Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 01, 2017 | Mar. 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) | 22,347,709 | ||
Entity Public Float | $ 99,487,066 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 6,521 | $ 4,017 |
Accounts receivable, net | 4,860 | 3,747 |
Merchandise inventory | 93,612 | 86,330 |
Prepaid expenses and other current assets | 3,222 | 3,233 |
Total current assets | 108,215 | 97,327 |
Property and equipment, net | 184,417 | 178,297 |
Other assets: | ||
Deposits and other assets | 1,642 | 971 |
Goodwill and other intangible assets, net | 5,655 | 5,601 |
Deferred financing costs, net | 62 | 50 |
Total other assets | 7,359 | 6,622 |
Total assets | 299,991 | 282,246 |
Current liabilities: | ||
Accounts payable | 56,849 | 53,615 |
Accrued expenses | 14,164 | 12,448 |
Capital and financing lease obligations, current portion | 548 | 478 |
Total current liabilities | 71,561 | 66,541 |
Long-term liabilities: | ||
Capital and financing lease obligations, net of current portion | 32,880 | 31,429 |
Revolving credit facility | 28,392 | 27,428 |
Deferred income tax liabilities, net | 12,419 | 12,178 |
Deferred compensation | 1,231 | 757 |
Deferred rent | 10,465 | 8,809 |
Leasehold incentives | 9,160 | 8,379 |
Total long-term liabilities | 94,547 | 88,980 |
Total liabilities | 166,108 | 155,521 |
Commitments (Notes 10 and 17) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value. 50,000,000 shares authorized, 22,510,279 and 22,510,279 shares issued, at 2017 and 2016, respectively and 22,448,056 and 22,452,609 outstanding, at 2017 and 2016, respectively | 23 | 23 |
Additional paid-in capital | 55,678 | 55,437 |
Retained earnings | 78,846 | 71,955 |
Common stock in treasury at cost, 62,223 and 57,670 shares at 2017 and 2016, respectively | (664) | (690) |
Total stockholders’ equity | 133,883 | 126,725 |
Total liabilities and stockholders’ equity | $ 299,991 | $ 282,246 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2017 | Sep. 30, 2016 |
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) | 22,448,056 | 22,452,609 |
Treasury stock, shares (in shares) | 62,223 | 57,670 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 769,030 | $ 705,499 | $ 624,678 |
Cost of goods sold and occupancy costs | 556,694 | 503,727 | 442,582 |
Gross profit | 212,336 | 201,772 | 182,096 |
Store expenses | 174,350 | 156,158 | 132,131 |
Administrative expenses | 20,089 | 19,242 | 17,514 |
Pre-opening and relocation expenses | 3,799 | 5,993 | 3,822 |
Operating income | 14,098 | 20,379 | 28,629 |
Interest expense | (3,793) | (3,044) | (2,993) |
Income before income taxes | 10,305 | 17,335 | 25,636 |
Provision for income taxes | (3,414) | (5,864) | (9,432) |
Net income | $ 6,891 | $ 11,471 | $ 16,204 |
Net income per share of common stock: | |||
Basic (in dollars per share) | $ 0.31 | $ 0.51 | $ 0.72 |
Diluted (in dollars per share) | $ 0.31 | $ 0.51 | $ 0.72 |
Weighted average number of shares of common stock outstanding: | |||
Basic (in shares) | 22,453,409 | 22,492,986 | 22,490,260 |
Diluted (in shares) | 22,463,675 | 22,507,152 | 22,500,833 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | |||
Net income | $ 6,891 | $ 11,471 | $ 16,204 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 29,511 | 25,533 | 21,337 |
(Gain) loss on disposal of property and equipment | (21) | (3) | 56 |
Share-based compensation | 758 | 879 | 573 |
Deferred income tax expense | 241 | 6,971 | 630 |
Non-cash interest expense | 12 | 13 | 15 |
Changes in operating assets and liabilities | |||
Accounts receivable, net | (1,100) | (1,171) | (430) |
Income tax receivable | 732 | (1,776) | |
Merchandise inventory | (7,282) | (11,512) | (15,711) |
Prepaid expenses and other assets | (1,049) | (542) | (533) |
Accounts payable | 7,224 | 3,314 | 12,891 |
Accrued expenses | 1,521 | (7,345) | 3,848 |
Deferred compensation | 474 | 443 | 314 |
Deferred rent and leasehold incentives | 2,937 | 2,552 | 1,809 |
Net cash provided by operating activities | 40,849 | 28,827 | 41,003 |
Investing activities: | |||
Acquisition of property and equipment | (41,231) | (53,759) | (36,750) |
Proceeds from sale of property and equipment | 2,732 | 19 | 13 |
Payment for acquisition | (5,601) | ||
Net cash used in investing activities | (38,499) | (53,740) | (42,338) |
Financing activities: | |||
Borrowings under credit facility | 291,765 | 234,604 | 202,878 |
Repayments under credit facility | (290,800) | (207,176) | (202,878) |
Repurchases of common stock | (261) | (829) | |
Capital and financing lease obligations payments | (479) | (423) | (247) |
Contingent consideration payments for acquisition | (514) | ||
Payments on withholding tax for restricted stock unit vesting | (71) | (119) | (102) |
Loan fees paid | (42) | ||
Net cash provided by (used in) financing activities | 154 | 26,015 | (863) |
Net increase (decrease) in cash and cash equivalents | 2,504 | 1,102 | (2,198) |
Cash and cash equivalents, beginning of year | 4,017 | 2,915 | 5,113 |
Cash and cash equivalents, end of year | 6,521 | 4,017 | 2,915 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 739 | 331 | 63 |
Cash paid for interest on capital and financing lease obligations, net of capitalized interest of $482, $538 and $309, respectively | 2,972 | 2,637 | 2,809 |
Income taxes paid | 2,656 | 6,370 | 8,194 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Acquisition of property and equipment not yet paid | 2,843 | 6,837 | 6,429 |
Proceeds from sale of property and equipment not yet received | 12 | ||
Property acquired through capital and financing lease obligations | 1,499 | 4,438 | 5,772 |
Direct bank to bank payment for a change in credit facility provider | $ 18,858 |
Consolidated Statements of Cas6
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Capitalized interest | $ 482 | $ 538 | $ 309 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balances (in shares) at Sep. 30, 2014 | 22,485,488 | ||||
Balances at Sep. 30, 2014 | $ 22 | $ 54,552 | $ 44,280 | $ 98,854 | |
Net income | 16,204 | 16,204 | |||
Share-based compensation (in shares) | 11,140 | ||||
Share-based compensation | 471 | 471 | |||
Tax shortfall related to share-based compensation | (41) | (41) | |||
Balances (in shares) at Sep. 30, 2015 | 22,496,628 | ||||
Balances at Sep. 30, 2015 | $ 22 | 54,982 | 60,484 | 115,488 | |
Net income | 11,471 | 11,471 | |||
Share-based compensation (in shares) | 23,951 | ||||
Share-based compensation | $ 1 | 609 | $ 139 | 749 | |
Tax shortfall related to share-based compensation | (154) | $ (154) | |||
Repurchase of common stock (in shares) | (67,970) | (67,970) | |||
Repurchase of common stock | (829) | $ (829) | |||
Balances (in shares) at Sep. 30, 2016 | 22,452,609 | ||||
Balances at Sep. 30, 2016 | $ 23 | 55,437 | 71,955 | (690) | 126,725 |
Net income | 6,891 | 6,891 | |||
Share-based compensation | 399 | 288 | 687 | ||
Tax shortfall related to share-based compensation | (158) | $ (158) | |||
Repurchase of common stock (in shares) | (4,553) | (30,000) | |||
Repurchase of common stock | (262) | $ (262) | |||
Balances (in shares) at Sep. 30, 2017 | 22,448,056 | ||||
Balances at Sep. 30, 2017 | $ 23 | $ 55,678 | $ 78,846 | $ (664) | $ 133,883 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of Business Natural Grocers by Vitam in 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 ® with 140 September 30, 2017, 37 21 12 nine eight seven five four three two one 126 103 September 30, 2016 2015, |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Principles of Consolidation 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 Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (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 valuation of inventories, useful lives of long-lived assets for depreciation and amortization, impairment of finite-lived intangible, long-lived assets, and goodwill, lease assumptions, allowances for self-insurance reserves, deferred tax assets and liabilities and litigation based on currently available information. Changes in facts and circumstances may Segment Information The Company has one Cash and Cash Equivalents Cash and cash equivalents include currency on hand, demand deposits with banks, money market funds and credit and debit card transactions which typically settle within three remaining maturity of 90 Accounts Receivable Accounts receivable consists primarily of receivables from vendors for certain promotional programs, magazine advertising and other miscellaneous receivables and are presented net of any allowances for doubtful accounts. Vendor receivable balances are generally presented on a gross basis separate from any related payable due. Allowance for doubtful accounts is calculated based on historical experience and application of the specific identification method. Allowance for doubtful accounts totaled approximately $0.2 $0.1 September 30, 2017 2016, Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of investments in cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalent account balances, which are held in major financial institutions, exceeded the Federal Deposit Insurance Corporation’s federally insured limits by approximately $6.3 September 30, 2017. Vendor Concentration Fo r the years ended September 30, 2017, 2016 2015, 62%, 59% 57%, Merchandise Inventory Merchandise inventory consists of goods held for sale. The cost of inventory includes certain costs associated with the preparation of inventory for sale , including inventory overhead costs. Merchandise inventory is carried at the lower of cost or market value. Cost is determined using the weighted average cost method. Long-Lived Assets Depreciable long-lived assets primarily consist of leasehold and building improvements, which are stated at historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the useful life of the relevant asset. For land improvements and leasehold and building improvements, depreciation is recorded over the shorter of the assets’ useful lives or the lease terms. Maintenance, repairs and renewals that neither add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains and losses on disposition of property and equipment are included in store expenses in the year of disposition, and primarily relate to store relocations. T he Company capitalizes interest, if applicable, as part of the historical costs of buildings and leasehold and building improvements. The Company capitalizes certain costs incurred with developing or obtaining internal-use software. Capitalized software costs are included in property and equipment in the consolidated balance sheets and are amortized over the estimated useful lives of the software. Software costs that do not Impairment of Finite-Lived Intangible and Long-Lived Assets Long-lived assets, such as property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not , which the Company considers to be the lowest level in the organization for which independent identifiable cash flows are available. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first not September 30, 2017, no Goodwill and Intangible Assets Intangible assets primarily consist of goodwill, trademarks, favorable operating leases and covenants- not Vitamin Cottage not The Company ’s annual impairment testing of goodwill is performed as of September 30. first not not not two not not two first two September 30, 2017, no Deferred Financing Costs Certain costs incurred with borrowings or establishment of credit facilities are deferred. These costs are amortized over the life of the credit facility using the straight-line method. Leases The Company leases retail stores, a bulk food repackaging facility and distribution center and administrative offices under long-term operating or capital or financing leases. These leases include scheduled increases in minimum rents and renewal provisions at the option of the Company. The lease term for accounting purposes commences with the date the Company takes possession of the space and ends on the later of the primary lease term or the expiration of any renewal periods that are deemed to be reasonably assured at the inception of the lease. Operating leases The Company accounts for operating leases with rent holidays and escalating payment terms by recognizing the associated expense on a straight-line basis over the lease term , and the difference between the average rental amount charged to expense and amounts payable under the leases are included in deferred rent. For certain leases, the Company has also received cash from landlords to compensate for costs incurred by the Company in making the store locations ready for operation (leasehold incentives). Leasehold incentives received from a landlord are deferred and recognized on a straight-line basis as a reduction to rent expense over the lease term. Capital financing leases From time to time, the Company enters into leases with developers for build-to-suit store locations. Upon lease execution, the Company analyzes its involvement during the construction period. may not not Capital leases Occasionally, the Company enters into leases that are deemed to be capital leases. For these leases, the Company capitalizes the lower of the present value of the minimum lease payments or the fair value of the leased asset at inception and records a corresponding capital lease obligation. The Company does not Self-Insurance The Company is self-insured for certain losses relating to employee medical and dental benefits and workers compensation. Stop-loss coverage has been purchased to limit exposure to any significant level of claims. Self-insured losses are accrued based upon the Company’s estimates of the aggregate claims incurred but not Revenue Recognition Revenue is recognized at the point of sale, net of in-house coupons, discounts and returns. Sales taxes are not Cost of Goods Sold and Occupancy Costs Cost of goods sold and occupancy costs includes the cost of inventory sold during the period net of discounts and allowances, as well as, distribution, shipping and handling costs, store occupancy costs and costs of the bulk food repackaging facility and distribution center. The amount shown is net of various rebates from third in the cost of the product. Store occupancy costs include rent, common area maintenance and real estate taxes. Store occupancy costs do not Store Expenses Store expenses consist of store-level expenses such as salaries , benefits and share-based compensation, supplies, utilities, depreciation, gain or loss on disposal of assets and other related costs associated with operations support. Store expenses also include purchasing support services and advertising and marketing costs. Administrative Expenses Administrative expenses consist of salaries , benefits and share-based compensation, occupancy costs, depreciation, office supplies, hardware and software expenses, professional services expenses and other general and administrative expenses. Pre-Opening and Relocation Expenses Costs associated with the opening of new stores or relocating existing stores are expensed as incurred. Advertising and Marketing Advertising and marketing costs are expensed as incurred and are included in store expenses and pre-opening and relocation expenses in the consolidated statements of income. Total advertising and marketing expense s for the years ended September 30, 2017, 2016 2015 $10.7 $10.8 $9.3 $3.2 $3.2 $2.5 September 30, 2017, 2016 2015, S hare - B ased C ompensation The Company adopted the 2012 Omnibus Incentive Plan in connection with its initial public offering on July 25, 2012. The excess tax benefits for recognized compensation costs are reported as a credit to additional-paid-in capital and as operating cash outflows when such excess tax benefits are realized by a reduction to current taxes payable. Income Taxes The Company accounts for income taxes using the asset and liability method. This method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of the Company ’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. The Company considers the need to establish valuation allowances to reduce deferred income tax assets to the amounts the Company believes are more likely than not The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% (IRS) and other state and local taxing authorities. Any interest or penalties incurred related to income taxes are expensed as incurred and treated as permanent differences for tax purposes. Recent Accounting Pronouncements In January 2017, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017 04, 350 2017 04 2017 04 first two not January 1, 2017 first September 30, 2020. In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting,” Topic 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 ASU No. 2016 02 12 2016 02 2016 02 first September 30, 2020, adoption of ASU 2016 02 2016 02 In July 2015, 2015 11, Simplifying the Measurement of Inventory,” Topic 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. 2015 11 In May 2014, 2014 09, Revenue from Contracts with Customers,” Topic 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 2015 14, No. 2016 08, Revenue from Contracts with Customers,” Topic 606, 2016 08 March 2016 No. 2016 12, 606,“Narrow 2016 12 May 2016. The amendments in ASU 2016 08 2016 12 2016 08 2016 12 2014 09. 2014 09, 2016 08 2016 12 |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share 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 is basic and diluted earnings per share for the years ended September 30, 2017, 2016 2015, Year ended September 30, 2017 2016 201 5 Net income $ 6,891 11,471 16,204 Weighted average number of shares of common stock outstanding 22,453,409 22,492,986 22,490,260 Effect of dilutive securities 10,266 14,166 10,573 Weighted average number of shares of common stock outstanding including the effect of dilutive securities 22,463,675 22,507,152 22,500,833 Basic earnings per share $ 0.31 0.51 0.72 Diluted earnings per share $ 0.31 0.51 0.72 There were 52,974, 61,115 120,674 September 30, 2017, 2016 2015, The Company did not or pay any dividends in the years ended September 30, 2017, 2016 2015. As of September 30, 2017, 50,000,000 22,510,279 22,448,056 10,000,000 none |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurements The Company records its financial assets and liabilities at fair value 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 September 30, 2017 2016, not |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5 . Property and Equipment The Company had the following property and equ ipment balances as of September 30, 2017 2016, U seful lives As of September 30, (in years) 2017 2016 Construction in process n/a $ 5,286 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 19,259 12,546 Land improvements 5 - 24 1,159 1,055 Leasehold and building improvements 1 - 25 131,679 118,119 Fixtures and equipment 5 - 7 115,888 103,415 Computer hardware and software 3 - 5 19,108 16,737 327,854 292,753 Less accumulated depreciation and amortization (143,437 ) (114,456 ) Property and equipment, net $ 184,417 178,297 Capitalized costs for computer software development were approximately $0.2 $0.1 September 30, 2017 2016, $0.7 $0.9 September 30, 2017 2016, $0.5 $0.5 $0.3 September 30, 2017, 2016 2015, $0.5 $0.5 $0.4 September 30, 2017, 2016, 2015, Depreciation and amortization expens e for the years ended September 30, 2017, 2016 2015 Year ended September 30, 2017 2016 201 5 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 1,063 868 796 Depreciation and amortization expense included in store expenses 27,022 23,428 19,635 Depreciation and amortization expense included in administrative expenses 1,426 1,237 906 Total depreciation and amortization expense $ 29,511 25,533 21,337 |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6 . Goodwill and Other Intangible Assets Goodwill and other intangible assets as of Se ptember 30, 2017 2016, Useful lives As of September 30, (in years) 2017 2016 Amortizable intangible assets: Covenants-not-to-compete 2 - 5 $ 353 353 Other intangibles 0.5 - 1 109 41 Amortiz able intangible assets 462 394 Less accumulated amortization (394 ) (380 ) Amortiz able intangible assets, net 68 14 Trademark Indefinite 389 389 Total other intangibles, net 457 403 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 5,655 5,601 Amortization expense was less than $0.1 September 30, 2017, 2016 2015. September 30, 2018 2019 $0.1 no September 30, 2020, 2021 2022. |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7 . Accrued Expenses The composition of a ccrued expenses as of September 30, 2017 2016, As of September 30, 2017 2016 Payroll and employee-related expenses $ 5,391 4,395 A ccrued property, sales and use tax payable 6,399 5,648 Accrued marketing expenses 648 567 Deferred revenue related to gift card sales 906 866 Other 820 972 Total accrued expenses $ 14,164 12,448 |
