 235,608 Less accumulated depreciation and amortization (101,572 ) (90,389 ) Property and equipment, net $ 158,813 145,219 Capitalized real estate leases for build-to-suit stores includes the assets for the Company’s buildings under capital lease finance obligations, and capitalized real estate leases includes assets for the Company’s buildings under capital lease obligations (see Note 5 ) . Construction in process as of March 31, 2016 includes approximately $2.7 million related to construction costs for leases in process for which the Company was deemed the owner during the construction period during which such properties were not in service. Construction in process as of September 30, 2015, includes approximately $0.9 million related to a building under a capital lease obligation that was not yet in service. Depreciation and amortization expense for the three and six months ended March 31, 2016 and 2015 is summarized as follows, dollars in thousands: Three months ended Six months ended 2016 2015 2016 2015 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 214 198 419 397 Depreciation and amortization expense included in store expenses 5,677 4,753 11,233 9,348 Depreciation and amortization expense included in administrative expenses 301 198 585 385 Total depreciation and amortization expense $ 6,192 5,149 12,237 10,130

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7 . Accrued Expenses The composition of accrued expenses as of March 31, 2016 and September 30, 2015 is summarized as follows, dollars in thousands: As of March 31, September 30, 201 6 2015 Payroll and employee-related expenses $ 7,705 7,795 Accrued income taxes payable — 5,540 Accrued property, sales and use tax payable 4,383 4,365 Accrued marketing expenses 912 532 Deferred revenue related to gift card sales 835 864 Other 836 553 Total accrued expenses $ 14,671 19,649

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8 . Fair Value Measurements The Company records its financial assets and liabilities in accordance with the framework for measuring fair value. The framework establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and market participant’s assumptions (unobservable inputs). Non-financial assets, such as goodwill and long-lived assets, are accounted for at fair value 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. As of March 31, 2016 and September 30, 2015, the Company did not have any financial assets or liabilities that were subject to fair value measurements.

Note 9 - Share-based Compensati

Note 9 - Share-based Compensation	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	9 . S hare -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 the number of non-vested RSUs outstanding under the Plan for the six months ended March 31, 2016 were as follows: RSUs Weighted average grant date fair value Non-vested as of September 30, 2015 131,856 $ 26.05 Granted 20,790 20.68 Forfeited (8,559 ) 26.22 Vested (7,417 ) 30.02 Non-vested as of March 31, 2016 136,670 25.73 As of March 31, 2016, all outstanding RSUs have been granted either to independent members of the Company’s Board of Directors or to certain employees of the Company who are not named executive officers. The Company recorded total share-based compensation expense before income taxes of approximately $0.2 million and $0.5 million for the three and six months ended March 31, 2016, respectively, and recorded $0.1 million and $0.3 million for the three and six months ended March 31, 2015, 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 independent board member or employee’s compensation expense is presented. As of March 31, 2016, there was approximately $2.7 million in 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 3.8 years.

Note 10 - Related Party Transac

Note 10 - Related Party Transactions	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	10 . Related Party Transactions The Company has ongoing relationships with related entities as noted below: Chalet Properties, LLC : Isely Family Land Trust LLC: FTVC LLC:

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Commitments and Contingencies 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. In Bernhard Engl v. Natural Grocers by Vitamin Cottage, Inc. and Vitamin Cottage Natural Food Markets, Inc.

