Natural Grocers by Vitamin Cottage (NGVC) 10-Q 2 Aug 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Jul. 30, 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)		22,364,477
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Current assets:
Cash and cash equivalents	$ 7,204	$ 6,521
Accounts receivable, net	4,913	4,860
Merchandise inventory	97,247	93,612
Prepaid expenses and other current assets	3,210	3,222
Total current assets	112,574	108,215
Property and equipment, net	187,649	184,417
Other assets:
Deposits and other assets	1,693	1,642
Goodwill and other intangible assets, net of accumulated amortization of $420 and $394, respectively	5,659	5,655
Deferred financing costs, net	34	62
Total other assets	7,386	7,359
Total assets	307,609	299,991
Current liabilities:
Accounts payable	58,211	56,849
Accrued expenses	17,630	14,164
Capital and financing lease obligations, current portion	699	548
Total current liabilities	76,540	71,561
Long-term liabilities:
Capital and financing lease obligations, net of current portion	40,519	32,880
Revolving credit facility	16,292	28,392
Deferred income tax liabilities	8,682	12,419
Deferred compensation	676	1,231
Deferred rent	10,976	10,465
Leasehold incentives	9,510	9,160
Total long-term liabilities	86,655	94,547
Total liabilities	163,195	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 June 30, 2018 and September 30, 2017 and 22,364,477 and 22,448,056 outstanding at June 30, 2018 and September 30, 2017, respectively	23	23
Additional paid-in capital	56,077	55,678
Retained earnings	89,422	78,846
Common stock in treasury at cost, 145,802 and 62,223 shares, at June 30, 2018 and September 30, 2017, respectively	(1,108)	(664)
Total stockholders’ equity	144,414	133,883
Total liabilities and stockholders’ equity	$ 307,609	$ 299,991

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Goodwill and other intangible assets, accumulated amortization	$ 420	$ 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)	22,364,477	22,448,056
Treasury stock, shares (in shares)	145,802	62,223

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 213,130	$ 194,709	$ 631,521	$ 570,489
Cost of goods sold and occupancy costs	156,299	141,928	463,250	411,397
Gross profit	56,831	52,781	168,271	159,092
Store expenses	47,000	45,028	138,646	129,271
Administrative expenses	5,630	5,105	16,345	14,947
Pre-opening and relocation expenses	443	970	1,683	3,515
Operating income	3,758	1,678	11,597	11,359
Interest expense, net	(1,170)	(876)	(3,381)	(2,738)
Income before income taxes	2,588	802	8,216	8,621
(Provision for) benefit from income taxes	(597)	(204)	2,360	(2,966)
Net income	$ 1,991	$ 598	$ 10,576	$ 5,655
Net income per common share:
Basic (in dollars per share)	$ 0.09	$ 0.03	$ 0.47	$ 0.25
Diluted (in dollars per share)	$ 0.09	$ 0.03	$ 0.47	$ 0.25
Weighted average number of shares of common stock outstanding:
Basic (in shares)	22,364,397	22,460,058	22,359,427	22,457,328
Diluted (in shares)	22,497,066	22,469,186	22,439,890	22,465,126

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net income	$ 10,576	$ 5,655
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,169	21,965
Gain on disposal of property and equipment	(23)	(21)
Share-based compensation	547	604
Deferred income tax benefit	(3,738)	(700)
Non-cash interest expense	11
Changes in operating assets and liabilities
Accounts receivable, net	(30)	462
Merchandise inventory	(3,635)	(6,534)
Prepaid expenses and other assets	(1,186)	871
Income tax receivable	1,082
Accounts payable	759	7,114
Accrued expenses	3,467	3,588
Deferred compensation	(554)	353
Deferred rent and leasehold incentives	861	2,500
Net cash provided by operating activities	30,306	35,857
Investing activities:
Acquisition of property and equipment	(16,673)	(36,748)
Proceeds from sale of property and equipment, net of commissions of $7 and $80, respectively	34	2,585
Proceeds from property insurance settlements	124
Net cash used in investing activities	(16,515)	(34,163)
Financing activities:
Borrowings under credit facility	279,900	224,350
Repayments under credit facility	(292,000)	(224,300)
Capital and financing lease obligations payments	(416)	(352)
Repurchase of common stock	(580)	(261)
Payments on withholding tax for vested restricted stock units	(12)	(25)
Net cash used in financing activities	(13,108)	(588)
Net increase in cash and cash equivalents	683	1,106
Cash and cash equivalents, beginning of period	6,521	4,017
Cash and cash equivalents, end of period	7,204	5,123
Supplemental disclosures of cash flow information:
Cash paid for interest	654	504
Cash paid for interest on capital and financing lease obligations, net of capitalized interest of $105 and $237, respectively	2,670	2,156
Income taxes paid	508	2,534
Deferred compensation paid	700
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid	3,446	3,594
Property acquired through capital and financing lease obligations	$ 8,204	$ 226