Note 8 - Deferred Financing Cos
Note 8 - Deferred Financing Costs | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 8 . Deferred Financing Costs The Company has capitalized costs incurred in securing its credit facility (see Note 9 $0.1 September 30, 2017 2016. $0.1 September 30, 2017 2016. Total amortization expense for deferred financing costs was less than $0.1 September 30, 2017, 2016 2015. |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 9 . Long-Term Debt Credit Facility On January 28, 2016, VC2. T he amount available for borrowing under the Credit Facility is $50.0 $5.0 $30.0 $5.0 May 10, 2016, first $45.0 $5.0 September 6, 2017, second $50.0 $5.0 second $5.0 second no $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 to the holding company from the operating company without the administrative agent’s consent, except when no no not $10.0 The Company had $28.4 $27.4 September 30, 2017 September 30, 2016, September 30, 2017 September 30, 2016, $1.0 $20.6 $16.6 September 30, 2017 September 30, 2016, Capital and Financing Lease Obligation s The Company had 17 16 September 30, 2017 2016, 2 10 No 10 Inter est The Company incurred gross interest expense of approximately $4.3 $3.5 $3.3 September 30 , 2017 , 2016 2015, September 30, 2017, 2016 2015 $0.5 $0.5 $0.3 September 30, 2017, 2016 2015, |
Note 10 - Lease Commitments
Note 10 - Lease Commitments | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 1 0 . Lease Commitments Operating Leases The Company leases retail stores, a bulk food repackaging facility and distribution center and administrative offices under long-term operating leases through 20 62. September 30, 2017 2016 $10.5 $8.8 September 30, 2017 2016 $9.2 $8.4 $0.3 September 30, 2017 $0.1 September 30, 2016 2015. The Company has five one one 13 November 1999, February 2027 $0.1 $0.3 Minimum rental commitments and sublease rental income under the terms of the Company’s operating leases are as follows, dollars in thousands: Fiscal Year Third parties Related parties Sublease rental income Total operating leases 2018 $ 38,892 1,329 (401 ) 39,820 2019 39,063 1,329 (377 ) 40,015 2020 38,461 1,333 (341 ) 39,453 2021 37,544 1,310 (328 ) 38,526 2022 36,696 1,308 (333 ) 37,671 Thereafter 303,158 5,287 (872 ) 307,573 Total payments $ 493,814 11,896 (2,652 ) 503,058 Total rent expense, including common area expenses and warehouse rent , for the years ended September 30, 2017, 2016, 2015 $43.8 $34.6 $26.3 $1.4 $1.4 $0.8 September 30, 2017, 2016 2015, Capital and Financing Lease Obligations Capital and financing lease obligations as of September 30, 2017 2016, As of September 30, 2017 2016 Capital lease finance obligations, due in monthly installments through fiscal year 20 32 $ 26,930 25,619 Capital lease obligations due in monthly installments through fiscal year 20 41 4,999 5,213 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2033 1,499 1,075 Total capital and financing lease obligations 33,428 31,907 Less current portion (548 ) (478 ) Total capital and financing lease obligations, net of current portion $ 32,880 31,429 On October 7, 2016, third ’s sale of the building, the Company entered into an agreement to lease the building back from the purchaser over an initial lease term of 15 $2.6 $0.5 no 840, Leases Capital lease finance obliga tions From time to time, the Company enters into lease s with developers for build-to-suit store locations. Upon lease execution, the Company analyzes its involvement during the construction period . not contributed toward construction. The Company had capital lease finance obligations totaling approximately $26.9 $25.6 September 30, 2017 2016, 2032. not Capital lease obligations The Company ha d capital lease obligations totaling approximately $5.0 $5.2 September 30, 2017 2016, 2041. not Capital lease finance obligation s for assets under construction T he Company had $1.5 $1.1 September 30, 2017 2016, No Future payments for capital lease finance obligations and capita l lease obligations Future payments under the terms of the leases for opened stores included in capital lease finance obligations and capital lease obligations as of September 30, 2017 Interest expense on Principal payments on Interest expense on Principal payments on capital lease Total future payments on capital lease finance and capital lease obligations 2018 $ 2,919 316 505 236 3,976 2019 2,887 384 481 261 4,013 2020 2,848 425 453 288 4,014 2021 2,803 501 423 319 4,046 2022 2,750 580 390 352 4,072 Thereafter 13,126 5,361 2,121 3,543 24,151 Non-cash derecognition of capital lease finance obligations at end of lease term — 19,363 — — 19,363 Total future payments $ 27,333 26,930 4,373 4,999 63,63 5 Future payments under the terms of the lease for the store location at which construction was in progress as of September 30, 2017, first 2017, Interest expense on ca pital lease finance obligation s for assets under construction Principal payments on cap ital lease finance obligation s for assets under construction Total future payments on capital lease finance o bligation s for asset s under construction 201 8 $ 214 5 219 201 9 267 7 274 2020 265 9 274 2021 263 11 274 2022 261 13 274 Thereafter 2,362 520 2,882 Non-cash derecognition of capital lease finance obligations at end of lease term — 934 934 Total future payments $ 3,632 1,499 5,131 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 1 . S hare -Based Compensation The Company adopted the 2012 Omnibus Incentive Plan (the Plan) on July 17, 2012. 1,090,151 583,128 September 30, 2017. not September 30, 2017, no one five not The shares of non-vested restricted stock units as of September 30, 2017 Shares Weighted average grant date fair value Non-vested as of September 30, 2015 131,856 $ 26.05 Granted 20,790 20.68 Forfeited (26,601 ) 25.36 Vested (33,459 ) 27.50 Non-vested as of September 30, 2016 92,586 24.52 Granted 16,662 12.09 Forfeited (4,249 ) 27.28 Vested (34,653 ) 19.02 Non-vested as of September 30, 2017 70,346 21.56 During the year ended September 30, 2017, 1,800 18 not Share-based compensation expense for awards to certain employees who are not $0.6 $0.7 $0.4 September 30, 2017, 2016 2015, Prior to fiscal year 2015, $50,000 December 2014, $60,000 $0.2 September 30, 2017, 2016 2015. The Company recorded total share-based compensation expense before income taxes of approximately $0.8 $0.9 $0.6 September 30, 2017, 2016 2015, not September 30, 2017, 2016 2015. As of September 30, 2017, $1.2 two |
Note 12 - Shareholders' Equity
Note 12 - Shareholders' Equity | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 2 . S tockholders ’ Equity 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): Year ended September 3 0 , 2017 2016 Total number of common shares acquired 30,000 67,970 Average price per common share acquired (including commissions) $ 8.71 12.20 Total cost of common shares acquired $ 262 829 During fiscal years 2017 2016, 25,447 10,300 $0.3 0.1 At September 30, 2017 September 30, 2016, 62,223 57,670 $0.7 $0.7 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 3 . Related Party Transactions The Company has ongoing relationships with related parties as noted: Chalet Properties, LLC : five one 10 four $1.2 $1.2 $1.1, September 30, 2017, 2016 2015, Isely Family Land Trust LLC: one 10 $0.3 September 30, 2017, 2016 2015. FTVC LLC: The Company has one four $0.1 September 30, 2017, 2016 2015. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 4 . Income Taxes The following are the components of the provision for income taxes as of September 30, 2017, 2016 2015, Year ended September 30, 2017 2016 2015 Current federal income tax expense (benefit) $ 2,837 (853 ) 7,769 Current state income tax expense (benefit) 336 (254 ) 1,033 Total current income tax expense (benefit) 3,173 (1,107 ) 8,802 Deferred federal income tax expense 206 6,103 514 Deferred state income tax expense 35 868 116 Total deferred income tax expens e 241 6,971 630 Total provision for income taxes $ 3,414 5,864 9,432 The differences between the United States federal statutory income tax rate and the Company’s effective tax rate are as follows: Year ended September 30, 2017 2016 201 5 Statutory tax rate 34.0 % 34.0 35.0 State income taxes, net of federal income tax expense 2.7 2.9 2.9 Enhanced food deduction (2.7 ) (1.6 ) — Other, net (0.9 ) (1.4 ) (1.1 ) Effective tax rate 33.1 % 33.9 36.8 The Company’s effective tax rate decreased from 33.9% September 30, 2016 33.1% September 30, 2017 September 30, 2017. The Company has early adopted the requirements of ASU 2015 17, 740, As of September 30, 2017 2016 Current assets $ — — Long-term liabilities (12,419 ) (12,178 ) Net deferred tax liabilities $ (12,419 ) (12,178 ) The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows , dollars in thousands: As of September 30, 2017 2016 Deferred tax assets Capital and financing lease obligations $ 12,670 12,091 Goodwill 1,853 2,222 Leasehold incentives 3,484 3,187 Deferred rent 3,980 3,350 Trademarks 1,021 1,021 Accrued employee benefits 910 734 Oth er 907 597 Gross deferred tax assets 24,825 23,202 Deferred tax liabilities Property and equipment (33,127 ) (32,103 ) Leasehold improvements (3,774 ) (3,195 ) Other (343 ) (82 ) Gross deferred tax liabilities (37,244 ) (35,380 ) Net deferred tax liabilities $ (12,419 ) (12,178 ) The Company believes that it is more likely than not The Company utilized less than $0.1 zero September 30, 2017 2016, The Company did not September 30, 2017. The Company files income tax returns with federal, state and local tax authorities. With limited exceptions, the Company is no 2014 no 2012 |