Note 12 - Subsequent Event

Note 12 - Subsequent Event	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	12. Subsequent Events On May 4, 2016, the Company’s Board of Directors approved a two-year share repurchase program (the Repurchase Program) under which the Company may purchase up to $10.0 million of the Company's outstanding shares of common stock. Under the Repurchase Program, shares of common stock may be repurchased from time to time in the open market or in privately negotiated transactions. The Repurchase Program may be suspended, modified or discontinued by the Company at any time without prior notice. The Company expects to finance the Repurchase Program by increasing the amount available for borrowing under the Credit Facility from $30.0 million to $45.0 million, as provided for in the Credit Facility.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2016
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 annual financial statements. The information included in this 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2015. The accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial results. 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 accompanying consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company (VC2). Natural Systems, LLC, formerly a wholly owned subsidiary of the operating company, was merged into the operating company on November 13, 2015. 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 product categories, which are presented as a percentage of sales for the three and six months ended March 31, 2016 and 2015 as follows: Three months ended March 31, Six months ended March 31, 201 6 201 5 201 6 201 5 Grocery 66.2 % 66.0 66.2 66.3 Dietary supplements 22.8 23.1 22.4 22.6 Other 11.0 10.9 11.4 11.1 100.0 % 100.0 100.0 100.0
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 (including the fair value of assets acquired and liabilities assumed in a business combination), the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to allowances for self-insurance reserves, valuation of inventories, useful lives of property and equipment for depreciation and amortization, valuation allowances for deferred tax assets and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases,” Topic 842, “Leases” (ASU 2016-02). ASU 2016-02 intends to improve financial reporting about leasing transactions. The ASU will require organizations that lease assets to recognize on the balance sheet assets and liabilities for the rights and obligations created by those leases. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or capital. Operating leases will result in straight-line expense while capital leases will result in a front-loaded expense pattern. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The amendments also require certain quantitative and qualitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those years. The provisions of ASU 2016-02 are effective for the Company’s first quarter of the fiscal year ending September 30, 2020. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements but expects it to have a significant impact on its balance sheet due to the number of operating leases to which the Company is a party. In November 2015, the FASB issued Accounting Standards Update 2015-17, “Income Taxes,” Topic 740, “Income Taxes” (ASU 2015-17). ASU 2015-17 addresses the balance sheet classification of deferred taxes. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. The amendments in ASU 2015-17 require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 will be effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The guidance will be effective for the Company’s first quarter of the fiscal year ending September 30, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The Company has elected to early adopt the provisions of ASU 2015-17 prospectively for the period ended March 31, 2016 and has presented its deferred tax liabilities and assets as noncurrent in its consolidated financial statements as of March 31, 2016. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” Topic 330, “Inventory” (ASU 2015-11). The amendments in ASU 2015-11, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost and net realizable value. The amendments in ASU 2015-11 should be applied on a prospective basis. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016 and interim periods within those years. The provisions of ASU 2015-11 are effective for the Company’s first quarter of the fiscal year ending September 30, 2018. The Company does not expect the adoption of these provisions to have a significant impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” Subtopic 350-40, “Intangibles-Goodwill and Other – Internal-Use Software” (ASU 2015-05). ASU 2015-05 provides guidance as to whether a cloud computing arrangement (such as software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. The amendments in ASU 2015-05 may be applied on either a prospective or retrospective basis and early adoption is permitted. ASU 2015-05 is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The provisions of ASU 2015-05 are effective for the Company’s first quarter of the fiscal year ending September 30, 2017. The Company is currently evaluating the impact that the adoption of ASU 2015-05 will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” Topic 835, “Interest” (ASU 2015-03). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Interest – Imputation of Interest,” Subtopic 835-30, “Interest” (ASU 2015-15). The guidance in ASU 2015-03 did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 was issued to clarify that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangements. The amendments in ASU 2015-03 should be applied on a retrospective basis and early adoption is permitted. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The guidance in ASU 2015-03 will be effective for the Company in the first quarter of the fiscal year ending September 30, 2017. The Company does not expect the adoption of these provisions to have a significant impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” Topic 606, “Revenue from Contracts with Customers” (ASU 2014-09). ASU 2014-09 provides guidance for revenue recognition and will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09’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 for the transfer of those goods or services. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers – Deferral of the Effective Date.” The FASB approved the deferral of ASU 2014-09, by extending the new revenue recognition standard’s mandatory effective date by one year and permitting public companies to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. However, earlier application is permitted only as of annual reporting periods beginning after December 15, 2016. The guidance in ASU 2014-09 will be effective for the Company in the first quarter of the fiscal year ending September 30, 2019. The Company is currently evaluating the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements.

