Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document Information [Line Items] | ||
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) | 22,434,931 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 5,123 | $ 4,017 |
Accounts receivable, net | 3,285 | 3,747 |
Merchandise inventory | 92,864 | 86,330 |
Prepaid expenses and other current assets | 2,226 | 3,233 |
Total current assets | 103,498 | 97,327 |
Property and equipment, net | 186,993 | 178,297 |
Other assets: | ||
Deposits and other assets | 1,608 | 971 |
Goodwill and other intangible assets, net of accumulated amortization of $388 and $380, respectively | 5,653 | 5,601 |
Deferred financing costs, net | 41 | 50 |
Total other assets | 7,302 | 6,622 |
Total assets | 297,793 | 282,246 |
Current liabilities: | ||
Accounts payable | 57,489 | 53,615 |
Accrued expenses | 16,070 | 12,448 |
Capital and financing lease obligations, current portion | 521 | 478 |
Total current liabilities | 74,080 | 66,541 |
Long-term liabilities: | ||
Capital and financing lease obligations, net of current portion | 31,510 | 31,429 |
Revolving credit facility | 27,477 | 27,428 |
Deferred income tax liabilities, net | 11,478 | 12,178 |
Deferred compensation | 1,110 | 757 |
Deferred rent | 10,352 | 8,809 |
Leasehold incentives | 9,085 | 8,379 |
Total long-term liabilities | 91,012 | 88,980 |
Total liabilities | 165,092 | 155,521 |
Commitments (Note 6 and 10) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 50,000,000 shares authorized, 22,510,279 shares issued at June 30, 2017 and September 30, 2016 and 22,434,931 and 22,452,609 shares outstanding at June 30, 2017 and September 30, 2016, respectively | 23 | 23 |
Additional paid-in capital | 55,873 | 55,437 |
Retained earnings | 77,610 | 71,955 |
Common stock in treasury at cost, 75,348 and 57,670 shares, at June 30, 2017 and September 30, 2016, respectively | (805) | (690) |
Total stockholders’ equity | 132,701 | 126,725 |
Total liabilities and stockholders’ equity | $ 297,793 | $ 282,246 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Goodwill and other intangibles assets, accumulated amortization | $ 338 | $ 380 |
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) | 22,510,279 | 22,510,279 |
Common stock, shares outstanding (in shares) | 22,434,931 | 22,452,609 |
Treasury stock, shares (in shares) | 75,348 | 57,670 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 194,709 | $ 179,274 | $ 570,489 | $ 524,455 |
Cost of goods sold and occupancy costs | 141,928 | 128,344 | 411,397 | 373,627 |
Gross profit | 52,781 | 50,930 | 159,092 | 150,828 |
Store expenses | 45,028 | 40,095 | 129,271 | 114,768 |
Administrative expenses | 5,105 | 4,813 | 14,947 | 14,503 |
Pre-opening and relocation expenses | 970 | 2,007 | 3,515 | 4,399 |
Operating income | 1,678 | 4,015 | 11,359 | 17,158 |
Interest expense | (876) | (768) | (2,738) | (2,154) |
Income before income taxes | 802 | 3,247 | 8,621 | 15,004 |
Provision for income taxes | (204) | (567) | (2,966) | (4,999) |
Net income | $ 598 | $ 2,680 | $ 5,655 | $ 10,005 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.03 | $ 0.12 | $ 0.25 | $ 0.44 |
Diluted (in dollars per share) | $ 0.03 | $ 0.12 | $ 0.25 | $ 0.44 |
Weighted average number of shares of common stock outstanding: | ||||
Basic (in shares) | 22,460,058 | 22,501,044 | 22,457,328 | 22,499,229 |
Diluted (in shares) | 22,469,186 | 22,506,098 | 22,465,126 | 22,505,220 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities: | ||
Net income | $ 5,655 | $ 10,005 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 21,965 | 18,617 |
(Gain) loss on disposal of property and equipment | (21) | 4 |
Share-based compensation | 604 | 662 |
Deferred income tax (benefit) expense | (700) | 5,754 |
Non-cash interest expense | 10 | |
Changes in operating assets and liabilities | ||
Accounts receivable, net | 462 | (17) |
Merchandise inventory | (6,534) | (11,550) |
Prepaid expenses and other assets | 871 | (2,409) |
Accounts payable | 7,114 | 3,409 |
Accrued expenses | 3,588 | (6,363) |
Deferred compensation | 353 | 330 |
Deferred rent and leasehold incentives | 2,500 | 2,280 |
Net cash provided by operating activities | 35,857 | 20,732 |
Investing activities: | ||
Acquisition of property and equipment | (36,748) | (39,302) |
Proceeds from sale of property and equipment, net of commissions of $80 and zero, respectively | 2,585 | 12 |