Note 15 - Defined Contribution
Note 15 - Defined Contribution Plan | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 5 . Defined Contribution Plan The Company has a defined contribution retirement plan (the Retirement Plan) covering substantially all employees who meet certain eligibility requirements as to age and length of service. The Retirement Plan incorporates the salary deferral provisions of Section 401 1986, may may 25% $2,500. September 30, 2017 2016, not September 30, 2017, $0.1 September 30, 2016, $0.2 September 30, 2015 September 30, 2016. |
Note 16 - Segment Reporting
Note 16 - Segment Reporting | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 6 . Segment Reporting The Company has one ’s revenues are derived from the sale of natural and organic products at its stores. All existing operations are domestic. Sales from the Company ’s natural and organic retail stores are derived from sales of the following products which are presented as a percentage of sales for the years ended September 30, 2017, 2016 2015 As of September 30, 2017 2016 201 5 Grocery 66.5 % 66.5 66.4 Dietary supplements 22.2 22.2 22.5 Body care, pet care and o ther 11.3 11.3 11.1 100.0 % 100.0 100.0 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 7 . Commitments and Contingencies Self-Insurance The Company is self-insured for claims under its health benefit plans, subject to a stop loss policy. The self-insurance liability related to claims under the Company ’s health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of payroll and employee-related expenses in accrued expenses. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering historical claims experience, demographic factors and other actuarial assumptions. While the Company believes that its assumptions are appropriate, the estimated accrual for these liabilities could be significantly affected if future occurrences and claims materially differ from these assumptions and historical trends. Legal The Company is periodically involved in various legal proceedings that are incidental to the conduct of its business, including but not , 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 not |
Note 18 - Selected Quarterly Fi
Note 18 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 8 . Selected Quarterly Financial Data (Unaudited) The summarized unaudited quarterly financial data presented below reflect all adjustments, which in the opinion of management, are of a normal and recurring nature necessary to present fairly the results of operations for the periods presented. Summarized unaudited quarterly financial data for each fiscal year is as follows, dollars in thousands, except per share data: Fiscal Year Ended September 30, 2017 Three months ended December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017 Net sales $ 183,577 192,203 194,709 198,541 Cost of goods sold and occupancy costs 131,424 138,045 141,928 145,297 Gross profit 52,153 54,158 52,781 53,244 Store expenses 41,843 42,400 45,028 45,079 Administrative expenses 4,883 4,959 5,105 5,142 Pre-opening and relocation expenses 1,261 1,284 970 284 Operating income 4,166 5,515 1,678 2,739 Interest expense (983 ) (879 ) (876 ) (1,055 ) Income before income taxes 3,183 4,636 802 1,684 Provision for income taxes (1,122 ) (1,640 ) (204 ) (448 ) Net income $ 2,061 2,996 598 1,236 Basic earnings per share $ 0.09 0.13 0.03 0.06 Diluted earnings per share 0.09 0.13 0.03 0.06 Fiscal Year Ended September 30, 2016 Three months ended December 31, 2015 March 31, 2016 June 30, 2016 September 30, 2016 Net sales $ 167,786 177,395 179,274 181,044 Cost of goods sold and occupancy costs 119,491 125,792 128,344 130,100 Gross profit 48,295 51,603 50,930 50,944 Store expenses 35,899 38,774 40,095 41,390 Administrative expenses 4,754 4,936 4,813 4,739 Pre-opening and relocation expenses 948 1,444 2,007 1,594 Operating income 6,694 6,449 4,015 3,221 Interest expense (653 ) (733 ) (768 ) (890 ) Income before income taxes 6,041 5,716 3,247 2,331 Provision for income taxes (2,293 ) (2,139 ) (567 ) (865 ) Net income $ 3,748 3,577 2,680 1,466 Basic earnings per share $ 0.17 0.16 0.12 0.07 Diluted earnings per share 0.17 0.16 0.12 0.07 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. Between October 1 December 1, 2017 101,573 $5.72 $0.6 two to approximately $8.3 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation 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 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (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 valuation of inventories, useful lives of long-lived assets for depreciation and amortization, impairment of finite-lived intangible, long-lived assets, and goodwill, lease assumptions, allowances for self-insurance reserves, deferred tax assets and liabilities and litigation based on currently available information. Changes in facts and circumstances may |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company has one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include currency on hand, demand deposits with banks, money market funds and credit and debit card transactions which typically settle within three remaining maturity of 90 |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Accounts receivable consists primarily of receivables from vendors for certain promotional programs, magazine advertising and other miscellaneous receivables and are presented net of any allowances for doubtful accounts. Vendor receivable balances are generally presented on a gross basis separate from any related payable due. Allowance for doubtful accounts is calculated based on historical experience and application of the specific identification method. Allowance for doubtful accounts totaled approximately $0.2 $0.1 September 30, 2017 2016, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of investments in cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalent account balances, which are held in major financial institutions, exceeded the Federal Deposit Insurance Corporation’s federally insured limits by approximately $6.3 September 30, 2017. |
Vendor Concentration [Policy Text Block] | Vendor Concentration Fo r the years ended September 30, 2017, 2016 2015, 62%, 59% 57%, |
Inventory, Policy [Policy Text Block] | Merchandise Inventory Merchandise inventory consists of goods held for sale. The cost of inventory includes certain costs associated with the preparation of inventory for sale , including inventory overhead costs. Merchandise inventory is carried at the lower of cost or market value. Cost is determined using the weighted average cost method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets Depreciable long-lived assets primarily consist of leasehold and building improvements, which are stated at historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the useful life of the relevant asset. For land improvements and leasehold and building improvements, depreciation is recorded over the shorter of the assets’ useful lives or the lease terms. Maintenance, repairs and renewals that neither add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains and losses on disposition of property and equipment are included in store expenses in the year of disposition, and primarily relate to store relocations. T he Company capitalizes interest, if applicable, as part of the historical costs of buildings and leasehold and building improvements. The Company capitalizes certain costs incurred with developing or obtaining internal-use software. Capitalized software costs are included in property and equipment in the consolidated balance sheets and are amortized over the estimated useful lives of the software. Software costs that do not |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Finite-Lived Intangible and Long-Lived Assets Long-lived assets, such as property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not , which the Company considers to be the lowest level in the organization for which independent identifiable cash flows are available. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first not September 30, 2017, no |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Intangible assets primarily consist of goodwill, trademarks, favorable operating leases and covenants- not Vitamin Cottage not The Company ’s annual impairment testing of goodwill is performed as of September 30. first not not not two not not two first two September 30, 2017, no |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Certain costs incurred with borrowings or establishment of credit facilities are deferred. These costs are amortized over the life of the credit facility using the straight-line method. |
Lessee, Leases [Policy Text Block] | Leases The Company leases retail stores, a bulk food repackaging facility and distribution center and administrative offices under long-term operating or capital or financing leases. These leases include scheduled increases in minimum rents and renewal provisions at the option of the Company. The lease term for accounting purposes commences with the date the Company takes possession of the space and ends on the later of the primary lease term or the expiration of any renewal periods that are deemed to be reasonably assured at the inception of the lease. Operating leases The Company accounts for operating leases with rent holidays and escalating payment terms by recognizing the associated expense on a straight-line basis over the lease term , and the difference between the average rental amount charged to expense and amounts payable under the leases are included in deferred rent. For certain leases, the Company has also received cash from landlords to compensate for costs incurred by the Company in making the store locations ready for operation (leasehold incentives). Leasehold incentives received from a landlord are deferred and recognized on a straight-line basis as a reduction to rent expense over the lease term. Capital financing leases From time to time, the Company enters into leases with developers for build-to-suit store locations. Upon lease execution, the Company analyzes its involvement during the construction period. may not not Capital leases Occasionally, the Company enters into leases that are deemed to be capital leases. For these leases, the Company capitalizes the lower of the present value of the minimum lease payments or the fair value of the leased asset at inception and records a corresponding capital lease obligation. The Company does not |