Note 2 - Basis of Presentatio20

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Product Information [Table Text Block]	Three months ended March 31, Six months ended March 31, 201 6 201 5 201 6 201 5 Grocery 66.2 % 66.0 66.2 66.3 Dietary supplements 22.8 23.1 22.4 22.6 Other 11.0 10.9 11.4 11.1 100.0 % 100.0 100.0 100.0

Note 3 - Earnings Per Share (Ta

Note 3 - Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended 2016 2015 2016 2015 Net income $ 3,577 5,403 7,325 8,967 Weighted average common shares outstanding 22,499,378 22,488,667 22,498,327 22,487,884 Effect of dilutive securities 11,031 10,655 6,752 9,035 Weighted average common shares outstanding including effect of dilutive securities 22,510,409 22,499,322 22,505,079 22,496,919 Basic earnings per share $ 0.16 0.24 0.33 0.40 Diluted earnings per share $ 0.16 0.24 0.33 0.40

Note 5 - Lease Commitments (Tab

Note 5 - Lease Commitments (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Debt [Table Text Block]	As of March 31, 2016 September 30, 201 5 Capital lease finance obligations, due in monthly installments through fiscal year 2029 $ 22,243 22,096 Capital lease obligations, due in monthly installments through fiscal year 2041 5,313 4,539 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2 031 2,665 — Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2041 — 972 Total capital and financing lease obligations 30,221 27,607 Less current portion (418 ) (333 ) Total capital and financing lease obligations, net of current portion $ 29,803 27,274

Note 6 - Property and Equipme23

Note 6 - Property and Equipment (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Property Plant and Equipment Components [Table Text Block]	As of Useful lives (in years) March 31, 2016 September 30, 201 5 Construction in process n/a $ 8,778 10,150 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 29,270 24,774 Capitalized real estate leases 15 5,735 4,866 Land n/a 192 192 Buildings 40 4,980 4,980 Land improvements 5 - 15 1,015 1,015 Leasehold and building improvements 1 - 25 103,242 91,865 Fixtures and equipment 5 - 7 92,096 83,932 Computer hardware and software 3 - 5 15,077 13,834 260,385 235,608 Less accumulated depreciation and amortization (101,572 ) (90,389 ) Property and equipment, net $ 158,813 145,219
Depreciation and Amortization Expense [Table Text Block]	Three months ended Six months ended 2016 2015 2016 2015 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 214 198 419 397 Depreciation and amortization expense included in store expenses 5,677 4,753 11,233 9,348 Depreciation and amortization expense included in administrative expenses 301 198 585 385 Total depreciation and amortization expense $ 6,192 5,149 12,237 10,130

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	As of March 31, September 30, 201 6 2015 Payroll and employee-related expenses $ 7,705 7,795 Accrued income taxes payable — 5,540 Accrued property, sales and use tax payable 4,383 4,365 Accrued marketing expenses 912 532 Deferred revenue related to gift card sales 835 864 Other 836 553 Total accrued expenses $ 14,671 19,649

Note 9 - Share-based Compensa25

Note 9 - Share-based Compensation (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	RSUs Weighted average grant date fair value Non-vested as of September 30, 2015 131,856 $ 26.05 Granted 20,790 20.68 Forfeited (8,559 ) 26.22 Vested (7,417 ) 30.02 Non-vested as of March 31, 2016 136,670 25.73

Note 1 - Organization (Details

Note 1 - Organization (Details Textual)	Mar. 31, 2016	Sep. 30, 2015
Number of Stores	112	103
Number of States in which Entity Operates	19	18

Note 2 - Basis of Presentatio27

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Mar. 31, 2016
Number of Reportable Segments	1