Net cash used in investing activities | (34,163) | (39,290) |
Financing activities: | ||
Borrowings under credit facility | 224,350 | 175,062 |
Repayments under credit facility | (224,300) | (156,235) |
Capital and financing lease obligations payments | (352) | (290) |
Loan fees paid | (42) | |
Repurchases of common stock | (261) | (139) |
Payments on withholding tax for vested restricted stock units | (25) | (10) |
Net cash (used in) provided by financing activities | (588) | 18,346 |
Net increase (decrease) in cash and cash equivalents | 1,106 | (212) |
Cash and cash equivalents, beginning of period | 4,017 | 2,915 |
Cash and cash equivalents, end of period | 5,123 | 2,703 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest on revolving credit facility | 504 | 161 |
Cash paid for interest on capital and financing lease obligations, net of capitalized interest of $433 and $469, respectively | 2,156 | 1,897 |
Income taxes paid | 2,534 | 6,362 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Acquisition of property and equipment not yet paid | 3,594 | 9,177 |
Property acquired through capital and financing lease obligations | $ 226 | $ 3,343 |
Consolidated Statements of Cas6
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Proceeds from sale of property and equipment, commissions | $ 80 | $ 0 |
Capitalized interest | $ 433 | $ 469 |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017, 140 stores in 19 126 19 September 30, 2016. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. 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 Article 10 X. not 10 7 10 not 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 The Company has one three nine June 30, 2017 2016, Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Grocery 66.9 % 66.8 66.3 66.4 Dietary supplements 22.0 22.0 22.4 22.3 Other 11.1 11.2 11.3 11.3 100.0 % 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, 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 lease assumptions, 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 Recent Accounting Pronouncements In January 2017, No. 2017 04, 350 2017 04 2017 04 first two not January 1, 2017 first September 30, 2020. In March 2016, 2016 09, 718, 2016 09 2016 09 2016 09 first September 30, 2018, not 2016 09. not he adoption of ASU 2016 09 In February 2016, 2016 02, 842, 2016 02 No. 2016 02 12 2016 02 2016 02 first September 30, 2020, adoption of ASU 2016 02 2016 02 In July 2015, 2015 11, 330, 2015 11 2015 11, first 2015 11 2015 11 December 15, 2016 and interim periods within those years. The provisions of ASU 2015 11 first September 30, 2018. not In May 2014, 2014 09, 606, 2014 09 2014 09 2014 09’s 2014 09 July 2015, 2015 14, 2014 09, one December 15, 2017. December 15, 2016. 2014 09 first September 30, 2019. 2014 09 not 2014 09. 2014 09 not |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of 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 (RSUs) were to vest, resulting in the issuance of common stock that would then share in the Company’s earnings. Presented below are basic and diluted EPS for the three nine June 30, 2017 2016, Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Net income $ 598 2,680 5,655 10,005 Weighted average number of shares of common stock outstanding 22,460,058 22,501,044 22,457,328 22,499,229 Effect of dilutive securities 9,128 5,054 7,798 5,991 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,469,186 22,506,098 22,465,126 22,505,220 Basic earnings per share $ 0.03 0.12 0.25 0.44 Diluted earnings per share $ 0.03 0.12 0.25 0.44 There were 68,864 three nine June 30, 2017, 103,795 91,828 three nine June 30, 2016, The Company did not three nine June 30, 2017 2016. |
Note 4 - Debt
Note 4 - Debt | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 4. Credit Facility The Company is party to a credit facility (the Credit Facility) pursuant to which the amount available for borrowing is $45.0 $5.0 VC2. may not $5.0 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 base 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, except that so long as no may not $10.0 The Company had $27.5 June 30, 2017 $27.4 September 30, 2016. June 30, 2017 September 30, 2016, $1.0 $16.5 June 30, 2017 $16.6 September 30, 2016. Capital and Financing Lease Obligations The Company had 17 June 30, 2017 16 September 30, 2016 6 not Interest The Company incurred interest expense of approximately $0.9 $0.8 three June 30, 2017 2016, $2.7 $2.2 nine June 30, 2017 2016, The Company capitalized interest of $0.2 three June 30, 2017 2016 , and $0.4 $0.5 nine June 30, 2017 2016, |