Self Insurance Reserve [Policy Text Block] | Self-Insurance The Company is self-insured for certain losses relating to employee medical and dental benefits and workers compensation. Stop-loss coverage has been purchased to limit exposure to any significant level of claims. Self-insured losses are accrued based upon the Company’s estimates of the aggregate claims incurred but not |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue is recognized at the point of sale, net of in-house coupons, discounts and returns. Sales taxes are not |
Cost of Goods Sold and Occupancy Costs [Policy Text Block] | Cost of Goods Sold and Occupancy Costs Cost of goods sold and occupancy costs includes the cost of inventory sold during the period net of discounts and allowances, as well as, distribution, shipping and handling costs, store occupancy costs and costs of the bulk food repackaging facility and distribution center. The amount shown is net of various rebates from third in the cost of the product. Store occupancy costs include rent, common area maintenance and real estate taxes. Store occupancy costs do not |
Store Expenses [Policy Text Block] | Store Expenses Store expenses consist of store-level expenses such as salaries , benefits and share-based compensation, supplies, utilities, depreciation, gain or loss on disposal of assets and other related costs associated with operations support. Store expenses also include purchasing support services and advertising and marketing costs. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Administrative Expenses Administrative expenses consist of salaries , benefits and share-based compensation, occupancy costs, depreciation, office supplies, hardware and software expenses, professional services expenses and other general and administrative expenses. |
Pre-Opening Costs and Relocation Expenses [Policy Text Block] | Pre-Opening and Relocation Expenses Costs associated with the opening of new stores or relocating existing stores are expensed as incurred. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising and Marketing Advertising and marketing costs are expensed as incurred and are included in store expenses and pre-opening and relocation expenses in the consolidated statements of income. Total advertising and marketing expense s for the years ended September 30, 2017, 2016 2015 $10.7 $10.8 $9.3 $3.2 $3.2 $2.5 September 30, 2017, 2016 2015, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | S hare - B ased C ompensation The Company adopted the 2012 Omnibus Incentive Plan in connection with its initial public offering on July 25, 2012. The excess tax benefits for recognized compensation costs are reported as a credit to additional-paid-in capital and as operating cash outflows when such excess tax benefits are realized by a reduction to current taxes payable. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. This method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of the Company ’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. The Company considers the need to establish valuation allowances to reduce deferred income tax assets to the amounts the Company believes are more likely than not The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% (IRS) and other state and local taxing authorities. Any interest or penalties incurred related to income taxes are expensed as incurred and treated as permanent differences for tax purposes. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2017, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017 04, 350 2017 04 2017 04 first two not January 1, 2017 first September 30, 2020. In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting,” Topic 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 ASU No. 2016 02 12 2016 02 2016 02 first September 30, 2020, adoption of ASU 2016 02 2016 02 In July 2015, 2015 11, Simplifying the Measurement of Inventory,” Topic 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. 2015 11 In May 2014, 2014 09, Revenue from Contracts with Customers,” Topic 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 2015 14, No. 2016 08, Revenue from Contracts with Customers,” Topic 606, 2016 08 March 2016 No. 2016 12, 606,“Narrow 2016 12 May 2016. The amendments in ASU 2016 08 2016 12 2016 08 2016 12 2014 09. 2014 09, 2016 08 2016 12 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended September 30, 2017 2016 201 5 Net income $ 6,891 11,471 16,204 Weighted average number of shares of common stock outstanding 22,453,409 22,492,986 22,490,260 Effect of dilutive securities 10,266 14,166 10,573 Weighted average number of shares of common stock outstanding including the effect of dilutive securities 22,463,675 22,507,152 22,500,833 Basic earnings per share $ 0.31 0.51 0.72 Diluted earnings per share $ 0.31 0.51 0.72 |
Note 5 - Property and Equipme29
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | U seful lives As of September 30, (in years) 2017 2016 Construction in process n/a $ 5,286 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 19,259 12,546 Land improvements 5 - 24 1,159 1,055 Leasehold and building improvements 1 - 25 131,679 118,119 Fixtures and equipment 5 - 7 115,888 103,415 Computer hardware and software 3 - 5 19,108 16,737 327,854 292,753 Less accumulated depreciation and amortization (143,437 ) (114,456 ) Property and equipment, net $ 184,417 178,297 |
Depreciation and Amortization Expense [Table Text Block] | Year ended September 30, 2017 2016 201 5 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 1,063 868 796 Depreciation and amortization expense included in store expenses 27,022 23,428 19,635 Depreciation and amortization expense included in administrative expenses 1,426 1,237 906 Total depreciation and amortization expense $ 29,511 25,533 21,337 |
Note 6 - Goodwill and Other I30
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Useful lives As of September 30, (in years) 2017 2016 Amortizable intangible assets: Covenants-not-to-compete 2 - 5 $ 353 353 Other intangibles 0.5 - 1 109 41 Amortiz able intangible assets 462 394 Less accumulated amortization (394 ) (380 ) Amortiz able intangible assets, net 68 14 Trademark Indefinite 389 389 Total other intangibles, net 457 403 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 5,655 5,601 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of September 30, 2017 2016 Payroll and employee-related expenses $ 5,391 4,395 A ccrued property, sales and use tax payable 6,399 5,648 Accrued marketing expenses 648 567 Deferred revenue related to gift card sales 906 866 Other 820 972 Total accrued expenses $ 14,164 12,448 |
Note 10 - Lease Commitments (Ta
Note 10 - Lease Commitments (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year Third parties Related parties Sublease rental income Total operating leases 2018 $ 38,892 1,329 (401 ) 39,820 2019 39,063 1,329 (377 ) 40,015 2020 38,461 1,333 (341 ) 39,453 2021 37,544 1,310 (328 ) 38,526 2022 36,696 1,308 (333 ) 37,671 Thereafter 303,158 5,287 (872 ) 307,573 Total payments $ 493,814 11,896 (2,652 ) 503,058 |
Schedule of Debt [Table Text Block] | As of September 30, 2017 2016 Capital lease finance obligations, due in monthly installments through fiscal year 20 32 $ 26,930 25,619 Capital lease obligations due in monthly installments through fiscal year 20 41 4,999 5,213 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2033 1,499 1,075 Total capital and financing lease obligations 33,428 31,907 Less current portion (548 ) (478 ) Total capital and financing lease obligations, net of current portion $ 32,880 31,429 |
Asset under Construction, Capital Lease Finance Obligations [Member] | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital and Finance Lease Obligations [Table Text Block] | Interest expense on ca pital lease finance obligation s for assets under construction Principal payments on cap ital lease finance obligation s for assets under construction Total future payments on capital lease finance o bligation s for asset s under construction 201 8 $ 214 5 219 201 9 267 7 274 2020 265 9 274 2021 263 11 274 2022 261 13 274 Thereafter 2,362 520 2,882 Non-cash derecognition of capital lease finance obligations at end of lease term — 934 934 Total future payments $ 3,632 1,499 5,131 |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital and Financing Lease Obligations [Member] | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital and Finance Lease Obligations [Table Text Block] | Interest expense on Principal payments on Interest expense on Principal payments on capital lease Total future payments on capital lease finance and capital lease obligations 2018 $ 2,919 316 505 236 3,976 2019 2,887 384 481 261 4,013 2020 2,848 425 453 288 4,014 2021 2,803 501 423 319 4,046 2022 2,750 580 390 352 4,072 Thereafter 13,126 5,361 2,121 3,543 24,151 Non-cash derecognition of capital lease finance obligations at end of lease term — 19,363 — — 19,363 Total future payments $ 27,333 26,930 4,373 4,999 63,63 5 |
Note 11 - Share-based Compens33