Note 2 - Sales from Natural and

Note 2 - Sales from Natural and Organic Retail Stores (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Grocery [Member]
Sales percentage	66.20%	66.00%	66.20%	66.30%
Dietary Supplements [Member]
Sales percentage	22.80%	23.10%	22.40%	22.60%
Other [Member]
Sales percentage	11.00%	10.90%	11.40%	11.10%
Sales percentage	100.00%	100.00%	100.00%	100.00%

Note 3 - Earnings Per Share (De

Note 3 - Earnings Per Share (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	17,833	6,162	104,716	33,378
Dividends	$ 0	$ 0	$ 0	$ 0

Note 3 - Basic and Diluted Earn

Note 3 - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 3,577	$ 5,403	$ 7,325	$ 8,967
Basic (in shares)	22,499,378	22,488,667	22,498,327	22,487,884
Effect of dilutive securities (in shares)	11,031	10,655	6,752	9,035
Weighted average common shares outstanding including effect of dilutive securities (in shares)	22,510,409	22,499,322	22,505,079	22,496,919
Basic earnings per share (in dollars per share)	$ 0.16	$ 0.24	$ 0.33	$ 0.40
Diluted earnings per share (in dollars per share)	$ 0.16	$ 0.24	$ 0.33	$ 0.40

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual)	3 Months Ended		6 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)
The New Credit Facility [Member] | Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000		$ 5,000,000
The New Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	30,000,000		30,000,000
Line of Credit Facility, Maximum Contingent Additional Borrowings	20,000,000		20,000,000
Letter of Credit [Member]
Letters of Credit Outstanding, Amount	1,000,000		1,000,000		$ 1,000,000
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity	20,400,000		20,400,000		14,000,000
Interest Expense, Debt, Excluding Amortization	700,000	$ 700,000	1,400,000	$ 1,400,000
Long-term Line of Credit	$ 8,600,000		$ 8,600,000		$ 0
Capital and Financing Lease Obligations Number of Leases	15		15		13
Interest Costs Capitalized	$ 0.20	$ 100,000	$ 0.30	$ 100,000

Note 5 - Capital and Financing

Note 5 - Capital and Financing Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Due in Monthly Installments through Fiscal Year 2029 [Member]
Capital lease finance obligations	$ 22,243	$ 22,096
Due in Monthly Installments through Fiscal Year 2028 [Member]
Capital lease obligations	5,313	$ 4,539
Due in Monthly Installments Through Fiscal Year 2031 [Member]
Capital lease finance obligations	$ 2,665
Due in Monthly Installments through Fiscal Year 2041 [Member]
Capital lease obligations		$ 972
Total capital and financing lease obligations	$ 30,221	27,607
Less current portion	(418)	(333)
Total capital and financing lease obligations, net of current portion	$ 29,803	$ 27,274

Note 6 - Property and Equipme33

Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Construction in Progress [Member] | Assets Held under Capital Leases [Member]
Property, Plant and Equipment, Gross	$ 2,700	$ 900
Construction in Progress [Member]
Property, Plant and Equipment, Gross	8,778	10,150
Property, Plant and Equipment, Gross	$ 260,385	$ 235,608

