Natural Grocers by Vitamin Cottage (NGVC) 10-Q 1 Feb 18 2018 Q1 Quarterly report Financial data

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