Note 11 - Share-based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted average grant date fair value Non-vested as of September 30, 2015 131,856 $ 26.05 Granted 20,790 20.68 Forfeited (26,601 ) 25.36 Vested (33,459 ) 27.50 Non-vested as of September 30, 2016 92,586 24.52 Granted 16,662 12.09 Forfeited (4,249 ) 27.28 Vested (34,653 ) 19.02 Non-vested as of September 30, 2017 70,346 21.56 |
Note 12 - Shareholders' Equity
Note 12 - Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Year ended September 3 0 , 2017 2016 Total number of common shares acquired 30,000 67,970 Average price per common share acquired (including commissions) $ 8.71 12.20 Total cost of common shares acquired $ 262 829 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended September 30, 2017 2016 2015 Current federal income tax expense (benefit) $ 2,837 (853 ) 7,769 Current state income tax expense (benefit) 336 (254 ) 1,033 Total current income tax expense (benefit) 3,173 (1,107 ) 8,802 Deferred federal income tax expense 206 6,103 514 Deferred state income tax expense 35 868 116 Total deferred income tax expens e 241 6,971 630 Total provision for income taxes $ 3,414 5,864 9,432 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended September 30, 2017 2016 201 5 Statutory tax rate 34.0 % 34.0 35.0 State income taxes, net of federal income tax expense 2.7 2.9 2.9 Enhanced food deduction (2.7 ) (1.6 ) — Other, net (0.9 ) (1.4 ) (1.1 ) Effective tax rate 33.1 % 33.9 36.8 |
Schedule of Classification of Deferred Tax Assets and Liabilities [Table Text Block] | As of September 30, 2017 2016 Current assets $ — — Long-term liabilities (12,419 ) (12,178 ) Net deferred tax liabilities $ (12,419 ) (12,178 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of September 30, 2017 2016 Deferred tax assets Capital and financing lease obligations $ 12,670 12,091 Goodwill 1,853 2,222 Leasehold incentives 3,484 3,187 Deferred rent 3,980 3,350 Trademarks 1,021 1,021 Accrued employee benefits 910 734 Oth er 907 597 Gross deferred tax assets 24,825 23,202 Deferred tax liabilities Property and equipment (33,127 ) (32,103 ) Leasehold improvements (3,774 ) (3,195 ) Other (343 ) (82 ) Gross deferred tax liabilities (37,244 ) (35,380 ) Net deferred tax liabilities $ (12,419 ) (12,178 ) |
Note 16 - Segment Reporting (Ta
Note 16 - Segment Reporting (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Product Information [Table Text Block] | As of September 30, 2017 2016 201 5 Grocery 66.5 % 66.5 66.4 Dietary supplements 22.2 22.2 22.5 Body care, pet care and o ther 11.3 11.3 11.1 100.0 % 100.0 100.0 |
Note 18 - Selected Quarterly 37
Note 18 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Fiscal Year Ended September 30, 2017 Three months ended December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017 Net sales $ 183,577 192,203 194,709 198,541 Cost of goods sold and occupancy costs 131,424 138,045 141,928 145,297 Gross profit 52,153 54,158 52,781 53,244 Store expenses 41,843 42,400 45,028 45,079 Administrative expenses 4,883 4,959 5,105 5,142 Pre-opening and relocation expenses 1,261 1,284 970 284 Operating income 4,166 5,515 1,678 2,739 Interest expense (983 ) (879 ) (876 ) (1,055 ) Income before income taxes 3,183 4,636 802 1,684 Provision for income taxes (1,122 ) (1,640 ) (204 ) (448 ) Net income $ 2,061 2,996 598 1,236 Basic earnings per share $ 0.09 0.13 0.03 0.06 Diluted earnings per share 0.09 0.13 0.03 0.06 Fiscal Year Ended September 30, 2016 Three months ended December 31, 2015 March 31, 2016 June 30, 2016 September 30, 2016 Net sales $ 167,786 177,395 179,274 181,044 Cost of goods sold and occupancy costs 119,491 125,792 128,344 130,100 Gross profit 48,295 51,603 50,930 50,944 Store expenses 35,899 38,774 40,095 41,390 Administrative expenses 4,754 4,936 4,813 4,739 Pre-opening and relocation expenses 948 1,444 2,007 1,594 Operating income 6,694 6,449 4,015 3,221 Interest expense (653 ) (733 ) (768 ) (890 ) Income before income taxes 6,041 5,716 3,247 2,331 Provision for income taxes (2,293 ) (2,139 ) (567 ) (865 ) Net income $ 3,748 3,577 2,680 1,466 Basic earnings per share $ 0.17 0.16 0.12 0.07 Diluted earnings per share 0.17 0.16 0.12 0.07 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Number of Stores | 140 | 126 | 103 |
Colorado [Member] | |||
Number of Stores | 37 | ||
Texas [Member] | |||
Number of Stores | 21 | ||
Arizona [Member] | |||
Number of Stores | 12 | ||
Oregon [Member] | |||
Number of Stores | 9 | ||
Kansas [Member] | |||
Number of Stores | 8 | ||
Oklahoma [Member] | |||
Number of Stores | 7 | ||
Iowa [Member] | |||
Number of Stores | 5 | ||
Idaho [Member] | |||
Number of Stores | 4 | ||
Arkansas [Member] | |||
Number of Stores | 3 | ||
North Dakota [Member] | |||
Number of Stores | 2 | ||
Minnesota [Member] | |||
Number of Stores | 1 | ||
Utah [Member] | |||
Number of Stores | 7 | ||
New Mexico [Member] | |||
Number of Stores | 5 | ||
Montana [Member] | |||
Number of Stores | 4 | ||
Missouri [Member] | |||
Number of Stores | 4 | ||
Nebraska [Member] | |||
Number of Stores | 3 | ||
Nevada [Member] | |||
Number of Stores | 3 | ||
Washington [Member] | |||
Number of Stores | 3 | ||
Wyoming [Member] | |||
Number of Stores | 2 |
Note 2 - Basis of Presentatio39
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Reportable Segments | 1 | ||
Allowance for Doubtful Accounts Receivable, Current | $ 200 | $ 100 | |
Cash, Uninsured Amount | 6,300 | ||
Asset Impairment Charges | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Marketing and Advertising Expense | 10,700 | 10,800 | $ 9,300 |
Reimbursement Revenue | $ 3,200 | $ 3,200 | $ 2,500 |
Supplier Concentration Risk [Member] | Cost of Goods, Product Line [Member] | |||
Concentration Risk, Percentage | 62.00% | 59.00% | 57.00% |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Dividends | $ 0 | $ 0 | $ 0 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Common Stock, Shares, Issued | 22,510,279 | 22,510,279 | |
Common Stock, Shares, Outstanding | 22,448,056 | 22,452,609 | |
Preferred Stock, Shares Authorized | 10,000,000 | ||
Preferred Stock, Shares Issued | 0 | ||
Preferred Stock, Shares Outstanding | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 52,974 | 61,115 | 120,674 |
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 | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 1,236 | $ 598 | $ 2,996 | $ 2,061 | $ 1,466 | $ 2,680 | $ 3,577 | $ 3,748 | $ 6,891 | $ 11,471 | $ 16,204 |
Weighted average number of shares of common stock outstanding (in shares) | 22,453,409 | 22,492,986 | 22,490,260 | ||||||||
Effect of dilutive securities (in shares) | 10,266 | 14,166 | 10,573 | ||||||||
Weighted average number of shares of common stock outstanding including the effect of dilutive securities (in shares) | 22,463,675 | 22,507,152 | 22,500,833 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.03 | $ 0.13 | $ 0.09 | $ 0.07 | $ 0.12 | $ 0.16 | $ 0.17 | $ 0.31 | $ 0.51 | $ 0.72 |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.03 | $ 0.13 | $ 0.09 | $ 0.07 | $ 0.12 | $ 0.16 | $ 0.17 | $ 0.31 | $ 0.51 | $ 0.72 |
Note 5 - Property and Equipme42
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest Paid, Capitalized | $ 482 | $ 538 | $ 309 |
Software Development [Member] | |||
Property, Plant and Equipment, Additions | 200 | ||
Software Development [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Additions | 100 | ||
Leasehold and Building Improvements and Fixtures and Equipment [Member] | |||
Property, Plant and Equipment, Additions | 700 | 900 | |
Capital and Financing Lease Obligations [Member] | |||
Interest Paid, Capitalized | 500 | 500 | 300 |
Property, Plant and Equipment, Additions, Capitalized Internal Staff Compensation [Member] | |||
Depreciation | $ 500 | $ 500 | $ 400 |
Note 5 - Property and Equipme43
Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Property, plant, and equipment, gross | $ 327,854 | $ 292,753 |
Less accumulated depreciation and amortization | (143,437) | (114,456) |
Property and equipment, net | 184,417 | 178,297 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 5,286 | 6,561 |
Assets Held Under Real Estate Leases for Build to Suit Stores [Member] | ||
Property, plant, and equipment, gross | $ 29,548 | 28,393 |
Useful life (Year) | 40 years | |
Assets Held under Capital Leases [Member] | ||
Property, plant, and equipment, gross | $ 5,735 | 5,735 |
Useful life (Year) | 15 years | |
Land [Member] | ||
Property, plant, and equipment, gross | $ 192 | 192 |
Building [Member] | ||
Property, plant, and equipment, gross | $ 19,259 | 12,546 |
Useful life (Year) | 40 years | |
Land Improvements [Member] | ||
Property, plant, and equipment, gross | $ 1,159 | 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 | $ 131,679 | 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 | $ 115,888 | 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 | $ 19,108 | $ 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 5 - Property and Equipme44
Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Property, plant, and equipment, gross | $ 327,854 | $ 292,753 |
Unamortized Land [Member] | ||
Property, plant, and equipment, gross | $ 617 | $ 617 |
Note 5 - Property and Equipme45
Note 5 - Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Depreciation and amortization | $ 29,511 | $ 25,533 | $ 21,337 |
Cost of Sales [Member] | |||
Depreciation and amortization | 1,063 | 868 | 796 |
Stores [Member] | |||
Depreciation and amortization | 27,022 | 23,428 | 19,635 |
General and Administrative Expense [Member] | |||
Depreciation and amortization | $ 1,426 | $ 1,237 | $ 906 |
Note 6 - Goodwill and Other I46
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0 | ||
Maximum [Member] | |||
Amortization of Intangible Assets | 100 | $ 100 | $ 100 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 100 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 100 |
Note 6 - Goodwill and Other I47
Note 6 - Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Amortizable intangible assets: | ||
Amortizable intangible assets | $ 462 | $ 394 |
Less accumulated amortization | (394) | (380) |