Note 6 - Property and Equipme34

Note 6 - Property and Equipment Components (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
Construction in Progress [Member]
Property, Plant and Equipment, Gross	$ 8,778	$ 10,150
Assets Held Under Real Estate Leases for Build to Suit Stores [Member]
Property, Plant and Equipment, Gross	$ 29,270	24,774
Useful life	40 years
Assets Held under Capital Leases [Member]
Property, Plant and Equipment, Gross	$ 5,735	4,866
Useful life	15 years
Land [Member]
Property, Plant and Equipment, Gross	$ 192	192
Building [Member]
Property, Plant and Equipment, Gross	$ 4,980	4,980
Useful life	40 years
Land Improvements [Member] | Minimum [Member]
Useful life	5 years
Land Improvements [Member] | Maximum [Member]
Useful life	15 years
Land Improvements [Member]
Property, Plant and Equipment, Gross	$ 1,015	1,015
Leasehold and Building Improvements [Member] | Minimum [Member]
Useful life	1 year
Leasehold and Building Improvements [Member] | Maximum [Member]
Useful life	25 years
Leasehold and Building Improvements [Member]
Property, Plant and Equipment, Gross	$ 103,242	91,865
Furniture and Fixtures [Member] | Minimum [Member]
Useful life	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Useful life	7 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Gross	$ 92,096	83,932
Computer Hardware and Software [Member] | Minimum [Member]
Useful life	3 years
Computer Hardware and Software [Member] | Maximum [Member]
Useful life	5 years
Computer Hardware and Software [Member]
Property, Plant and Equipment, Gross	$ 15,077	13,834
Property, Plant and Equipment, Gross	260,385	235,608
Less accumulated depreciation and amortization	(101,572)	(90,389)
Property and equipment, net	$ 158,813	$ 145,219

Note 6 - Property and Equipme35

Note 6 - Property and Equipment Components (Details) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Unamortized Land [Member]
Property, Plant and Equipment, Gross	$ 617	$ 617
Property, Plant and Equipment, Gross	$ 260,385	$ 235,608

Note 6 - Depreciation and Amort

Note 6 - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Cost of Sales [Member]
Depreciation and amortization	$ 214	$ 198	$ 419	$ 397
Stores [Member]
Depreciation and amortization	5,677	4,753	11,233	9,348
General and Administrative Expense [Member]
Depreciation and amortization	301	198	585	385
Depreciation and amortization	$ 6,192	$ 5,149	$ 12,237	$ 10,130

Note 7 - Composition of Accrued

Note 7 - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Payroll and employee-related expenses	$ 7,705	$ 7,795
Accrued income taxes payable		5,540
Accrued property, sales and use tax payable	$ 4,383	4,365
Accrued marketing expenses	912	532
Deferred revenue related to gift card sales	835	864
Other	836	553
Total accrued expenses	$ 14,671	$ 19,649

Note 9 - Share-based Compensa38

Note 9 - Share-based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 2.7		$ 2.7
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years 292 days
Allocated Share-based Compensation Expense	$ 0.2	$ 0.1	$ 0.5	$ 0.3

Note 9 - Changes in Non-Vested

Note 9 - Changes in Non-Vested RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Mar. 31, 2016$ / sharesshares
Non-vested balance (in shares) | shares	131,856
Non-vested Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 26.05
Granted (in shares) | shares	20,790
Granted (in dollars per share) | $ / shares	$ 20.68
Forfeited (in shares) | shares	(8,559)
Forfeited (in dollars per share) | $ / shares	$ 26.22
Vested (in shares) | shares	(7,417)
Vested (in dollars per share) | $ / shares	$ 30.02
Non-vested balance (in shares) | shares	136,670
Non-vested Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 25.73

Note 10 - Related Party Trans40

Note 10 - Related Party Transactions (Details Textual) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Chalet [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.3	$ 0.3	$ 0.6	$ 0.6
Number of Operating Leases	5		5
Number of Capital Leases	1		1
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity			4
Isely Family Land Trust LLC [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.1	0.1	$ 0.2	0.2
FTVC, LLC [Member] | Maximum [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.1	$ 0.1	$ 0.1	$ 0.1
FTVC, LLC [Member]
Number of Operating Leases	1		1

Note 12 - Subsequent Event (Det

Note 12 - Subsequent Event (Details Textual) - USD ($)	May. 04, 2016	May. 03, 2016	Mar. 31, 2016
Subsequent Event [Member] | The Repurchase Program [Member] | Common Stock [Member]
Stock Repurchase Program, Authorized Amount	$ 10,000,000
Subsequent Event [Member] | The Repurchase Program [Member]
Stock Repurchase Program, Period in Force	2 years
Subsequent Event [Member] | The New Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 45,000,000	$ 30,000,000
The New Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 30,000,000