Note 5 - Shareholders' Equity
Note 5 - Shareholders' Equity | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Share Repurchases On May 5, 2016, two may $10.0 Repurchases under the Company’s share repurchase program are made from time to time at management’s discretion on the open market or through privately negotiated transactions in compliance with Rule 10b 18 1934, (the Exchange Act), subject to market conditions, applicable legal requirements and other relevant factors. Repurchases of common stock may 10b5 1 not may The following table summarizes share repurchase activity for the periods indicated (in thousands, except number of shares acquired and average per share cost): Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Number of common shares acquired 30,000 10,300 30,000 10,300 Average price per common share acquired (including commissions) $ 8.71 13.46 8.71 13.46 Total cost of common shares acquired $ 261 139 261 139 During the three nine June 30, 2017, 63 12,322 $0 $0.1 three nine June 30, 2016, not At June 30, 2017 September 30, 2016, 75,348 57,670 $0.8 $0.7 Between July 1, 2017 July 31, 2017 not |
Note 6 - Lease Commitments
Note 6 - Lease Commitments | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 6. Capital and financing lease obligations as of June 30, 2017 September 30, 2016, As of June 30 , 2017 September 30, 2016 Capital lease finance obligations, due in monthly installments through fiscal year 2032 $ 26,750 25,619 Capital lease obligations, due in monthly installments through fiscal year 2041 5,055 5,213 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2032 226 1,075 Total capital and financing lease obligations 32,031 31,907 Less current portion (521 ) (478 ) Total capital and financing lease obligations, net of current portion $ 31,510 31,429 On October 7, 2016, third 15 $2.6 $0.5 The Company classified the lease as operating and considers the transaction as a normal leaseback with no 840, |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. The Company had the following property and equipment balances as of June 30, 2017 September 30, 2016, As of Useful lives (in years) June 30 , 2017 September 30, 2016 Construction in process n/a $ 7,232 6,561 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 29,548 28,393 Capitalized real estate leases 15 5,735 5,735 Land n/a 192 192 Buildings 40 16,249 12,546 Land improvements 5 – 24 1,141 1,055 Leasehold and building improvements 1 – 25 129,126 118,119 Fixtures and equipment 5 – 7 115,101 103,415 Computer hardware and software 3 – 5 18,864 16,737 323,188 292,753 Less accumulated depreciation and amortization (136,195 ) (114,456 ) Property and equipment, net $ 186,993 178,297 As of June 30, 2017 September 30, 2016, $0.2 $1.1 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 6 ) . Depreciation and amortization expense for the three nine June 30, 2017 2016 Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 275 220 792 639 Depreciation and amortization expense included in store expenses 6,871 5,851 20,068 17,084 Depreciation and amortization expense included in administrative expenses 373 309 1,105 894 Total depreciation and amortization expense $ 7,519 6,380 21,965 18,617 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8 . Accrued Expenses The composition of accrued expenses as of June 30, 2017 September 30, 2016 As of June 30 , September 30, 2017 2016 Payroll and employee-related expenses $ 7,156 4,395 Accrued property, sales and use tax payable 5,215 5,648 Accrued marketing expenses 1,973 567 Deferred revenue related to gift card sales 892 866 Other 834 972 Total accrued expenses $ 16,070 12,448 |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. The Company has ongoing relationships with related entities as noted below: Chalet Properties, LLC: five one four $0.3 three June 30, 2017 2016. $0.9 nine June 30, 2017 2016. Isely Family Land Trust LLC: one $0.1 three June 30, 2017 2016. $0.2 nine June 30, 2017 2016. FTVC LLC: one four $0.1 three June 30, 2017 2016. $0.1 nine June 30, 2017 2016. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. The Company is periodically involved in various legal proceedings that are incidental to the conduct of its business, including but not may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2017 | |