Amortizable intangible assets, net | 68 | 14 |
Trademark | 389 | 389 |
Total other intangibles, net | 457 | 403 |
Goodwill | 5,198 | 5,198 |
Total goodwill and other intangibles, net | 5,655 | 5,601 |
Noncompete Agreements [Member] | ||
Amortizable intangible assets: | ||
Amortizable intangible assets | $ 353 | 353 |
Noncompete Agreements [Member] | Minimum [Member] | ||
Amortizable intangible assets: | ||
Intangible assets useful life (Year) | 2 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Amortizable intangible assets: | ||
Intangible assets useful life (Year) | 5 years | |
Other Intangible Assets [Member] | ||
Amortizable intangible assets: | ||
Amortizable intangible assets | $ 109 | $ 41 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Amortizable intangible assets: | ||
Intangible assets useful life (Year) | 182 days | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Amortizable intangible assets: | ||
Intangible assets useful life (Year) | 1 year |
Note 7 - Accrued Expenses - Com
Note 7 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Payroll and employee-related expenses | $ 5,391 | $ 4,395 |
Accrued property, sales and use tax payable | 6,399 | 5,648 |
Accrued marketing expenses | 648 | 567 |
Deferred revenue related to gift card sales | 906 | 866 |
Other | 820 | 972 |
Total accrued expenses | $ 14,164 | $ 12,448 |
Note 8 - Deferred Financing C49
Note 8 - Deferred Financing Costs (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Debt Issuance Costs, Noncurrent, Net | $ 62 | $ 50 | |
Amortization of Debt Issuance Costs | 12 | 13 | $ 15 |
Maximum [Member] | |||
Debt Issuance Costs, Noncurrent, Net | 100 | 100 | |
Accumulated Amortization, Debt Issuance Costs, Noncurrent | 100 | 100 | |
Amortization of Debt Issuance Costs | $ 100 | $ 100 | $ 100 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) $ in Millions | 5 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 06, 2017USD ($) | May 10, 2016USD ($) | Jan. 28, 2016USD ($) | |
Capital and Financing Lease Obligations Number of Leases | 16 | 17 | 16 | ||||
Interest Expense, Debt, Excluding Amortization | $ 4.3 | $ 3.5 | $ 3.3 | ||||
Interest Costs Capitalized | 0.5 | 0.5 | $ 0.3 | ||||
Letter of Credit [Member] | |||||||
Letters of Credit Outstanding, Amount | $ 1 | 1 | 1 | ||||
The New Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50 | $ 50 | $ 45 | $ 30 | |||
Line of Credit Facility, Maximum Contingent Additional Borrowings | 5 | ||||||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | 10 | ||||||
Long-term Line of Credit | 27.4 | 28.4 | 27.4 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 16.6 | 20.6 | $ 16.6 | ||||
The New Credit Facility [Member] | Standby Letters of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | $ 5 | $ 5 | $ 5 |
Note 10 - Lease Commitments (De
Note 10 - Lease Commitments (Details Textual) $ in Thousands | Oct. 07, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Deferred Rent Credit, Noncurrent | $ 10,465 | $ 8,809 | ||
Incentive from Lessor | 9,160 | 8,379 | ||
Operating Leases, Income Statement, Sublease Revenue | 300 | |||
Operating Leases, Rent Expense, Net | 43,800 | 34,600 | $ 26,300 | |
Pre-Opening Costs and Relocation Expenses for Stores Not Yet Opened Rent Expense | 1,400 | 1,400 | 800 | |
Sale Leaseback Transaction, Lease Term | 15 years | |||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | $ 2,600 | |||
Sale Leaseback Transaction, Deferred Loss, Gross | $ 500 | |||
Capital Lease Finance Obligations | 26,900 | 25,600 | ||
Capital Lease Obligations | 5,000 | 5,200 | ||
Build to Suit Lease in Process [Member] | ||||
Construction in Progress, Gross | $ 1,500 | 1,100 | ||
Chalet [Member] | ||||
Number of Properties Leased | 5 | |||
Isely Family Land Trust LLC [Member] | ||||
Number of Properties Leased | 1 | |||
FTVC, LLC [Member] | ||||
Number of Properties Leased | 1 | |||
Related Parties [Member] | ||||
Operating Leases Future Minimum Payments Due Per Lease Agreement Low End of Range | $ 100 | |||
Operating Leases Future Minimum Payments Due Per Lease Agreement High End of Range | $ 300 | |||
Maximum [Member] | ||||
Operating Leases, Income Statement, Sublease Revenue | $ 100 | $ 100 |
Note 10 - Lease Commitments - F
Note 10 - Lease Commitments - Future Minimum Annual Payments under Operating Leases (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Sublease rental income, 2018 | $ (401) |
Total operating leases, 2018 | 39,820 |
Sublease rental income, 2019 | (377) |
Total operating leases, 2019 | 40,015 |
Sublease rental income, 2020 | (341) |
Total operating leases, 2020 | 39,453 |
Sublease rental income, 2021 | (328) |
Total operating leases, 2021 | 38,526 |
Sublease rental income, 2022 | (333) |
Total operating leases, 2022 | 37,671 |
Sublease rental income, thereafter | (872) |
Total operating leases, thereafter | 307,573 |
Sublease rental income, total payments | (2,652) |
Total operating leases, total payments | 503,058 |
Related Parties [Member] | |
2,018 | 1,329 |
2,019 | 1,329 |
2,020 | 1,333 |
2,021 | 1,310 |
2,022 | 1,308 |
Thereafter | 5,287 |
Total payments | 11,896 |
Third Parties [Member] | |
2,018 | 38,892 |
2,019 | 39,063 |
2,020 | 38,461 |
2,021 | 37,544 |
2,022 | 36,696 |
Thereafter | 303,158 |
Total payments | $ 493,814 |
Note 10 - Lease Commitments - C
Note 10 - Lease Commitments - Capital and Financing Lease Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Capital lease finance obligations | $ 26,900 | $ 25,600 |
Capital lease obligations | 5,000 | 5,200 |
Total capital and financing lease obligations | 33,428 | 31,907 |
Less current portion | (548) | (478) |
Total capital and financing lease obligations, net of current portion | 32,880 | 31,429 |
Due in Monthly Installments Through Fiscal Year 2031 [Member] | ||
Capital lease finance obligations | 26,930 | 25,619 |
Asset not under Construction, Due in Monthly Installments Through Fiscal Year 2041 [Member] | ||
Capital lease obligations | 4,999 | 5,213 |
Asset under Construction, Due in Monthly Installments Through Fiscal Year 2032 [Member] | ||
Capital lease finance obligations | $ 1,499 | $ 1,075 |
Note 10 - Lease Commitments - S
Note 10 - Lease Commitments - Schedule of Future Payments Under the Terms of the Leases (Details) (Assets Held Under Real Estate Leases for Build to Suit Stores (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital Lease Finance Obligations [Member] | |
2018, Interest expense on capital lease finance obligations | $ 2,919 |
2018, Principle payments on capital lease finance obligations | 316 |
2019, Interest expense on capital lease finance obligations | 2,887 |
2019, Principle payments on capital lease finance obligations | 384 |
2020, Interest expense on capital lease finance obligations | 2,848 |
2020, Principle payments on capital lease finance obligations | 425 |
2021, Interest expense on capital lease finance obligations | 2,803 |
2021, Principle payments on capital lease finance obligations | 501 |
2022, Interest expense on capital lease finance obligations | 2,750 |
2022, Principle payments on capital lease finance obligations | 580 |
Thereafter, Interest expense on capital lease finance obligations | 13,126 |
Thereafter, Principle payments on capital lease finance obligations | 5,361 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 19,363 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 19,363 |
Total future payments, interest expense on capital lease finance obligations | 27,333 |
Total future payments, future payments on capital lease finance and capital lease obligations | 63,635 |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital Lease Obligations [Member] | |
2018, Interest expense on capital lease obligations | 505 |
2018, Principal payments on capital lease obligations | 236 |
2019, Interest expense on capital lease obligations | 481 |
2019, Principal payments on capital lease obligations | 261 |
2020, Interest expense on capital lease obligations | 453 |
2020, Principal payments on capital lease obligations | 288 |
2021, Interest expense on capital lease obligations | 423 |
2021, Principal payments on capital lease obligations | 319 |
2022, Interest expense on capital lease obligations | 390 |
2022, Principal payments on capital lease obligations | 352 |
Thereafter, Interest expense on capital lease obligations | 2,121 |
Thereafter, Principal payments on capital lease obligations | 3,543 |
Total future payments, principle payments on capital lease finance obligations | 26,930 |
Total future payments, interest expense on capital lease obligations | 4,373 |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital and Financing Lease Obligations [Member] | |
2018, Future payments on capital lease finance and capital lease obligations | 3,976 |
2019, Future payments on capital lease finance and capital lease obligations | 4,013 |
2020, Future payments on capital lease finance and capital lease obligations | 4,014 |
2021, Future payments on capital lease finance and capital lease obligations | 4,046 |
2022, Future payments on capital lease finance and capital lease obligations | 4,072 |
Thereafter, Future payments on capital lease finance and capital lease obligations | 24,151 |
Total future payments, principal payments on capital lease obligations | $ 4,999 |
Note 10 - Lease Commitments -55
Note 10 - Lease Commitments - Future Minimum Lease Payments for Stores Under Construction (Details) - Asset under Construction, Capital Lease Finance Obligations [Member] $ in Thousands | Sep. 30, 2017USD ($) |
2018, Interest expense on capital lease finance obligations | $ 214 |
2018, Principle payments on capital lease finance obligations | 5 |
2018, Total future payments on capital lease obligations for assets under construction | 219 |
2019, Interest expense on capital lease finance obligations | 267 |
2019, Principle payments on capital lease finance obligations | 7 |
2019, Total future payments on capital lease obligations for assets under construction | 274 |
2020, Interest expense on capital lease finance obligations | 265 |