Consolidated Statements of Cas6

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Proceeds from sale of property and equipment, commissions	$ 7	$ 80
Capitalized interest	$ 105	$ 237

Note 1 - Organization

Note 1 - Organization	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Nature of Operations [Text Block]	1. Organization Nature of Business Natural Grocers by Vitamin Cottage, Inc. (Natural Grocers or the holding company) and its consolidated subsidiaries (collectively, the Company) operate retail stores that specialize in natural and organic groceries and dietary supplements. The Company operates its retail stores under its trademark Natural Grocers by Vitamin Cottage June 30, 2018, 147 19 140 19 September 30, 2017.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	2 . Basis of Presentation and Summary of Significant Accounting Policies Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by Article 10 X. not 10 7 10 not September 30. The accompanying unaudited consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 The Company has one three nine June 30, 2018 2017, Three months ended June 30 , Nine months ended June 30 , 2018 2017 2018 2017 Grocery 68 % 67 67 66 Dietary supplements 21 22 22 23 Other 11 11 11 11 100 % 100 100 100 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 assets, long-lived assets, and goodwill; lease assumptions; and litigation based on currently available information. Changes in facts and circumstances may U.S. Tax Reform On December 22, 2017, January 1, 2018. 24.3% September 30, 2018 21.0% $4.3 nine June 30, 2018. The changes included in the Tax Reform Act are broad and complex. The final transition impacts of the Tax Reform Act may Change in Accounting Principle During the nine June 30, 2018, September 30 July 1, first fourth 10 September 30, 2018. fourth not Recent Accounting Pronouncements In January 2017, 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 No. 2016 02 12 2016 02 2016 02 first September 30, 2020, 2016 02 2018 11, 842, July 2018. The adoption of ASU 2016 02 2016 02 In January 2018, 2018 01, 842, 842” 2018 01 2018 01 not 842, not 840. 2016 02. In May 2014, 2014 09, 606, 2014 09 2014 09 2014 09’s 2014 09 In July 2015, 2015 14, 2014 09, one December 15, 2017. 2014 09 first September 30, 2019. Further to ASU 2014 09 2015 14, 2016 08, 606, 2016 08 March 2016 No. 2016 12, 606, 2016 12 May 2016. 2016 08 2016 12 2016 08 2016 12 2014 09. The Company currently does not 2014 09, 2016 08 2016 12; 2019. 2014 09, 2016 08 2016 12 2014 09 In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020,

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	9 Months Ended
	Jun. 30, 2018
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 nine June 30, 2018 2017, Three months ended June 30 , Nine months ended June 30 , 2018 2017 2018 2017 Net income $ 1,991 598 10,576 5,655 Weighted average number of shares of common stock outstanding 22,364,397 22,460,058 22,359,427 22,457,328 Effect of dilutive securities 132,669 9,128 80,463 7,798 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,497,066 22,469,186 22,439,890 22,465,126 Basic earnings per share $ 0.09 0.03 0.47 0.25 Diluted earnings per share $ 0.09 0.03 0.47 0.25 There were 45,819 219,859 three nine June 30, 2018, 68,864 three nine June 30, 2017, The Company did not three nine June 30, 2018 2017.

Note 4 - Debt

Note 4 - Debt	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Debt and Capital Leases Disclosures [Text Block]	4 . Debt Credit Facility On January 28, 2016, 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 $16.3 $28.4 June 30, 2018 September 30, 2017, June 30, 2018 September 30, 2017, $ 1.0 $32.7 $20.6 June 30, 2018 September 30, 2017, As of June 30, 2018 September 30, 2017, Capital and Financing Lease Obligations The Company had 20 17 June 30, 2018 September 30, 2017, 6 No Interest The Company incurred gross interest expense of approximately $1.2 $1.1 three June 30, 2018 2017, $3.5 $3.2 nine June 30, 2018 2017, three nine June 30, 2018 2017 $0.1 $0.2 three June 30, 2018 2017, $0.1 $0.4 nine June 30, 2018 2017,