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 Article 10 X. not 10 7 10 not 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 The Company has one three nine June 30, 2017 2016, Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Grocery 66.9 % 66.8 66.3 66.4 Dietary supplements 22.0 22.0 22.4 22.3 Other 11.1 11.2 11.3 11.3 |
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 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 lease assumptions, 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2017, No. 2017 04, 350 2017 04 2017 04 first two not January 1, 2017 first September 30, 2020. In March 2016, 2016 09, 718, 2016 09 2016 09 2016 09 first September 30, 2018, not 2016 09. not he adoption of ASU 2016 09 In February 2016, 2016 02, 842, 2016 02 No. 2016 02 12 2016 02 2016 02 first September 30, 2020, adoption of ASU 2016 02 2016 02 In July 2015, 2015 11, 330, 2015 11 2015 11, first 2015 11 2015 11 December 15, 2016 and interim periods within those years. The provisions of ASU 2015 11 first September 30, 2018. not In May 2014, 2014 09, 606, 2014 09 2014 09 2014 09’s 2014 09 July 2015, 2015 14, 2014 09, one December 15, 2017. December 15, 2016. 2014 09 first September 30, 2019. 2014 09 not 2014 09. 2014 09 not |
Note 2 - Basis of Presentatio18
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Product Information [Table Text Block] | Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Grocery 66.9 % 66.8 66.3 66.4 Dietary supplements 22.0 22.0 22.4 22.3 Other 11.1 11.2 11.3 11.3 100.0 % 100.0 100.0 100.0 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Net income $ 598 2,680 5,655 10,005 Weighted average number of shares of common stock outstanding 22,460,058 22,501,044 22,457,328 22,499,229 Effect of dilutive securities 9,128 5,054 7,798 5,991 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,469,186 22,506,098 22,465,126 22,505,220 Basic earnings per share $ 0.03 0.12 0.25 0.44 Diluted earnings per share $ 0.03 0.12 0.25 0.44 |
Note 5 - Shareholders' Equity (
Note 5 - Shareholders' Equity (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Number of common shares acquired 30,000 10,300 30,000 10,300 Average price per common share acquired (including commissions) $ 8.71 13.46 8.71 13.46 Total cost of common shares acquired $ 261 139 261 139 |
Note 6 - Lease Commitments (Tab
Note 6 - Lease Commitments (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of June 30 , 2017 September 30, 2016 Capital lease finance obligations, due in monthly installments through fiscal year 2032 $ 26,750 25,619 Capital lease obligations, due in monthly installments through fiscal year 2041 5,055 5,213 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2032 226 1,075 Total capital and financing lease obligations 32,031 31,907 Less current portion (521 ) (478 ) Total capital and financing lease obligations, net of current portion $ 31,510 31,429 |
Note 7 - Property and Equipme22
Note 7 - Property and Equipment (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of Useful lives (in years) June 30 , 2017 September 30, 2016 Construction in process n/a $ 7,232 6,561 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 29,548 28,393 Capitalized real estate leases 15 5,735 5,735 Land n/a 192 192 Buildings 40 16,249 12,546 Land improvements 5 – 24 1,141 1,055 Leasehold and building improvements 1 – 25 129,126 118,119 Fixtures and equipment 5 – 7 115,101 103,415 Computer hardware and software 3 – 5 18,864 16,737 323,188 292,753 Less accumulated depreciation and amortization (136,195 ) (114,456 ) Property and equipment, net $ 186,993 178,297 |
Depreciation and Amortization Expense [Table Text Block] | Three months ended June 30 , Nine months ended June 30 , 2017 2016 2017 2016 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 275 220 792 639 Depreciation and amortization expense included in store expenses 6,871 5,851 20,068 17,084 Depreciation and amortization expense included in administrative expenses 373 309 1,105 894 Total depreciation and amortization expense $ 7,519 6,380 21,965 18,617 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of June 30 , September 30, 2017 2016 Payroll and employee-related expenses $ 7,156 4,395 Accrued property, sales and use tax payable 5,215 5,648 Accrued marketing expenses 1,973 567 Deferred revenue related to gift card sales 892 866 Other 834 972 Total accrued expenses $ 16,070 12,448 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Jun. 30, 2017 | Sep. 30, 2016 |