2020, Principle payments on capital lease finance obligations | 9 |
2020, Total future payments on capital lease obligations for assets under construction | 274 |
2021, Interest expense on capital lease finance obligations | 263 |
2021, Principle payments on capital lease finance obligations | 11 |
2021, Total future payments on capital lease obligations for assets under construction | 274 |
2022, Interest expense on capital lease finance obligations | 261 |
2022, Principle payments on capital lease finance obligations | 13 |
2022, Total future payments on capital lease obligations for assets under construction | 274 |
Thereafter, Interest expense on capital lease finance obligations | 2,362 |
Thereafter, Principle payments on capital lease finance obligations | 520 |
Thereafter, Total future payments on capital lease obligations for assets under construction | 2,882 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 934 |
Total future payments, interest expense on capital lease finance obligations | 3,632 |
Total future payments, principle payments on capital lease finance obligations | 1,499 |
Total future payments of capital lease obligations for assets under construction | $ 5,131 |
Note 11 - Share-based Compens56
Note 11 - Share-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Jul. 17, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,090,151 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 583,128 | |||||
Allocated Share-based Compensation Expense | $ 800,000 | $ 900,000 | $ 600,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | 0 | 0 | |||
Certain Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,800 | |||||
Allocated Share-based Compensation Expense | $ 600,000 | 700,000 | $ 400,000 | |||
Board [Member] | ||||||
Allocated Share-based Compensation Expense | $ 200,000 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,200,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||
Restricted Stock Units (RSUs) [Member] | Board [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award Equivalent Value of Shares Authorized to Grant | $ 60,000 | $ 50,000 | ||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 11 - Share-based Compens57
Note 11 - Share-based Compensation - Changes in Non-vested RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Non-vested balance (in shares) | 92,586 | 131,856 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 24.52 | $ 26.05 |
Granted (in shares) | 16,662 | 20,790 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.09 | $ 20.68 |
Forfeited (in shares) | (4,249) | (26,601) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ 27.28 | $ 25.36 |
Vested (in shares) | (34,653) | (33,459) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.02 | $ 27.50 |
Non-vested balance (in shares) | 70,346 | 92,586 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 21.56 | $ 24.52 |
Note 12 - Shareholders' Equit58
Note 12 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands | May 05, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Stock Repurchase Program, Period in Force | 2 years | ||
Stock Repurchase Program, Authorized Amount | $ 10,000 | ||
Stock Issued During Period, Shares, Treasury Stock Reissued for Equity-based Compensation Obligations | 25,447 | 10,300 | |
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations | $ 300 | $ 100 | |
Treasury Stock, Shares | 62,223 | 57,670 | |
Treasury Stock, Value | $ 664 | $ 690 |
Note 12 - Shareholders' Equit59
Note 12 - Shareholders' Equity - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Total number of common shares acquired (in shares) | 30,000 | 67,970 |
Average price per common share acquired (including commissions) (in dollars per share) | $ 8.71 | $ 12.20 |
Total cost of common shares acquired | $ 262 | $ 829 |
Note 13 - Related Party Trans60
Note 13 - Related Party Transactions (Details Textual) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Chalet [Member] | |||
Number of Operating Leases | 5 | ||
Number of Capital Leases | 1 | ||
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity | 4 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1.2 | $ 1.2 | $ 1.1 |
Isely Family Land Trust LLC [Member] | |||
Number of Operating Leases | 1 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.3 | 0.3 | 0.3 |
FTVC, LLC [Member] | |||
Number of Operating Leases | 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 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 33.10% | 33.90% | 36.80% |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards Utilized | $ 0 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Operating Loss Carryforwards Utilized | $ 100 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Current federal income tax expense (benefit) | $ 2,837 | $ (853) | $ 7,769 | ||||||||
Current state income tax expense (benefit) | 336 | (254) | 1,033 | ||||||||
Total current income tax expense (benefit) | 3,173 | (1,107) | 8,802 | ||||||||
Deferred federal income tax expense | 206 | 6,103 | 514 | ||||||||
Deferred state income tax expense | 35 | 868 | 116 | ||||||||
Total deferred income tax expense | 241 | 6,971 | 630 | ||||||||
Total provision for income taxes | $ 448 | $ 204 | $ 1,640 | $ 1,122 | $ 865 | $ 567 | $ 2,139 | $ 2,293 | $ 3,414 | $ 5,864 | $ 9,432 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation Between the U.S. Federal Statutory Income Tax Rate and the Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statutory tax rate | 34.00% | 34.00% | 35.00% |
State income taxes, net of federal income tax expense | 2.70% | 2.90% | 2.90% |
Enhanced food deduction | (2.70%) | (1.60%) | |
Other, net | (0.90%) | (1.40%) | (1.10%) |
Effective tax rate | 33.10% | 33.90% | 36.80% |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Current assets | ||
Long-term liabilities | (12,419) | (12,178) |
Net deferred tax liabilities | $ (12,419) | $ (12,178) |
Note 14 - Income Taxes - Tax Ef
Note 14 - Income Taxes - Tax Effects of Temporary Differences That Give Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Deferred tax assets | ||
Capital and financing lease obligations | $ 12,670 | $ 12,091 |
Goodwill | 1,853 | 2,222 |
Leasehold incentives | 3,484 | 3,187 |
Deferred rent | 3,980 | 3,350 |
Trademarks | 1,021 | 1,021 |
Accrued employee benefits | 910 | 734 |
Other | 907 | 597 |
Gross deferred tax assets | 24,825 | 23,202 |
Deferred tax liabilities | ||
Property and equipment | (33,127) | (32,103) |
Leasehold improvements | (3,774) | (3,195) |
Other | (343) | (82) |
Gross deferred tax liabilities | (37,244) | (35,380) |
Net deferred tax liabilities | $ (12,419) | $ (12,178) |
Note 15 - Defined Contributio66
Note 15 - Defined Contribution Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | ||
Defined Contribution Plan Employer Maximum Discretionary Contribution Amount per Employee | $ 2,500 | ||
Defined Contribution Plan, Cost | $ 100,000 | ||
Defined Contribution Plan, Reversed Cost Recognized | $ 200,000 |
Note 16 - Segment Reporting (De
Note 16 - Segment Reporting (Details Textual) | 12 Months Ended |
Sep. 30, 2017 | |
Number of Reportable Segments | 1 |
Note 16 - Segment Reporting - S
Note 16 - Segment Reporting - Sales from Natural and Organic Retail Stores (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Sales percentage | 100.00% | 100.00% | 100.00% |
Grocery [Member] | |||
Sales percentage | 66.50% | 66.50% | 66.40% |
Dietary Supplements [Member] | |||
Sales percentage | 22.20% | 22.20% | 22.50% |
Body Care, Pet Care, and Other [Member] | |||
Sales percentage | 11.30% | 11.30% | 11.10% |
Note 18 - Selected Quarterly 69
Note 18 - Selected Quarterly Financial Data (Unaudited) - Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 198,541 | $ 194,709 | $ 192,203 | $ 183,577 | $ 181,044 | $ 179,274 | $ 177,395 | $ 167,786 | $ 769,030 | $ 705,499 | $ 624,678 |
Cost of goods sold and occupancy costs | 145,297 | 141,928 | 138,045 | 131,424 | 130,100 | 128,344 | 125,792 | 119,491 | 556,694 | 503,727 | 442,582 |
Gross profit | 53,244 | 52,781 | 54,158 | 52,153 | 50,944 | 50,930 | 51,603 | 48,295 | 212,336 | 201,772 | 182,096 |
Store expenses | 45,079 | 45,028 | 42,400 | 41,843 | 41,390 | 40,095 | 38,774 | 35,899 | 174,350 | 156,158 | 132,131 |
Administrative expenses | 5,142 | 5,105 | 4,959 | 4,883 | 4,739 | 4,813 | 4,936 | 4,754 | 20,089 | 19,242 | 17,514 |
Pre-opening and relocation expenses | 284 | 970 | 1,284 | 1,261 | 1,594 | 2,007 | 1,444 | 948 | 3,799 | 5,993 | 3,822 |
Operating income | 2,739 | 1,678 | 5,515 | 4,166 | 3,221 | 4,015 | 6,449 | 6,694 | 14,098 | 20,379 | 28,629 |
Interest expense | (1,055) | (876) | (879) | (983) | (890) | (768) | (733) | (653) | (3,793) | (3,044) | (2,993) |
Income before income taxes | 1,684 | 802 | 4,636 | 3,183 | 2,331 | 3,247 | 5,716 | 6,041 | 10,305 | 17,335 | 25,636 |
Provision for income taxes | (448) | (204) | (1,640) | (1,122) | (865) | (567) | (2,139) | (2,293) | (3,414) | (5,864) | (9,432) |
Net income | $ 1,236 | $ 598 | $ 2,996 | $ 2,061 | $ 1,466 | $ 2,680 | $ 3,577 | $ 3,748 | $ 6,891 | $ 11,471 | $ 16,204 |
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.03 | $ 0.13 | $ 0.09 | $ 0.07 | $ 0.12 | $ 0.16 | $ 0.17 | $ 0.31 | $ 0.51 | $ 0.72 |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.03 | $ 0.13 | $ 0.09 | $ 0.07 | $ 0.12 | $ 0.16 | $ 0.17 | $ 0.31 | $ 0.51 | $ 0.72 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 05, 2016 | Dec. 01, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Treasury Stock, Shares, Acquired | 30,000 | 67,970 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 8.71 | $ 12.20 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 262 | $ 829 | ||
Stock Repurchase Program, Period in Force | 2 years | |||
Subsequent Event [Member] | ||||
Treasury Stock, Shares, Acquired | 101,573 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 5.72 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 600 | |||
Stock Repurchase Program, Period in Force | 2 years | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 8,300 |