Note 5 - Shareholders' Equity

Note 5 - Shareholders' Equity	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5. Share Repurchases On May 4, 2016, two may $10.0 May 2, 2018, two May 4, 2020. 10b 18 1934, may 10b5 1 not may Prior to October 1, 2017, 97,970 nine June 30, 2018, 101,573 not three June 30, 2018. July 1, 2018 July 30, 2018 ( not may $8.3 Prior to October 1, 2017, 35,747 $0.4 three nine June 30, 2018, 197 17,994 $0.1 $0.1 three nine June 30, 2017, 63 12,322 $ 0.1 June 30, 2018 September 30, 2017, 145,802 62,223 $1.1 $0.7

Note 6 - Lease Commitments

Note 6 - Lease Commitments	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	6 . Lease Commitments Capital and financing lease obligations as of June 30, 2018 September 30, 2017, As of June 30 , 2018 September 30, 2017 Capital lease finance obligations, due in monthly installments through fiscal year 2033 $ 32,618 26,930 Capital lease obligations, due in monthly installments through fiscal year 2041 4,824 4,999 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2033 2,270 1,499 Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2034 1,506 — Total capital and financing lease obligations 41,218 33,428 Less current portion (699 ) (548 ) Total capital and financing lease obligations, net of current portion $ 40,519 32,880

Note 7 - Property and Equipment

Note 7 - Property and Equipment	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 September 30, 2017, As of Useful lives (in years) June 30 , 2018 September 30, 2017 Construction in process n/a $ 9,794 5,286 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 35,700 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 1,074 1,159 Leasehold and building improvements 1 – 25 133,575 131,679 Fixtures and equipment 5 – 7 122,002 115,888 Computer hardware and software 3 – 5 20,297 19,108 347,628 327,854 Less accumulated depreciation and amortization (159,979 ) (143,437 ) Property and equipment, net $ 187,649 184,417 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 nine June 30, 2018 2017 Three months ended June 30 , Nine months ended June 30 , 2018 2017 2018 2017 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 193 275 585 792 Depreciation and amortization expense included in store expenses 6,789 6,871 20,474 20,068 Depreciation and amortization expense included in administrative expenses 362 373 1,110 1,105 Total depreciation and amortization expense $ 7,344 7,519 22,169 21,965

Note 8 - Accrued Expenses

Note 8 - Accrued Expenses	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8 . Accrued Expenses The composition of accrued expenses as of June 30, 2018 September 30, 2017 As of June 30 , September 30, 2018 2017 Accrued property, sales and use tax payable $ 5,891 5,391 Payroll and employee-related expenses 9,043 6,399 Accrued marketing expenses 351 648 Deferred revenue related to gift card sales 1,197 906 Other 1,148 820 Total accrued expenses $ 17,630 14,164

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Jun. 30, 2018
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. 2018 24.3%; 21.0%. Additionally, within the calculation of its 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 nine June 30, 2018.

Note 10 - Related Party Transac

Note 10 - Related Party Transactions	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 2017. $0.9 nine June 30, 2018 2017. Isely Family Land Trust LLC: one $0.1 three June 30, 2018 2017. $0.2 nine June 30, 2018 2017. FTVC LLC: one four $ 0.1 three June 30, 2018 2017. $0.1 nine June 30, 2018 2017.

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Jun. 30, 2018
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 may not

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by Article 10 X. not 10 7 10 not September 30. The accompanying unaudited consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 The Company has one three nine June 30, 2018 2017, Three months ended June 30 , Nine months ended June 30 , 2018 2017 2018 2017 Grocery 68 % 67 67 66 Dietary supplements 21 22 22 23 Other 11 11 11 11 100 % 100 100 100
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 assets, long-lived assets, and goodwill; lease assumptions; 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, January 1, 2018. 24.3% September 30, 2018 21.0% $4.3 nine June 30, 2018. The changes included in the Tax Reform Act are broad and complex. The final transition impacts of the Tax Reform Act may
New Accounting Pronouncements, Policy [Policy Text Block]	Change in Accounting Principle During the nine June 30, 2018, September 30 July 1, first fourth 10 September 30, 2018. fourth not Recent Accounting Pronouncements In January 2017, 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 No. 2016 02 12 2016 02 2016 02 first September 30, 2020, 2016 02 2018 11, 842, July 2018. The adoption of ASU 2016 02 2016 02 In January 2018, 2018 01, 842, 842” 2018 01 2018 01 not 842, not 840. 2016 02. In May 2014, 2014 09, 606, 2014 09 2014 09 2014 09’s 2014 09 In July 2015, 2015 14, 2014 09, one December 15, 2017. 2014 09 first September 30, 2019. Further to ASU 2014 09 2015 14, 2016 08, 606, 2016 08 March 2016 No. 2016 12, 606, 2016 12 May 2016. 2016 08 2016 12 2016 08 2016 12 2014 09. The Company currently does not 2014 09, 2016 08 2016 12; 2019. 2014 09, 2016 08 2016 12 2014 09 In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020,