Number of States in which Entity Operates | 19 | 19 |
Number of Stores | 140 | 126 |
Note 2 - Basis of Presentatio25
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended |
Jun. 30, 2017 | |
Number of Reportable Segments | 1 |
Note 2 - Basis of Presentatio26
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Sales From Natural and Organic Retail Stores (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Sales percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Grocery [Member] | ||||
Sales percentage | 66.90% | 66.80% | 66.30% | 66.40% |
Dietary Supplements [Member] | ||||
Sales percentage | 22.00% | 22.00% | 22.40% | 22.30% |
Other [Member] | ||||
Sales percentage | 11.10% | 11.20% | 11.30% | 11.30% |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Dividends | $ 0 | $ 0 | $ 0 | $ 0 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 68,864 | 103,795 | 68,864 | 91,828 |
Note 3 - Earnings Per Share - B
Note 3 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 598 | $ 2,680 | $ 5,655 | $ 10,005 |
Weighted average number of shares of common stock outstanding (in shares) | 22,460,058 | 22,501,044 | 22,457,328 | 22,499,229 |
Effect of dilutive securities (in shares) | 9,128 | 5,054 | 7,798 | 5,991 |
Weighted average number of shares of common stock outstanding including effect of dilutive securities (in shares) | 22,469,186 | 22,506,098 | 22,465,126 | 22,505,220 |
Basic earnings per share (in dollars per share) | $ 0.03 | $ 0.12 | $ 0.25 | $ 0.44 |
Diluted earnings per share (in dollars per share) | $ 0.03 | $ 0.12 | $ 0.25 | $ 0.44 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Interest Costs Capitalized | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.5 | |
Capital and Financing Lease Obligations Number of Leases | 17 | 17 | 16 | ||
Interest Expense, Debt, Excluding Amortization | $ 0.9 | $ 0.8 | $ 2.7 | $ 2.2 | |
Letter of Credit [Member] | |||||
Letters of Credit Outstanding, Amount | 1 | 1 | $ 1 | ||
The New Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 45 | 45 | |||
Line of Credit Facility, Maximum Contingent Additional Borrowings | 5 | 5 | |||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | 10 | ||||
Long-term Line of Credit | 27.5 | 27.5 | 27.4 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 16.5 | 16.5 | $ 16.6 | ||
The New Credit Facility [Member] | Standby Letters of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | $ 5 |
Note 5 - Shareholders' Equity30
Note 5 - Shareholders' Equity (Details Textual) - USD ($) | May 05, 2016 | Jul. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2016 |
Stock Repurchase Program, Period in Force | 2 years | ||||||
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations | $ 0 | $ 100,000 | |||||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | ||||||
Stock Issued During Period, Shares, Treasury Stock Reissued for Equity-based Compensation Obligations | 63 | 0 | 12,322 | 0 | |||
Treasury Stock, Shares | 75,348 | 75,348 | 57,670 | ||||
Treasury Stock, Value | $ 805,000 | $ 805,000 | $ 690,000 | ||||
Treasury Stock, Shares, Acquired | 30,000 | 10,300 | 30,000 | 10,300 | |||
Subsequent Event [Member] | |||||||
Treasury Stock, Shares, Acquired | 0 |
Note 5 - Shareholders' Equity -
Note 5 - Shareholders' Equity - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Number of common shares acquired (in shares) | 30,000 | 10,300 | 30,000 | 10,300 |
Average price per common share acquired (including commissions) (in dollars per share) | $ 8.71 | $ 13.46 | $ 8.71 | $ 13.46 |
Total cost of common shares acquired | $ 261 | $ 139 | $ 261 | $ 139 |
Note 6 - Lease Commitments (Det
Note 6 - Lease Commitments (Details Textual) $ in Millions | Oct. 07, 2016USD ($) |
Sale Leaseback Transaction, Lease Term | 15 years |
Sale Leaseback Transaction, Net Proceeds, Financing Activities | $ 2.6 |
Sale Leaseback Transaction, Deferred Loss, Gross | $ 0.5 |
Note 6 - Lease Commitments - Ca
