Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Jan. 31, 2018 | |
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) | 22,349,282 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 8,089 | $ 6,521 |
Accounts receivable, net | 4,477 | 4,860 |
Merchandise inventory | 91,422 | 93,612 |
Prepaid expenses and other current assets | 2,761 | 3,222 |
Total current assets | 106,749 | 108,215 |
Property and equipment, net | 185,189 | 184,417 |
Other assets: | ||
Deposits and other assets | 1,688 | 1,642 |
Goodwill and other intangible assets, net of accumulated amortization of $402 and $394, respectively | 5,673 | 5,655 |
Deferred financing costs, net | 40 | 62 |
Total other assets | 7,401 | 7,359 |
Total assets | 299,339 | 299,991 |
Current liabilities: | ||
Accounts payable | 52,163 | 56,849 |
Accrued expenses | 17,177 | 14,164 |
Capital and financing lease obligations, current portion | 604 | 548 |
Total current liabilities | 69,944 | 71,561 |
Long-term liabilities: | ||
Capital and financing lease obligations, net of current portion | 37,120 | 32,880 |
Revolving credit facility | 24,592 | 28,392 |
Deferred income tax liabilities | 7,973 | 12,419 |
Deferred compensation | 1,355 | 1,231 |
Deferred rent | 10,593 | 10,465 |
Leasehold incentives | 9,122 | 9,160 |
Total long-term liabilities | 90,755 | 94,547 |
Total liabilities | 160,699 | 166,108 |
Commitments (Note 6 and 11) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 50,000,000 shares authorized, 22,510,279 shares issued at December 31, 2017 and September 30, 2017, respectively, and 22,347,709 and 22,448,056 outstanding at December 31, 2017 and September 30, 2017, respectively | 23 | 23 |
Additional paid-in capital | 55,826 | 55,678 |
Retained earnings | 84,026 | 78,846 |
Common stock in treasury at cost, 162,570 and 62,223 shares at December 31, 2017 and September 30, 2017, respectively | (1,235) | (664) |
Total stockholders’ equity | 138,640 | 133,883 |
Total liabilities and stockholders’ equity | $ 299,339 | $ 299,991 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Goodwill and other intangible assets, accumulated amortization | $ 402 | $ 394 |
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) | 22,347,709 | 22,448,056 |
Treasury stock, shares (in shares) | 162,570 | 62,223 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 202,480 | $ 183,577 |
Cost of goods sold and occupancy costs | 149,321 | 131,424 |
Gross profit | 53,159 | 52,153 |
Store expenses | 45,166 | 41,843 |
Administrative expenses | 5,257 | 4,883 |
Pre-opening and relocation expenses | 543 | 1,261 |
Operating income | 2,193 | 4,166 |
Interest expense | (1,089) | (983) |
Income before income taxes | 1,104 | 3,183 |
Benefit from (provision for) income taxes | 4,077 | (1,122) |
Net income | $ 5,181 | $ 2,061 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.23 | $ 0.09 |
Diluted (in dollars per share) | $ 0.23 | $ 0.09 |
Weighted average number of shares of common stock outstanding: | ||
Basic (in shares) | 22,359,828 | 22,453,459 |
Diluted (in shares) | 22,366,749 | 22,461,094 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | ||
Net income | $ 5,181 | $ 2,061 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 7,415 | 7,121 |
Loss on disposal of property and equipment | 48 | |
Share-based compensation | 160 | 217 |
Deferred income tax benefit | (4,446) | (170) |
Non-cash interest expense | 3 | 2 |
Changes in operating assets and liabilities | ||
Accounts receivable, net | 383 | 1,128 |
Merchandise inventory | 2,190 | (1,657) |
Prepaid expenses and other assets | 22 | 1,395 |
Income tax receivable | 351 | |
Accounts payable | (3,564) | (286) |
Accrued expenses | 3,013 | 3,927 |
Deferred compensation | 124 | 116 |
Deferred rent and leasehold incentives | 89 | 240 |
Net cash provided by operating activities | 10,969 | 14,094 |
Investing activities: | ||
Acquisition of property and equipment | (4,925) | (13,057) |
Proceeds from sale of property and equipment | 41 | 2,564 |
Net cash used in investing activities | (4,884) | (10,493) |
Financing activities: | ||
Borrowings under credit facility | 87,500 | 67,350 |
Repayments under credit facility | (91,300) | (67,701) |
Capital and financing lease obligations payments | (132) | (113) |
Repurchases of common stock | (581) | |
Payments on withholding tax for restricted stock unit vesting | (4) | (12) |
Net cash used in financing activities | (4,517) | (476) |
Net increase in cash and cash equivalents | 1,568 | 3,125 |
Cash and cash equivalents, beginning of period | 6,521 | 4,017 |
Cash and cash equivalents, end of period | 8,089 | 7,142 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 217 | 121 |
Cash paid for interest on capital and financing lease obligations, net of capitalized interest of $25 and $63, respectively | 848 | 784 |
Income taxes paid | 19 | 11 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Acquisition of property and equipment not yet paid | 1,722 | 7,243 |
Property acquired through capital and financing lease obligations | $ 4,428 |
Consolidated Statements of Cas6
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Capitalized interest | $ 25 | $ 63 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization Nature of Business Natural Grocers by Vi tamin Cottage, Inc. (Natural Grocers or the holding company) and its consolidated subsidiaries (collectively, the Company) operate retail stores that specialize in natural and organic groceries and dietary supplements. The Company operates its retail stores under its trademark Natural Grocers by Vitamin Cottage ® . As of December 31, 2017, 142 stores in 19 140 19 September 30, 2017. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2 . Basis of Presentation and Summary of Significant Accounting Policies Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for inte rim financial statements and are in the form prescribed by Article 10 X. not 10 7 10 . The accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial results. Interim results are not September 30. The accompanying consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 The Company has one : natural and organic retail stores. Sales from the Company’s natural and organic retail stores are derived from sales of the following product categories, which are presented as a percentage of sales for the three December 31, 2017 2016, Three months ended December 31, 201 7 201 6 Grocery 67 % 66 Dietary supplements 22 22 Other 11 12 100 % 100 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including the fair value of assets acquired and liabilities assumed in a business combination), the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to allowances for self-insurance reserves, valuation of inventories, useful lives of property and equipment for depreciation and amortization, impairment of finite-lived intangible, long-lived assets, and goodwill, lease assumptions, valuation allowances for deferred tax assets and litigation based on currently available information. Changes in facts and circumstances may U.S Tax Reform On December 22, 2017, Reform Act). The Tax Reform Act significantly revises the future ongoing federal income tax by, among other things, lowering U.S. corporate income tax rates effective January 1, 2018. 24.3% September 30, 2018 21.0% three December 31, 2017, $4.3 The changes included in the Tax Reform Act are broad and complex. The final transition impacts of the Tax Reform Act may 118 118 740, 740 December 22, 2017 ( 118 one September 30, 2018. Recently Adopted Accounting Pronouncements In July 2015, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015 11, 330, 2015 11 2015 11, first 2015 11 2015 11 December 15, 2016 2015 11 October 1, 2017. not In March 2016, 2016 09, 718, 2016 09 2016 09 2016 09 not three December 31, 2017. In addition, under ASU 2016 09, three December 31, 2017, no The Company has elected to continue to estimate the number of share-based awards expected to vest, as permitted by ASU 2016 09, ASU 2016 09 2,879 three December 31, 2017. Recent Accounting Pronouncements In January 2017, FASB issued ASU 2017 04, 350, 2017 04 2017 04 first two not January 1, 2017 first September 30, 2020. In February 2016, 2016 02, 842, 2016 02 ASU No. 2016 02 12 2016 02 2016 02 first September 30, 2020, However, during December 2017, 2016 02 2018 2019 not adoption of ASU 2016 02 2016 02 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, 606, 2016 08” March 2016 No. 2016 12, 606, 2016 12” May 2016. The amendments in ASU 2016 08 2016 12 2016 08 2016 12 2014 09. 2014 09, 2016 08 2016 12 not 2014 09, 2016 08 2016 12. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3 . Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units (RSUs) were to vest, resulting in the issuance of common stock that would then share in the Company’s earnings. Presented below are basic and diluted EPS for the three December 31, 2017 2016, Three months ended December 31, 201 7 201 6 Net income $ 5,181 2,061 Weighted average number of shares of common stock outstanding 22,359,828 22,453,459 Effect of dilutive securities 6,921 7,635 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,366,749 22,461,094 Basic earnings per share $ 0.23 0.09 Diluted earnings per share $ 0.23 0.09 There were 157,879 71,257 three December 31, 2017 2016, The Company did not three December 31, 2017 2016. |
Note 4 - Debt
Note 4 - Debt | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 4 . Debt Credit Facility On January 28, 2016, credit facility (the Credit Facility). The operating company is the borrower under the Credit Facility and its obligations under the Credit Facility are guaranteed by the holding company and VC2. $50.0 $5.0 January 31, 2021. 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 $24.6 $28.4 December 31, 2017 September 30, 2017, December 31, 2017 September 30, 2017, $1.0 $24.4 $20.6 December 31, 2017 September 30, 2017, As of December 31, 2017 September 30, 2017, Capital and Financing Lease Obligations The Company had 18 17 December 31, 2017 September 30, 2017, 6 No Interest The Company incurred gross interest expense of approximately $1.1 three December 31, 2017 2016. three December 31, 2017 2016 less than $0.1 0.1 three December 31, 2017 2016, . |
Note 5 - Shareholders' Equity
Note 5 - Shareholders' Equity | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5 . Shareholders’ 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 Prior to October 1, 201 7, 97,970 three December 31, 2017, 101,573 not three December 31, 2016. Prior to October 1, 201 7, 35,747 $0.4 . During the three December 31 , 2017 2016, 1,226 $0.1 1,867 $0.1 At December 31, 2017 September 30, 2017, 162,570 62,223 $1.2 $0.7 Between January 1, 2018 January 29, 2018 not |
Note 6 - Lease Commitments
Note 6 - Lease Commitments | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 6 . Lease Commitments Capital and financing lease obligations as of December 31, 2017 September 30, 2017, As of December 31 , 201 7 September 30, 201 7 Capital lease finance obligations, due in monthly installments through fiscal year 2033 $ 28,981 26,930 Capital lease obligations, due in monthly installments through fiscal year 2041 4,943 4,999 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2033 3,800 1,499 Total capital and financing lease obligations 37,724 33,428 Less current portion (604 ) (548 ) Total c apital and financing lease obligations, net of current portion $ 37,120 32,880 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7 . Property and Equipment The Company had the following property and equipment balances as of December 31, 2017 September 30, 2017, As of Useful lives (in years) December 31 , 201 7 September 30, 201 7 Construction in process n/a $ 7,373 5,286 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 31,926 29,548 Capitalized real estate leases 15 - 25 5,735 5,735 Land n/a 192 192 Buildings 40 19,259 19,259 Land improvements 5 - 24 1,160 1,159 Leasehold and building improvements 1 - 25 132,647 131,679 Fixtures and equipment 5 - 7 117,834 115,888 Computer hardware and software 3 - 5 19,504 19,108 335,630 327,854 Less accumulated depreciation and amortization (150,441 ) (143,437 ) Property and equipment, net $ 185,189 184,417 Capitalized real estate leases for build-to-suit stores includes the assets for the Company ’s buildings under capital lease finance obligations, and capitalized real estate leases includes assets for the Company’s buildings under capital lease obligations (see Note 6 ) . Depreciation and amortization expense for the three December 31, 2017 2016 Three months ended December 31, 201 7 201 6 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 196 248 Depreciation and amortization expense included in store expenses 6,850 6,519 Depreciation and amortization expense included in administrative expenses 369 354 Total depreciation and amortization expense $ 7,415 7,121 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8 . Accrued Expenses The composition of accrued expenses as of December 31, 2017 September 30, 2017 As of December 31 , September 30, 201 7 201 7 Payroll and employee-related expenses $ 7,849 5,391 Accrued property, sales and use tax payable 6,440 6,399 Accrued marketing expenses 454 648 Deferred revenue related to gift card sales 1,558 906 Other 876 820 Total accrued expenses $ 17,177 14,164 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 . Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740. is. Deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in fiscal year 2018 24.3%; 21.0%. Additionally, in calculating our annual effective tax rate, the Company has used assumptions and estimates that may The remeasurement of the Company’s deferred tax balance resulted in a non-cash tax benefit of approximately $4.3 three December 31, 2017. |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. Related Party Transactions The Company has ongoing relationships with related entities as noted below: Chalet Properties, LLC : five one four $0.3 three December 31, 2017 2016. Isely Family Land Trust LLC: one $0.1 three December 31, 2017 2016. FTVC LLC: one four $0.1 three December 31, 2017 2016. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 1 . Commitments and Contingencies 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for inte rim financial statements and are in the form prescribed by Article 10 X. not 10 7 10 . The accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial results. Interim results are not September 30. The accompanying consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 The Company has one : natural and organic retail stores. Sales from the Company’s natural and organic retail stores are derived from sales of the following product categories, which are presented as a percentage of sales for the three December 31, 2017 2016, Three months ended December 31, 201 7 201 6 Grocery 67 % 66 Dietary supplements 22 22 Other 11 12 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including the fair value of assets acquired and liabilities assumed in a business combination), the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to allowances for self-insurance reserves, valuation of inventories, useful lives of property and equipment for depreciation and amortization, impairment of finite-lived intangible, long-lived assets, and goodwill, lease assumptions, valuation allowances for deferred tax assets and litigation based on currently available information. Changes in facts and circumstances may |
Income Tax, Policy [Policy Text Block] | U.S Tax Reform On December 22, 2017, Reform Act). The Tax Reform Act significantly revises the future ongoing federal income tax by, among other things, lowering U.S. corporate income tax rates effective January 1, 2018. 24.3% September 30, 2018 21.0% three December 31, 2017, $4.3 The changes included in the Tax Reform Act are broad and complex. The final transition impacts of the Tax Reform Act may 118 118 740, 740 December 22, 2017 ( 118 one September 30, 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In July 2015, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015 11, 330, 2015 11 2015 11, first 2015 11 2015 11 December 15, 2016 2015 11 October 1, 2017. not In March 2016, 2016 09, 718, 2016 09 2016 09 2016 09 not three December 31, 2017. In addition, under ASU 2016 09, three December 31, 2017, no The Company has elected to continue to estimate the number of share-based awards expected to vest, as permitted by ASU 2016 09, ASU 2016 09 2,879 three December 31, 2017. Recent Accounting Pronouncements In January 2017, FASB issued ASU 2017 04, 350, 2017 04 2017 04 first two not January 1, 2017 first September 30, 2020. In February 2016, 2016 02, 842, 2016 02 ASU No. 2016 02 12 2016 02 2016 02 first September 30, 2020, However, during December 2017, 2016 02 2018 2019 not adoption of ASU 2016 02 2016 02 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, 606, 2016 08” March 2016 No. 2016 12, 606, 2016 12” May 2016. The amendments in ASU 2016 08 2016 12 2016 08 2016 12 2014 09. 2014 09, 2016 08 2016 12 not 2014 09, 2016 08 2016 12. |
Note 2 - Basis of Presentatio19
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Product Information [Table Text Block] | Three months ended December 31, 201 7 201 6 Grocery 67 % 66 Dietary supplements 22 22 Other 11 12 100 % 100 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended December 31, 201 7 201 6 Net income $ 5,181 2,061 Weighted average number of shares of common stock outstanding 22,359,828 22,453,459 Effect of dilutive securities 6,921 7,635 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,366,749 22,461,094 Basic earnings per share $ 0.23 0.09 Diluted earnings per share $ 0.23 0.09 |
Note 6 - Lease Commitments (Tab
Note 6 - Lease Commitments (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of December 31 , 201 7 September 30, 201 7 Capital lease finance obligations, due in monthly installments through fiscal year 2033 $ 28,981 26,930 Capital lease obligations, due in monthly installments through fiscal year 2041 4,943 4,999 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2033 3,800 1,499 Total capital and financing lease obligations 37,724 33,428 Less current portion (604 ) (548 ) Total c apital and financing lease obligations, net of current portion $ 37,120 32,880 |
Note 7 - Property and Equipme22
Note 7 - Property and Equipment (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of Useful lives (in years) December 31 , 201 7 September 30, 201 7 Construction in process n/a $ 7,373 5,286 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 31,926 29,548 Capitalized real estate leases 15 - 25 5,735 5,735 Land n/a 192 192 Buildings 40 19,259 19,259 Land improvements 5 - 24 1,160 1,159 Leasehold and building improvements 1 - 25 132,647 131,679 Fixtures and equipment 5 - 7 117,834 115,888 Computer hardware and software 3 - 5 19,504 19,108 335,630 327,854 Less accumulated depreciation and amortization (150,441 ) (143,437 ) Property and equipment, net $ 185,189 184,417 |
Depreciation and Amortization Expense [Table Text Block] | Three months ended December 31, 201 7 201 6 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 196 248 Depreciation and amortization expense included in store expenses 6,850 6,519 Depreciation and amortization expense included in administrative expenses 369 354 Total depreciation and amortization expense $ 7,415 7,121 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of December 31 , September 30, 201 7 201 7 Payroll and employee-related expenses $ 7,849 5,391 Accrued property, sales and use tax payable 6,440 6,399 Accrued marketing expenses 454 648 Deferred revenue related to gift card sales 1,558 906 Other 876 820 Total accrued expenses $ 17,177 14,164 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Dec. 31, 2017 | Sep. 30, 2017 |
Number of Stores | 142 | 140 |
Number of States in which Entity Operates | 19 | 19 |
Note 2 - Basis of Presentatio25
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Sep. 30, 2019 | Sep. 30, 2018 | |
Number of Reportable Segments | 1 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (4,300) | |||
Income Tax Expense (Benefit) | $ (4,077) | $ 1,122 | ||
Weighted Average Number of Shares Outstanding, Diluted | shares | 22,366,749 | 22,461,094 | ||
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit) | $ 0 | |||
Weighted Average Number of Shares Outstanding, Diluted | shares | (2,879) | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 24.30% |
Note 2 - Basis of Presentatio26
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Sales From Natural and Organic Retail Stores (Details) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Sales percentage | 100.00% | 100.00% |
Grocery [Member] | ||
Sales percentage | 67.00% | 66.00% |
Dietary Supplements [Member] | ||
Sales percentage | 22.00% | 22.00% |
Other [Member] | ||
Sales percentage | 11.00% | 12.00% |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends | $ 0 | $ 0 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 157,879 | 71,257 |
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 | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 5,181 | $ 2,061 |
Weighted average number of shares of common stock outstanding (in shares) | 22,359,828 | 22,453,459 |
Effect of dilutive securities (in shares) | 6,921 | 7,635 |
Weighted average number of shares of common stock outstanding including effect of dilutive securities (in shares) | 22,366,749 | 22,461,094 |
Basic earnings per share (in dollars per share) | $ 0.23 | $ 0.09 |
Diluted earnings per share (in dollars per share) | $ 0.23 | $ 0.09 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) $ in Millions | 3 Months Ended | 20 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | |
Capital and Financing Lease Obligations Number of Leases | 18 | 18 | 17 | |
Interest Expense, Debt, Excluding Amortization | $ 1.1 | $ 1.1 | ||
Interest Costs Capitalized | 0.1 | $ 0.1 | ||
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 | ||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | 10 | |||
Long-term Line of Credit | 24.6 | 24.6 | 28.4 | |
Line of Credit Facility, Remaining Borrowing Capacity | 24.4 | 24.4 | $ 20.6 | |
The New Credit Facility [Member] | Standby Letters of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | $ 5 |
Note 5 - Shareholders' Equity (
Note 5 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands | May 05, 2016 | Jan. 29, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2017 |
Stock Repurchase Program, Period in Force | 2 years | |||||
Stock Repurchase Program, Authorized Amount | $ 10,000 | |||||
Treasury Stock, Shares, Acquired | 101,573 | 0 | 97,970 | |||
Stock Issued During Period, Shares, Treasury Stock Reissued for Equity-based Compensation Obligations | 1,226 | 1,867 | 35,747 | |||
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations | $ 400 | |||||
Treasury Stock, Shares | 162,570 | 62,223 | 62,223 | |||
Treasury Stock, Value | $ 1,235 | $ 664 | $ 664 | |||
Subsequent Event [Member] | ||||||
Treasury Stock, Shares, Acquired | 0 | |||||
Maximum [Member] | ||||||
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations | $ 100 | $ 100 |
Note 6 - Lease Commitments - Ca
Note 6 - Lease Commitments - Capital and Financing Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Total capital and financing lease obligations | $ 37,724 | $ 33,428 |
Less current portion | (604) | (548) |
Total capital and financing lease obligations, net of current portion | 37,120 | 32,880 |
Due in Monthly Installments Through Fiscal Year 2033 [Member] | ||
Capital lease finance obligations | 28,981 | 26,930 |
Asset not under Construction, Due in Monthly Installments Through Fiscal Year 2041 [Member] | ||
Capital lease finance obligations | 4,943 | 4,999 |
Asset Under Construction Due in Monthly Installments Through Fiscal Year 2033 [Member] | ||
Capital lease finance obligations | $ 3,800 | $ 1,499 |
Note 7 - Property and Equipme32
Note 7 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Property, plant, and equipment, gross | $ 335,630 | $ 327,854 |
Less accumulated depreciation and amortization | (150,441) | (143,437) |
Property and equipment, net | 185,189 | 184,417 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 7,373 | 5,286 |
Assets Held Under Real Estate Leases for Build to Suit Stores [Member] | ||
Property, plant, and equipment, gross | $ 31,926 | 29,548 |
Useful life (Year) | 40 years | |
Assets Held under Capital Leases [Member] | ||
Property, plant, and equipment, gross | $ 5,735 | 5,735 |
Assets Held under Capital Leases [Member] | Minimum [Member] | ||
Useful life (Year) | 15 years | |
Assets Held under Capital Leases [Member] | Maximum [Member] | ||
Useful life (Year) | 25 years | |
Land [Member] | ||
Property, plant, and equipment, gross | $ 192 | 192 |
Building [Member] | ||
Property, plant, and equipment, gross | $ 19,259 | 19,259 |
Useful life (Year) | 40 years | |
Land Improvements [Member] | ||
Property, plant, and equipment, gross | $ 1,160 | 1,159 |
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 | $ 132,647 | 131,679 |
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 | $ 117,834 | 115,888 |
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 | $ 19,504 | $ 19,108 |
Computer Hardware and Software [Member] | Minimum [Member] | ||
Useful life (Year) | 3 years | |
Computer Hardware and Software [Member] | Maximum [Member] | ||
Useful life (Year) | 5 years |
Note 7 - Property and Equipme33
Note 7 - Property and Equipment - Schedule of Property and Equipment (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Property, plant, and equipment, gross | $ 335,630 | $ 327,854 |
Unamortized Land [Member] | ||
Property, plant, and equipment, gross | $ 617 | $ 617 |
Note 7 - Property and Equipme34
Note 7 - Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation and amortization expense | $ 7,415 | $ 7,121 |
Cost of Sales [Member] | ||
Depreciation and amortization expense | 196 | 248 |
Stores [Member] | ||
Depreciation and amortization expense | 6,850 | 6,519 |
General and Administrative Expense [Member] | ||
Depreciation and amortization expense | $ 369 | $ 354 |
Note 8 - Accrued Expenses - Com
Note 8 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Payroll and employee-related expenses | $ 7,849 | $ 5,391 |
Accrued property, sales and use tax payable | 6,440 | 6,399 |
Accrued marketing expenses | 454 | 648 |
Deferred revenue related to gift card sales | 1,558 | 906 |
Other | 876 | 820 |
Total accrued expenses | $ 17,177 | $ 14,164 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (4,300) | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 24.30% |
Note 10 - Related Party Trans37
Note 10 - Related Party Transactions (Details Textual) $ in Millions | 3 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
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 | $ 0.3 | $ 0.3 |
Isely Family Land Trust LLC [Member] | ||
Number of Operating Leases | 1 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.1 | |
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 |