Note 2 - Basis of Presentatio19

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Product Information [Table Text Block]	Three months ended June 30 , Nine months ended June 30 , 2018 2017 2018 2017 Grocery 68 % 67 67 66 Dietary supplements 21 22 22 23 Other 11 11 11 11 100 % 100 100 100

Note 3 - Earnings Per Share (Ta

Note 3 - Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended June 30 , Nine months ended June 30 , 2018 2017 2018 2017 Net income $ 1,991 598 10,576 5,655 Weighted average number of shares of common stock outstanding 22,364,397 22,460,058 22,359,427 22,457,328 Effect of dilutive securities 132,669 9,128 80,463 7,798 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,497,066 22,469,186 22,439,890 22,465,126 Basic earnings per share $ 0.09 0.03 0.47 0.25 Diluted earnings per share $ 0.09 0.03 0.47 0.25

Note 6 - Lease Commitments (Tab

Note 6 - Lease Commitments (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	As of June 30 , 2018 September 30, 2017 Capital lease finance obligations, due in monthly installments through fiscal year 2033 $ 32,618 26,930 Capital lease obligations, due in monthly installments through fiscal year 2041 4,824 4,999 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2033 2,270 1,499 Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2034 1,506 — Total capital and financing lease obligations 41,218 33,428 Less current portion (699 ) (548 ) Total capital and financing lease obligations, net of current portion $ 40,519 32,880

Note 7 - Property and Equipme22

Note 7 - Property and Equipment (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of Useful lives (in years) June 30 , 2018 September 30, 2017 Construction in process n/a $ 9,794 5,286 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 and $617, respectively 40 35,700 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 1,074 1,159 Leasehold and building improvements 1 – 25 133,575 131,679 Fixtures and equipment 5 – 7 122,002 115,888 Computer hardware and software 3 – 5 20,297 19,108 347,628 327,854 Less accumulated depreciation and amortization (159,979 ) (143,437 ) Property and equipment, net $ 187,649 184,417
Depreciation and Amortization Expense [Table Text Block]	Three months ended June 30 , Nine months ended June 30 , 2018 2017 2018 2017 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 193 275 585 792 Depreciation and amortization expense included in store expenses 6,789 6,871 20,474 20,068 Depreciation and amortization expense included in administrative expenses 362 373 1,110 1,105 Total depreciation and amortization expense $ 7,344 7,519 22,169 21,965

Note 8 - Accrued Expenses (Tabl

Note 8 - Accrued Expenses (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	As of June 30 , September 30, 2018 2017 Accrued property, sales and use tax payable $ 5,891 5,391 Payroll and employee-related expenses 9,043 6,399 Accrued marketing expenses 351 648 Deferred revenue related to gift card sales 1,197 906 Other 1,148 820 Total accrued expenses $ 17,630 14,164

Note 1 - Organization (Details

Note 1 - Organization (Details Textual)	Jun. 30, 2018	Sep. 30, 2017
Number of Stores	147	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 Millions	9 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Sep. 30, 2019	Sep. 30, 2018USD ($)
Number of Reportable Segments	1
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ (4.3)		$ (4.3)
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		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Sales percentage	100.00%	100.00%	100.00%	100.00%
Grocery [Member]
Sales percentage	68.00%	67.00%	67.00%	66.00%
Dietary Supplements [Member]
Sales percentage	21.00%	22.00%	22.00%	23.00%
Other [Member]
Sales percentage	11.00%	11.00%	11.00%	11.00%

Note 3 - Earnings Per Share (De

Note 3 - Earnings Per Share (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Dividends, Total	$ 0	$ 0	$ 0	$ 0
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	45,819	68,864	219,859	68,864

Note 3 - Earnings Per Share - B

Note 3 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 1,991	$ 598	$ 10,576	$ 5,655
Weighted average number of shares of common stock outstanding (in shares)	22,364,397	22,460,058	22,359,427	22,457,328
Effect of dilutive securities (in shares)	132,669	9,128	80,463	7,798
Weighted average number of shares of common stock outstanding including effect of dilutive securities (in shares)	22,497,066	22,469,186	22,439,890	22,465,126
Basic earnings per share (in dollars per share)	$ 0.09	$ 0.03	$ 0.47	$ 0.25
Diluted earnings per share (in dollars per share)	$ 0.09	$ 0.03	$ 0.47	$ 0.25

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)
Capital and Financing Lease Obligations Number of Leases	20		20	20		17
Interest Expense, Debt, Excluding Amortization	$ 1.2	$ 1.1		$ 3.5	$ 3.2
Interest Costs Capitalized	0.1	$ 0.2		0.1	$ 0.4
Letter of Credit [Member]
Letters of Credit Outstanding, Amount	1		$ 1	1		$ 1
The New Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	50		50	50
Line of Credit Facility, Dividend Restrictions, Maximum Amount			10
Long-term Line of Credit, Total	16.3		16.3	16.3		28.4
Line of Credit Facility, Remaining Borrowing Capacity	32.7		32.7	32.7		$ 20.6
The New Credit Facility [Member] | Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5		$ 5	$ 5

Note 5 - Shareholders' Equity (

Note 5 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands	May 02, 2018	May 04, 2016	Jul. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2017	Mar. 31, 2018
Stock Repurchase Program, Period in Force	2 years	2 years
Stock Repurchase Program, Authorized Amount		$ 10,000
Treasury Stock, Shares, Acquired				0		101,573			97,970
Stock Repurchase Program, Remaining Authorized Repurchase Amount										$ 8,300
Stock Issued During Period, Shares, Treasury Stock Reissued for Equity-based Compensation Obligations				197	63	17,994	12,322	35,747
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations								$ 400
Treasury Stock, Shares, Ending Balance				145,802		145,802		62,223	62,223
Treasury Stock, Value, Ending Balance				$ 1,108		$ 1,108		$ 664	$ 664
Maximum [Member]
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations				$ 100	$ 100	$ 100	$ 100
Subsequent Event [Member]
Treasury Stock, Shares, Acquired			0

Note 6 - Lease Commitments - Ca

Note 6 - Lease Commitments - Capital and Financing Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Total capital and financing lease obligations	$ 41,218	$ 33,428
Less current portion	(699)	(548)
Total capital and financing lease obligations, net of current portion	40,519	32,880
Due in Monthly Installments Through Fiscal Year 2033 [Member]
Capital lease finance obligations	32,618	26,930
Asset not under Construction, Due in Monthly Installments Through Fiscal Year 2041 [Member]
Capital lease finance obligations	4,824	4,999
Asset under Construction Due in Monthly Installments Through Fiscal Year 2033 [Member]
Capital lease finance obligations	2,270	1,499
Asset under Construction Due in Monthly Installments Through Fiscal Year 2034 [Member]
Capital lease finance obligations	$ 1,506

Note 7 - Property and Equipme32

Note 7 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2018	Sep. 30, 2017
Property, plant, and equipment, gross	$ 347,628	$ 327,854
Less accumulated depreciation and amortization	(159,979)	(143,437)
Property and equipment, net	187,649	184,417
Construction in Progress [Member]
Property, plant, and equipment, gross	9,794	5,286
Assets Held Under Real Estate Leases for Build to Suit Stores [Member]
Property, plant, and equipment, gross	$ 35,700	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	$ 1,074	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	$ 133,575	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	$ 122,002	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	$ 20,297	$ 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	Jun. 30, 2018	Sep. 30, 2017
Property, plant, and equipment, gross	$ 347,628	$ 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		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Depreciation and amortization	$ 7,344	$ 7,519	$ 22,169	$ 21,965
Cost of Sales [Member]
Depreciation and amortization	193	275	585	792
Stores [Member]
Depreciation and amortization	6,789	6,871	20,474	20,068
General and Administrative Expense [Member]
Depreciation and amortization	$ 362	$ 373	$ 1,110	$ 1,105

Note 8 - Accrued Expenses - Com

Note 8 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Accrued property, sales and use tax payable	$ 5,891	$ 5,391
Payroll and employee-related expenses	9,043	6,399
Accrued marketing expenses	351	648
Deferred revenue related to gift card sales	1,197	906
Other	1,148	820
Total accrued expenses	$ 17,630	$ 14,164

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ (4.3)		$ (4.3)
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		9 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Chalet [Member]
Number of Operating Leases	5		5
Number of Capital Leases	1		1
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity			4
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.3	$ 0.3	$ 0.9	$ 0.9
Isely Family Land Trust LLC [Member]
Number of Operating Leases	1		1
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.1	0.1	$ 0.2	0.2
FTVC, LLC [Member]
Number of Operating Leases	1		1
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity			4
FTVC, LLC [Member] | Maximum [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.1	$ 0.1	$ 0.1	$ 0.1