Note 6 - Lease Commitments - Capital and Financing Lease Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Total capital and financing lease obligations | $ 32,031 | $ 31,907 |
Less current portion | (521) | (478) |
Total capital and financing lease obligations, net of current portion | 31,510 | 31,429 |
Due in Monthly Installments Through Fiscal Year 2031 [Member] | ||
Capital lease finance obligations | 26,750 | 25,619 |
Asset not under Construction, Due in Monthly Installments Through Fiscal Year 2041 [Member] | ||
Capital lease obligations | 5,055 | 5,213 |
Asset under Construction, Due in Monthly Installments Through Fiscal Year 2032 [Member] | ||
Capital lease finance obligations | $ 226 | $ 1,075 |
Note 7 - Property and Equipme34
Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Property, Plant and Equipment, Gross | $ 323,188 | $ 292,753 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | 7,232 | 6,561 |
Construction in Progress [Member] | Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment, Gross | $ 200 | $ 1,100 |
Note 7 - Property and Equipme35
Note 7 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2017 | Sep. 30, 2016 | |
Property, plant, and equipment, gross | $ 323,188 | $ 292,753 |
Less accumulated depreciation and amortization | (136,195) | (114,456) |
Property and equipment, net | 186,993 | 178,297 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 7,232 | 6,561 |
Assets Held Under Real Estate Leases for Build to Suit Stores [Member] | ||
Useful life (Year) | 40 years | |
Property, plant, and equipment, gross | $ 29,548 | 28,393 |
Assets Held under Capital Leases [Member] | ||
Useful life (Year) | 15 years | |
Property, plant, and equipment, gross | $ 5,735 | 5,735 |
Land [Member] | ||
Property, plant, and equipment, gross | $ 192 | 192 |
Building [Member] | ||
Useful life (Year) | 40 years | |
Property, plant, and equipment, gross | $ 16,249 | 12,546 |
Land Improvements [Member] | ||
Property, plant, and equipment, gross | $ 1,141 | 1,055 |
Land Improvements [Member] | Minimum [Member] | ||
Useful life (Year) | 5 years | |
Land Improvements [Member] | Maximum [Member] | ||
Useful life (Year) | 24 years | |
Leasehold and Building Improvements [Member] | ||
Property, plant, and equipment, gross | $ 129,126 | 118,119 |
Leasehold and Building Improvements [Member] | Minimum [Member] | ||
Useful life (Year) | 1 year | |
Leasehold and Building Improvements [Member] | Maximum [Member] | ||
Useful life (Year) | 25 years | |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | $ 115,101 | 103,415 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Useful life (Year) | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Useful life (Year) | 7 years | |
Computer Hardware and Software [Member] | ||
Property, plant, and equipment, gross | $ 18,864 | $ 16,737 |
Computer Hardware and Software [Member] | Minimum [Member] | ||
Useful life (Year) | 3 years | |
Computer Hardware and Software [Member] | Maximum [Member] | ||
Useful life (Year) | 5 years |
Note 7 - Property and Equipme36
Note 7 - Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation and amortization | $ 7,519 | $ 6,380 | $ 21,965 | $ 18,617 |
Cost of Sales [Member] | ||||
Depreciation and amortization | 275 | 220 | 792 | 639 |
Stores [Member] | ||||
Depreciation and amortization | 6,871 | 5,851 | 20,068 | 17,084 |
General and Administrative Expense [Member] | ||||
Depreciation and amortization | $ 373 | $ 309 | $ 1,105 | $ 894 |
Note 8 - Accrued Expenses - Com
Note 8 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Payroll and employee-related expenses | $ 7,156 | $ 4,395 |
Accrued property, sales and use tax payable | 5,215 | 5,648 |
Accrued marketing expenses | 1,973 | 567 |
Deferred revenue related to gift card sales | 892 | 866 |
Other | 834 | 972 |
Total accrued expenses | $ 16,070 | $ 12,448 |
Note 9 - Related Party Transa38
Note 9 - Related Party Transactions (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Chalet [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.3 | $ 0.3 | $ 0.9 | $ 0.9 |
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 |
Number of Operating Leases | 1 | 1 | ||
FTVC, LLC [Member] | ||||
Number of Operating Leases | 1 | 1 | ||
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity | 4 | |||
FTVC, LLC [Member] | Maximum [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |