Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 07, 2020 | Mar. 31, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001547459 | ||
Entity Registrant Name | Natural Grocers by Vitamin Cottage, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35608 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-5034161 | ||
Entity Address, Address Line One | 12612 West Alameda Parkway | ||
Entity Address, City or Town | Lakewood | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80228 | ||
City Area Code | 303 | ||
Local Phone Number | 986-4600 | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | NGVC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 72,219,698 | ||
Entity Common Stock, Shares Outstanding | 22,563,649 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 28,534 | $ 6,214 |
Accounts receivable, net | 8,519 | 5,059 |
Merchandise inventory | 100,175 | 96,179 |
Prepaid expenses and other current assets | 6,185 | 7,728 |
Total current assets | 143,413 | 115,180 |
Property and equipment, net | 147,929 | 201,635 |
Other assets: | ||
Operating lease assets, net | 339,239 | 0 |
Finance lease assets, net | 40,096 | 0 |
Deposits and other assets | 616 | 1,638 |
Goodwill and other intangible assets, net | 10,468 | 8,644 |
Deferred financing costs, net | 31 | 17 |
Total other assets | 390,450 | 10,299 |
Total assets | 681,792 | 327,114 |
Current liabilities: | ||
Accounts payable | 69,163 | 63,162 |
Accrued expenses | 24,995 | 19,061 |
Capital and financing lease obligations, current portion | 0 | 1,045 |
Operating lease obligations, current portion | 32,156 | 0 |
Finance lease obligations, current portion | 2,836 | 0 |
Total current liabilities | 129,150 | 83,268 |
Long-term liabilities: | ||
Capital and financing lease obligations, net of current portion | 0 | 51,475 |
Operating lease obligations, net of current portion | 325,641 | 0 |
Finance lease obligations, net of current portion | 39,506 | 0 |
Revolving credit facility | 0 | 5,692 |
Deferred income tax liabilities, net | 14,429 | 10,420 |
Deferred rent | 0 | 11,393 |
Leasehold incentives | 0 | 7,960 |
Total long-term liabilities | 379,576 | 86,940 |
Total liabilities | 508,726 | 170,208 |
Stockholders’ equity: | ||
Common stock, $0.001 par value. 50,000,000 shares authorized,22,546,765 and 22,510,279 shares issued at 2020 and 2019, respectively, and 22,546,765 and 22,463,057 outstanding at 2020 and 2019, respectively | 23 | 23 |
Additional paid-in capital | 56,752 | 56,319 |
Retained earnings | 116,291 | 100,923 |
Common stock in treasury at cost, 0 and 47,222 shares at 2020 and 2019, respectively | 0 | (359) |
Total stockholders’ equity | 173,066 | 156,906 |
Total liabilities and stockholders’ equity | $ 681,792 | $ 327,114 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
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) | 22,546,765 | 22,510,279 |
Common stock, shares outstanding (in shares) | 22,546,765 | 22,463,057 |
Treasury stock, shares (in shares) | 0 | 47,222 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 1,036,842 | $ 903,582 | $ 849,042 |
Cost of goods sold and occupancy costs | 753,701 | 664,829 | 623,469 |
Gross profit | 283,141 | 238,753 | 225,573 |
Store expenses | 227,069 | 197,792 | 186,741 |
Administrative expenses | 26,780 | 22,837 | 21,506 |
Pre-opening and relocation expenses | 1,543 | 1,358 | 2,273 |
Operating income | 27,749 | 16,766 | 15,053 |
Interest expense, net | (2,048) | (4,952) | (4,560) |
Income before income taxes | 25,701 | 11,814 | 10,493 |
(Provision for) benefit from income taxes | (5,692) | (2,398) | 2,168 |
Net income | $ 20,009 | $ 9,416 | $ 12,661 |
Net income per share of common stock: | |||
Basic (in dollars per share) | $ 0.89 | $ 0.42 | $ 0.57 |
Diluted (in dollars per share) | $ 0.89 | $ 0.42 | $ 0.56 |
Weighted average number of shares of common stock outstanding: | |||
Basic (in shares) | 22,501,779 | 22,424,328 | 22,361,898 |
Diluted (in shares) | 22,577,646 | 22,554,603 | 22,413,038 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities: | |||
Net income | $ 20,009 | $ 9,416 | $ 12,661 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 31,193 | 28,977 | 29,430 |
Impairment of long-lived assets and store closing costs | 612 | 380 | 585 |
Gain on disposal of property and equipment | (42) | (131) | 0 |
Share-based compensation | 1,129 | 1,185 | 810 |
Deferred income tax expense (benefit) | 3,742 | 3,973 | (5,972) |
Non-cash interest expense | 12 | 13 | 12 |
Changes in operating assets and liabilities | |||
Accounts receivable, net | (3,418) | (315) | 145 |
Income tax receivable | 2,350 | (5,174) | 943 |
Merchandise inventory | (3,996) | (1,951) | (615) |
Prepaid expenses and other assets | (762) | 42 | (390) |
Operating lease asset | 30,206 | 0 | 0 |
Operating lease liability | (30,569) | 0 | 0 |
Accounts payable | 10,103 | 1,024 | 1,845 |
Accrued expenses | 5,934 | 1,211 | 3,644 |
Deferred compensation | 0 | (688) | (543) |
Deferred rent and leasehold incentives | 0 | (580) | 308 |
Net cash provided by operating activities | 66,503 | 37,382 | 42,863 |
Investing activities: | |||
Acquisition of property and equipment | (26,752) | (30,030) | (23,687) |
Acquisition of other intangibles | (2,832) | (2,703) | (30) |
Proceeds from sale of property and equipment | 0 | 836 | 34 |
Proceeds from property insurance settlements | 27 | 32 | 140 |
Net cash used in investing activities | (29,557) | (31,865) | (23,543) |
Financing activities: | |||
Borrowings under credit facility | 236,100 | 405,900 | 376,000 |
Repayments under credit facility | (241,792) | (413,400) | (391,200) |
Repurchases of common stock | 0 | 0 | (581) |
Capital and financing lease obligations payments | 0 | (780) | (573) |
Finance lease obligation payments | (2,271) | 0 | 0 |
Dividends to shareholders | (6,301) | 0 | 0 |
Loan fees paid | (25) | 0 | 0 |
Payments on withholding tax for restricted stock unit vesting | (337) | (421) | (89) |
Net cash used in financing activities | (14,626) | (8,701) | (16,443) |
Net increase (decrease) in cash and cash equivalents | 22,320 | (3,184) | 2,877 |
Cash and cash equivalents, beginning of year | 6,214 | 9,398 | 6,521 |
Cash and cash equivalents, end of year | 28,534 | 6,214 | 9,398 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 354 | 787 | 878 |
Cash paid for interest on finance or capital and financing lease obligations, net of capitalized interest of $102, $268 and $187, respectively | 1,690 | 4,148 | 3,611 |
Income taxes paid | 3,305 | 4,734 | 1,958 |
Deferred compensation paid | 0 | 700 | 700 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Acquisition of property and equipment not yet paid | 2,407 | 6,289 | 5,254 |
Acquisition of other intangibles not yet paid | 255 | 476 | 0 |
Proceeds from sale of property and equipment not yet received | 42 | 6 | 23 |
Property acquired through capital and capital financing lease obligations | 0 | 12,156 | 8,285 |
Property acquired through operating lease obligations | 13,204 | 0 | 0 |
Property acquired through finance lease obligations | $ 11,625 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Sep. 30, 2017 | 22,448,056 | ||||
Balance at Sep. 30, 2017 | $ 23 | $ 55,678 | $ 78,846 | $ (664) | $ 133,883 |
Net income | $ 0 | 0 | 12,661 | 0 | 12,661 |
Share-based compensation (in shares) | 26,899 | ||||
Share-based compensation | $ 0 | 516 | 0 | 205 | 721 |
Tax benefit related to share-based compensation | $ 0 | 42 | 0 | 0 | 42 |
Repurchase of common stock (in shares) | (101,573) | ||||
Repurchase of common stock | $ 0 | 0 | 0 | (581) | (581) |
Balance (in shares) at Sep. 30, 2018 | 22,373,382 | ||||
Balance at Sep. 30, 2018 | $ 23 | 56,236 | 91,507 | (1,040) | 146,726 |
Net income | $ 0 | 0 | 9,416 | 0 | 9,416 |
Share-based compensation (in shares) | 89,675 | ||||
Share-based compensation | $ 0 | 83 | 0 | 681 | 764 |
Balance (in shares) at Sep. 30, 2019 | 22,463,057 | ||||
Balance at Sep. 30, 2019 | $ 23 | 56,319 | 100,923 | (359) | 156,906 |
Net income | $ 0 | 0 | 20,009 | 0 | 20,009 |
Share-based compensation (in shares) | 47,222 | ||||
Share-based compensation | $ 0 | 433 | 0 | 359 | 792 |
Issuance of common stock (in shares) | 36,486 | ||||
Issuance of common stock | $ 0 | 0 | 0 | 0 | 0 |
Topic 842 transition impact | 0 | 0 | 1,660 | 0 | 1,660 |
Cash Dividends | $ 0 | 0 | (6,301) | 0 | (6,301) |
Balance (in shares) at Sep. 30, 2020 | 22,546,765 | ||||
Balance at Sep. 30, 2020 | $ 23 | $ 56,752 | $ 116,291 | $ 0 | $ 173,066 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. 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 September 30, 2020, nine eight six five four three two one September 30, 2019 2018, |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Principles of Consolidation The accompanying consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to valuation of inventories, useful lives of long-lived assets for depreciation and amortization, impairment of finite-lived intangible, long-lived assets, and goodwill, lease assumptions, allowances for self-insurance reserves, deferred tax assets and liabilities and litigation based on currently available information. Changes in facts and circumstances may Segment Information The Company has one Other Comprehensive Income The Company has no Cash and Cash Equivalents Cash and cash equivalents include currency on hand, demand deposits with banks, money market funds and credit and debit card transactions which typically settle within three 90 Accounts Receivable Accounts receivable consists primarily of receivables from vendors for certain promotional programs, magazine advertising and other miscellaneous receivables and are presented net of any allowances for doubtful accounts. Accounts receivable also includes receivables from Landlords for tenant improvement allowances. Vendor receivable balances are generally presented on a gross basis separate from any related payable due. Allowance for doubtful accounts is calculated based on historical experience and application of the specific identification method. Allowance for doubtful accounts totaled $0.1 million as of each of September 30, 2020 2019. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of investments in cash and cash equivalents. The Company’s cash and cash equivalent account balances, which are held in major financial institutions, exceeded the Federal Deposit Insurance Corporation’s federally insured limits by approximately $27.4 million as of September 30, 2020. Vendor Concentration For the years ended September 30, 2020 2019, Merchandise Inventory Merchandise inventory consists of goods held for sale. The cost of inventory includes certain costs associated with the preparation of inventory for sale, including inventory overhead costs. Merchandise inventory is carried at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. Long-Lived Assets Depreciable long-lived assets primarily consist of leasehold and building improvements, which are stated at historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the useful life of the relevant asset. For land improvements and leasehold and building improvements, depreciation is recorded over the shorter of the assets’ useful lives or the lease terms. Maintenance, repairs and renewals that neither add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains and losses on disposition of property and equipment are included in store expenses in the year of disposition, and primarily relate to store relocations. The Company capitalizes interest, if applicable, as part of the historical costs of buildings and leasehold and building improvements. Impairment of Finite-Lived Intangible and Long-Lived Assets Long-lived assets, such as property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not first not 2020, 2019 2018, Goodwill and Intangible Assets Intangible assets primarily consist of goodwill and trademarks. Goodwill and the Vitamin Cottage not The Company’s annual impairment testing of goodwill is performed as of July 1. first not January 2017, 2017 04, 350, 2017 04 September 30, 2020. 2017 04 first two not September 30, 2020, The Company capitalizes certain costs incurred with developing or obtaining internal-use software. Capitalized software costs are included in intangible assets in the consolidated balance sheets and are amortized over the estimated useful lives of the software. Software costs that do not Deferred Financing Costs Certain costs incurred with borrowings or establishment of credit facilities are deferred. These costs are amortized over the life of the credit facility using the straight-line method. Leases The Company leases retail stores, a bulk food repackaging facility and distribution center and administrative offices under long-term operating or finance leases. These leases include scheduled increases in minimum rents and renewal provisions at the option of the Company. The lease term for accounting purposes commences with the date the Company takes possession of the space and ends on the later of the primary lease term or the expiration of any renewal periods that are deemed to be reasonably assured at the inception of the lease. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 02, 842 February 2016 2018 2019 842” 842 12 842, The Company adopted ASC 842 October 1, 2019, first 2020, Operating Leases Operating lease liabilities represent the present value of lease payments not Finance Leases Finance lease liabilities represent the present value of lease payments not not Leases – p rior to adoption of ASC 84 2 Operating Leases Prior to the adoption of ASC 842 2020, Capital Financing Leases From time to time, the Company enters into leases with developers for build-to-suit store locations. Upon lease execution, the Company analyzed its involvement during the construction period. may not not Capital Leases Occasionally, the Company entered into leases that were deemed to be capital leases. For these leases, the Company capitalized the lower of the present value of the minimum lease payments or the fair value of the leased asset at inception and recorded a corresponding capital lease obligation. The Company did not Self-Insurance The Company is self-insured for certain losses relating to employee medical and dental benefits and workers compensation. Stop-loss coverage has been purchased to limit exposure to any significant level of claims. Self-insured losses are accrued based upon the Company’s estimates of the aggregate claims incurred but not Revenue Recognition Revenue is recognized at the point of sale, net of in-house coupons, discounts and returns. Sales taxes are not Cost of Goods Sold and Occupancy Costs Cost of goods sold and occupancy costs includes the cost of inventory sold during the period net of discounts and allowances, as well as, distribution, shipping and handling costs, store occupancy costs and costs of the bulk food repackaging facility and distribution center. The amount shown is net of various rebates from third not Store Expenses Store expenses consist of store-level expenses such as salaries, benefits and share-based compensation, supplies, utilities, depreciation, gain or loss on disposal of assets, long-lived asset impairment charges, store closing costs and other related expenses associated with operations support. Store expenses also include purchasing support services and advertising and marketing costs. Administrative Expenses Administrative expenses consist of salaries, benefits and share-based compensation, occupancy costs, depreciation, office supplies, hardware and software expenses, professional services expenses and other general and administrative expenses. Pre-Opening and Relocation Expenses Costs associated with the opening of new stores or relocating existing stores are expensed as incurred. Advertising and Marketing Advertising and marketing costs are expensed as incurred and are included in store expenses and pre-opening and relocation expenses in the consolidated statements of income. Total advertising and marketing expenses for the years ended September 30, 2020, 2019 2018 September 30, 2020, 2019 2018, Share-Based Compensation The Company adopted the 2012 July 25, 2012. The excess tax benefits for recognized compensation costs are reported as a credit to income tax expense and as operating cash outflows when such excess tax benefits are realized by a reduction to current taxes payable. Income Taxes The Company accounts for income taxes using the asset and liability method. This method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. The Company considers the need to establish valuation allowances to reduce deferred income tax assets to the amounts the Company believes are more likely than not The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% Any interest or penalties incurred related to income taxes are expensed as incurred and treated as permanent differences for tax purposes. U.S. Tax Reform On March 27, 2020, 19 As a result of the technical amendments made by the CARES Act to QIP, the Company accelerated tax depreciation expenses of approximately $9.3 million and $4.0 million for the years ended September 30, 2019 2018, 2018. On December 22, 2017, January 1, 2018. September 30, 2020 2019. September 30, 2018. September 30, 2018. Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 02, 842 February 2016 2018 2019 842” 842 12 842, The Company adopted ASC 842 October 1, 2019, first 2020, not not The adoption of ASC 842 October 1, 2019. Additionally, the Company recognized a cumulative effect adjustment, which increased retained earnings by $1.7 million for the year ended September 30, 2020. October 1, 2019, 11 In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020, not September 30, 2020. In January 2017, 2017 04, 350, 2017 04 2017 04 first two not 2019 10 2016 13 2017 04 first September 30, 2024. September 30, 2020. 2017 04 not September 30, 2020. In May 2014, 2014 09, 606, 2014 09 2014 09 2014 09’s October 1, 2018, - ASU 2016 09, one - ASU 2016 12, - ASU 2016 20, not one The adoption of ASU 2014 09 not September 30, 2020 September 30, 2019. Recent Accounting Pronouncements In June 2016, 2016 13, 326, 2016 13 2016 13 2016 13 2019 10, November 2019, 2016 13 2016 13 first September 30, 2024. In March 2020, 2020 04, 848, 2020 04 not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The nature of the goods the Company transfers to customers at the point of sale consists of merchandise purchased for resale. In these transactions, the Company acts as a principal and recognizes revenue (net sales) from the sale of goods when control of the promised goods is transferred to the customer. Control refers to the ability of the customer to direct the use of, and obtain substantially all the remaining benefits from, the transferred goods. The Company’s performance obligations are satisfied upon the transfer of goods to the customer (at the point of sale), and payment from the customer is also due at that time. Transaction prices are considered fixed. Discounts provided to customers at the point of sale are recognized as a reduction in revenue as the goods are sold. Revenue excludes sales and usage-based taxes collected. Proceeds from the sale of gift cards are recorded as a liability at the time of sale and recognized as revenue when the gift cards are redeemed by the customer and the performance obligation is satisfied by the Company. The Company also recognizes revenue for a portion of gift card values that is not not As of each September 30, 2020 September 30, 2019, September 30, 2020 September 30, 2019. The following table disaggregates the Company’s revenue by product category for the fiscal years ended September 30, 2020, 2019 2018, Y ear ended September 30, 20 20 201 9 201 8 Grocery $ 720,185 619,825 574,311 Dietary supplements 213,182 188,913 183,485 Body care, pet care and other 103,475 94,844 91,246 $ 1,036,842 903,582 849,042 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company. The following table presents the Company’s basic and diluted earnings per share for the years ended September 30, 2020, 2019 2018, Year ended September 30, 20 20 201 9 201 8 Net income $ 20,009 9,416 12,661 Weighted average number of shares of common stock outstanding 22,501,779 22,424,328 22,361,898 Effect of dilutive securities 75,867 130,275 51,140 Weighted average number of shares of common stock outstanding including the effect of dilutive securities 22,577,646 22,554,603 22,413,038 Basic earnings per share $ 0.89 0.42 0.57 Diluted earnings per share $ 0.89 0.42 0.56 There were 94,497, 56,510 and 207,805 non-vested restricted stock units for the years ended September 30, 2020, 2019 2018, On November 13, 2019, 2020. not September 30, 2019 2018. As of September 30, 2020, |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value. The framework establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and market participant’s assumptions (unobservable inputs). Non-financial assets, such as goodwill and long-lived assets, are accounted for at fair value on a non-recurring basis. These items are tested for impairment on the occurrence of a triggering event or in the case of goodwill, at least on an annual basis. During fiscal year 2020, 2019, 2018, |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. The Company had the following property and equipment balances as of September 30, 2020 2019, Useful lives As of September 30, (in years) 20 20 201 9 Construction in process n/a $ 6,717 15,145 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 in the year ended September 30, 2019 40 — 42,320 Capitalized real estate leases 15 — 7,241 Land n/a 1,390 1,230 Buildings 16 - 40 26,732 23,571 Land improvements 1 - 24 1,575 1,498 Leasehold and building improvements 1 - 25 153,438 144,318 Fixtures and equipment 5 - 7 139,965 131,491 Computer hardware and software 3 - 5 23,628 21,672 353,445 388,486 Less accumulated depreciation and amortization (205,516 ) (186,851 ) Property and equipment, net $ 147,929 201,635 Total costs capitalized for qualifying construction projects of leasehold and building improvements included $0.4 million for each of the years ended September 30, 2020 2019, September 30, 2020, 2019, 2018, September 30, 2020, 2019 2018, Depreciation and amortization expense for the years ended September 30, 2020, 2019 2018 Year ended September 30, 20 20 201 9 201 8 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 793 736 768 Depreciation and amortization expense included in store expenses 29,225 27,150 27,174 Depreciation and amortization expense included in administrative expenses 1,175 1,091 1,488 Total depreciation and amortization expenses $ 31,193 28,977 29,430 |
Note 7 - Impairment of Long-liv
Note 7 - Impairment of Long-lived Assets and Store Closing Costs | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 7. In determining whether long-lived assets are recoverable, the Company’s estimates of undiscounted future cash flows over the estimated life or lease term of a store is based upon experience, historical results of the store, an estimate of future store profitability and economic conditions. As the Company forecasts future undiscounted cash flows for the remaining useful life of the asset group, estimates are subject to variability as future results can be difficult to predict. If a long-lived asset is found to be non-recoverable, an impairment charge is recorded equal to the difference between the asset’s carrying value and fair value. The Company estimates the fair value of the asset using a valuation method such as discounted cash flow or a relative, market-based approach. In the fourth 2020 2019, September 30, 2020, 2019 2018, September 30, 2020 2019. |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and other intangible assets as of September 30, 2020 2019, Useful lives As of September 30, (in years) 20 20 201 9 Amortizable intangible assets: Other intangibles 0.5 - 3 $ 3,634 2,677 Less accumulated amortization (2,378 ) (1,592 ) Amortizable intangible assets, net 1,256 1,085 Other intangibles in process 3,625 1,972 Trademark Indefinite 389 389 Total other intangibles, net 5,270 3,446 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 10,468 8,644 Amortization expense was $0.8 and $0.5 million for the years ended September 30, 2020 September 30, 2019, September 30, 2018. Capitalized costs for internal-use software development were $2.6 million and $2.3 million for the years ended September 30, 2020 2019, |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. The composition of accrued expenses as of September 30, 2020 2019, As of September 30, 20 20 201 9 Payroll and employee-related expenses $ 13,569 8,447 Accrued property, sales and use tax payable 7,912 7,761 Accrued marketing expenses 407 477 Deferred revenue related to gift card sales 1,819 1,410 Other 1,288 966 Total accrued expenses $ 24,995 19,061 |
Note 10 - Long-term Debt
Note 10 - Long-term Debt | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 10. Credit Facility On January 28, 2016, VC2. September 30, 2020, November 13, 2024. 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, provided that so long as no may not The Company had no amounts outstanding and $5.7 million outstanding under the Credit Facility as of September 30, 2020 September 30, 2019, September 30, 2020 September 30, 2019, September 30, 2020 September 30, 2019, On November 13, 2019, November 13, 2024 not Lease Obligations As of September 30, 2019, 7 October 1, 2019, 842: September 30, 2020, No Interest The Company incurred gross interest expense of $2.2 million, $5.2 million and $4.7 million in the years ended September 30, 2020, 2019 2018, September 30, 2020 September 30, 2019 2018 September 30, 2020, 2019 2018, |
Note 11 - Lease Commitments
Note 11 - Lease Commitments | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 11. The Company leases most of its stores, a bulk food repackaging facility and distribution center and its administrative offices. The Company determines if an arrangement is a lease or contains a lease at inception. Lease terms generally range from 10 to 25 years, with scheduled increases in minimum rent payments. The FASB issued ASU 2016 02, 842 February 2016 2018 2019 842” 842 12 842, 842 October 1, 2019, first 2020, Operating lease liabilities represent the present value of lease payments not Most leases include one five Variable payments related to pass-through costs for maintenance, taxes and insurance or adjustments based on an index such as Consumer Price Index are not As most of the Company’s lease agreements do not third Leases are recorded at the commencement date (the date the underlying asset becomes available for use) for the present value of lease payments, less tenant improvement allowances received or receivable. Leases with a term of 12 not The Company’s lease agreements do not third 2030. The Company has four operating leases and one finance lease with Chalet Properties, LLC (Chalet), one operating lease with the Isely Family Land Trust LLC (Land Trust) and one operating lease with FTVC, LLC, each of which is a related party (see Note 14 November 1999, July 2040 September 30, 2020, 2019 2018, The components of total lease cost for the year ended September 30, 2020 Lease cost Classification September 30, 2020 Operating lease cost: Cost of goods sold and occupancy costs $ 42,634 Store expenses 319 Administrative expenses 311 Pre-opening and relocation expenses 154 Finance lease cost: Depreciation of right-of-use assets Store expenses (1) 3,139 Interest on lease liabilities Interest expense, net (1) 1,698 Short-term lease cost Store expenses 2,016 Variable lease cost Cost of goods sold and occupancy costs (2) 5,367 Sublease income Store expenses (368 ) Total lease cost $ 55,270 1 not 2 Additional information related to the Company’s leases for the year ended September 30, 2020 September 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 44,281 Operating cash flows from finance leases 1,792 Financing cash flows from finance leases 2,271 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 13,204 Finance leases 11,625 Weighted-average remaining lease term (in years): Operating leases 11.7 Finance leases 12.5 Weighted-average discount rate: Operating leases 3.6 % Finance leases 5.1 % In addition, during the year ended September 30, 2020, one Future lease payments under non-cancellable leases as of September 30, 2020 Fiscal Year Operating leases Finance leases Total 2021 $ 44,428 4,789 49,217 2022 43,894 4,893 48,787 2023 43,095 4,937 48,032 2024 41,037 5,002 46,039 2025 39,288 5,012 44,300 Thereafter 231,374 32,453 263,827 Total future undiscounted lease payments 443,116 57,086 500,202 Less imputed interest (85,319 ) (14,744 ) (100,063 ) Total reported lease liability 357,797 42,342 400,139 Less current portion (32,156 ) (2,836 ) (34,992 ) Noncurrent lease liability $ 325,641 39,506 365,147 The table above excludes $17.6 million of legally binding minimum lease payments for leases that had been executed as of September 30, 2020 not Future minimum rental commitments and sublease rental income under the terms of the Company’s operating and finance leases were as follows as of September 30, 2020, Fiscal Year Third Related Sublease rental income Total 2021 $ 47,884 1,333 (418 ) 48,799 2022 47,446 1,341 (424 ) 48,363 2023 46,691 1,341 (413 ) 47,619 2024 44,698 1,341 (257 ) 45,782 2025 42,954 1,346 (238 ) 44,062 Thereafter 260,075 3,753 (579 ) 263,249 Total payments $ 489,748 10,455 (2,329 ) 497,874 Future minimum rental commitments under the terms of the Company’s related party leases include $3.5 million pursuant to a finance lease and $7.0 million pursuant to operating leases as of September 30, 2020. Prior to the Company’s adoption of ASC 842 October 1, 2019, 842, 842. 842 Future minimum rental commitments and sublease rental income under the terms of the Company’s operating leases were as follows as of September 30, 2019, Fiscal Year Third Related Sublease rental income Total operating 2020 $ 41,646 1,081 (422 ) 42,305 2021 41,484 1,058 (418 ) 42,124 2022 41,081 1,056 (424 ) 41,713 2023 40,175 1,056 (413 ) 40,818 2024 38,012 1,056 (257 ) 38,811 Thereafter 262,086 2,062 (772 ) 263,376 Total payments $ 464,484 7,369 (2,706 ) 469,147 Total rent expense, including common area expenses and warehouse rent, for the years ended September 30, 2020, 2019, 2018 September 30, 2020, 2019 2018, Capital and Financing Lease Obligations Capital and financing lease obligations as of September 30, 2019 September 30, 2019 Capital lease finance obligations, due in monthly installments through fiscal year 2034 $ 39,558 Capital lease obligations due in monthly installments through fiscal year 2041 5,972 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2035 2,350 Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2040 4,640 Total capital and financing lease obligations 52,520 Less current portion (1,045 ) Total capital and financing lease obligations, net of current portion $ 51,475 Capital lease finance obligations From time to time, the Company enters into leases with developers for build-to-suit store locations. Upon lease execution, the Company analyzes its involvement during the construction period . not September 30, 2019. 2034. not Capital lease obligations The Company had capital lease obligations totaling $6.0 million as of September 30, 2019. 2041. not Capital lease finance obligations for assets under construction The Company had $2.4 million in construction in process related to capital lease finance obligations as of September 30, 2019. No Capital lease obligations for assets under construction The Company had $4.6 million in construction in process related to capital lease obligations as of September 30, 2019. No Future payments for capital lease finance obligations and capital lease obligations Future payments under the terms of the leases for opened stores included in capital lease finance obligations and capital lease obligations as of September 30, 2019 Interest Principal Interest Principal payments on Total future 2020 $ 3,871 569 605 333 5,378 2021 3,816 656 570 368 5,410 2022 3,751 747 532 407 5,437 2023 3,675 880 488 460 5,503 2024 3,578 1,095 439 515 5,627 Thereafter 15,088 8,244 2,142 3,889 29,363 Non-cash derecognition of capital lease finance obligations at end of lease term — 27,367 — — 27,367 Total future payments $ 33,779 39,558 4,776 5,972 84,085 Future payments under the terms of the lease for the store locations at which construction was in progress as of September 30, 2019, second 2020, Interest expense on capital lease finance obligations for assets under construction Principal payments on for assets under construction Total future payments on capital lease finance obligations for assets under construction 2020 $ 118 18 136 2021 161 26 187 2022 160 28 188 2023 158 30 188 2024 155 33 188 Thereafter 1,368 756 2,124 Non-cash derecognition of capital lease finance obligations at end of lease term — 1,459 1,459 Total future payments $ 2,120 2,350 4,470 Future payments under the terms of the lease for the store locations at which construction was in progress as of September 30, 2019, first 2020, Interest expense on capital lease obligations for assets under construction Principal payments on assets under construction Total future payments on capital lease obligations for assets under construction 2020 $ 237 123 360 2021 236 132 368 2022 228 139 367 2023 221 147 368 2024 213 155 368 Thereafter 1,827 3,944 5,771 Total future payments $ 2,962 4,640 7,602 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. The Company adopted the 2012 July 17, 2012. March 2019, five September 30, 2020, not September 30, 2020, no one five not The shares of non-vested restricted stock units as of September 30, 2020 Shares Weighted average grant date fair value Non-vested as of September 30, 2018 418,982 $ 10.19 Granted 28,534 14.48 Forfeited (10,720 ) 9.06 Vested (120,440 ) 11.31 Non-vested as of September 30, 2019 316,356 10.18 Granted 124,239 8.93 Forfeited (40,052 ) 10.53 Vested (115,286 ) 11.22 Non-vested as of September 30, 2020 285,257 9.17 During the year ended September 30, 2020, 64 not Share-based compensation expense for restricted stock unit awards to certain employees who are not September 30, 2020, 2019 2018, one September 30, 2020, 2019 2018, Each independent member of the Board receives an annual grant of restricted stock units equal to $60,000 (based on the closing price of common stock on the New York Stock Exchange on the date of grant). Such grants are made each year on the date of the Company’s annual meeting of stockholders, or on a pro rata basis in the case of a mid-year appointment. Share-based compensation expense for the Company’s awards to its Board members was $0.2 million for each of the years ended September 30, 2020, 2019 2018. The Company recorded total share-based compensation expense before income taxes of $1.1 million, $1.2 million and $0.8 million in the years ended September 30, 2020, 2019 2018, not September 30, 2020, 2019 2018. As of September 30, 2020, three |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Share Repurchases In May 2016, two may May 31, 2022. may 10b 18 1934, may 10b5 1 not may The Company did not September 30, 2020 2019. may During fiscal years 2020 2019, September 30, 2020 September 30, 2019, |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. The Company has ongoing relationships with related parties as noted: Chalet Properties, LLC: four one 11 four September 30, 2020 September 30, 2019 2018. Isely Family Land Trust LLC: one 11 September 30, 2020, 2019 2018. FTVC LLC: one 11 four September 30, 2020, 2019 2018. |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. The following are the components of the provision for income taxes as of September 30, 2020, 2019 2018, Year ended September 30, 20 20 201 9 2018 Current federal income tax expense (benefit) $ 1,317 (1,981 ) 3,083 Current state income tax expense 633 406 721 Total current income tax expense (benefit) 1,950 (1,575 ) 3,804 Deferred federal income tax expense (benefit) 3,157 3,760 (5,760 ) Deferred state income tax expense (benefit) 585 213 (212 ) Total deferred income tax expense (benefit) 3,742 3,973 (5,972 ) Total provision for income taxes (benefit from) $ 5,692 2,398 (2,168 ) The differences between the United States federal statutory income tax rate and the Company’s effective tax rate are as follows: Year ended September 30, 20 20 201 9 201 8 Statutory tax rate 21.0 % 21.0 24.3 State income taxes, net of federal income tax expense 4.0 3.7 3.3 Remeasurement — — (41.3 ) Enhanced food deduction (0.6 ) (1.3 ) (1.8 ) Deferred tax liability adjustment (0.3 ) (0.5 ) (6.3 ) Other, net (2.0 ) (2.6 ) 1.1 Effective tax rate 22.1 % 20.3 (20.7 ) The Company’s effective tax rate increased from 20.3% in the year ended September 30, 2019 September 30, 2020 September 30, 2019. September 30, 2020. September 30, 2020, Deferred taxes have been classified on the consolidated balance sheets as follows, dollars in thousands: As of September 30, 20 20 201 9 Long-term assets $ — — Long-term liabilities (14,429 ) (10,420 ) Net deferred tax liabilities $ (14,429 ) (10,420 ) The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows, dollars in thousands: As of September 30, 20 20 2019 Deferred tax assets Capital and financing lease obligations $ — 12,951 Goodwill 475 724 Trademarks 623 662 Finance lease obligations 10,453 — Operating lease obligations 87,947 — Leasehold incentives — 1,963 Deferred rent — 2,809 Accrued paid time off ( 1 ) 771 612 Other ( 1 ) 821 574 Gross deferred tax assets 101,090 20,295 Deferred tax liabilities Property and equipment (19,929 ) (28,380 ) Finance lease assets (9,855 ) — Operating lease assets (83,508 ) — Leasehold improvements (1,900 ) (2,088 ) Subleases (99 ) (203 ) Other (228 ) (44 ) Gross deferred tax liabilities (115,519 ) (30,715 ) Net deferred tax liabilities $ (14,429 ) (10,420 ) ( 1 The Company believes that it is more likely than not The Company utilized approximately $0.2 million in tax effected federal income tax carryforwards and approximately $0.4 million in federal tax credit carryforwards in the year ended September 30, 2020. not September 30, 2019. September 30, 2020 2019. The Company did not September 30, 2020 2019. The Company files income tax returns with federal, state and local tax authorities. With limited exceptions, the Company is no 2015 no 2013 September 30, 2018. |
Note 16 - Defined Contribution
Note 16 - Defined Contribution Plan | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 16. The Company has a defined contribution retirement plan (the Retirement Plan) covering substantially all employees who meet certain eligibility requirements as to age and length of service. The Retirement Plan incorporates the salary deferral provisions of Section 401 1986, may may September 30, 2020, December 31, 2020. January 2020, December 31, 2019. |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. The Company has one reporting segment, natural and organic retail stores. The Company’s revenue is derived from the sale of natural and organic products at its stores. All existing operations are domestic. |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. Self-Insurance The Company is self-insured for certain losses relating to employee medical and dental benefits and workers compensation, subject to a stop loss policy. The self-insurance liability related to claims under the Company’s health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of payroll and employee-related expenses in accrued expenses. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering historical claims experience, demographic factors and other actuarial assumptions. While the Company believes that its assumptions are appropriate, the estimated accrual for these liabilities could be significantly affected if future occurrences and claims materially differ from these assumptions and historical trends. Legal The Company is periodically involved in various legal proceedings that are incidental to the conduct of its business, including but not may not |
Note 19 - Selected Quarterly Fi
Note 19 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19. The summarized unaudited quarterly financial data presented below reflect all adjustments, which in the opinion of management are of a normal and recurring nature, necessary to present fairly the results of operations for the periods presented. Summarized unaudited quarterly financial data for each fiscal year is as follows, dollars in thousands, except per share data: Fiscal Year Ended September 30, 20 20 Three months ended December 31, 9 March 31, 20 June 30, 20 20 September 30, 20 Net sales $ 230,030 277,524 265,110 264,178 Cost of goods sold and occupancy costs 169,506 199,701 192,729 191,765 Gross profit 60,524 77,823 72,381 72,413 Store expenses 51,427 56,878 58,577 60,187 Administrative expenses 5,819 7,038 6,818 7,105 Pre-opening and relocation expenses 430 650 300 163 Operating income 2,848 13,257 6,686 4,958 Interest expense, net (536 ) (516 ) (505 ) (491 ) Income before income taxes 2,312 12,741 6,181 4,467 Provision for income taxes (444 ) (3,023 ) (1,490 ) (735 ) Net income $ 1,868 9,718 4,691 3,732 Basic earnings per share $ 0.08 0.43 0.21 0.17 Diluted earnings per share $ 0.08 0.43 0.21 0.16 Fiscal Year Ended September 30, 2019 Three months ended December 31, March 31, June 30, 2019 September 30, Net sales $ 221,515 230,447 224,411 227,209 Cost of goods sold and occupancy costs 162,369 168,233 165,986 168,241 Gross profit 59,146 62,214 58,425 58,968 Store expenses 49,123 50,175 48,424 50,070 Administrative expenses 5,315 5,761 5,953 5,808 Pre-opening and relocation expenses 672 157 213 316 Operating income 4,036 6,121 3,835 2,774 Interest expense, net (1,255 ) (1,280 ) (1,256 ) (1,161 ) Income before income taxes 2,781 4,841 2,579 1,613 Provision for income taxes (584 ) (981 ) (581 ) (252 ) Net income $ 2,197 3,860 1,998 1,361 Basic earnings per share $ 0.10 0.17 0.09 0.06 Diluted earnings per share $ 0.10 0.17 0.09 0.06 |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20 . Subsequent Events On November 18, 2020, December 16, 2020 November 30, 2020. On November 18, 2020, November 13, 2024, December 16, 2020 November 18, 2020. one no December 31, 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to valuation of inventories, useful lives of long-lived assets for depreciation and amortization, impairment of finite-lived intangible, long-lived assets, and goodwill, lease assumptions, allowances for self-insurance reserves, deferred tax assets and liabilities and litigation based on currently available information. Changes in facts and circumstances may |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company has one |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income The Company has no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include currency on hand, demand deposits with banks, money market funds and credit and debit card transactions which typically settle within three 90 |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable consists primarily of receivables from vendors for certain promotional programs, magazine advertising and other miscellaneous receivables and are presented net of any allowances for doubtful accounts. Accounts receivable also includes receivables from Landlords for tenant improvement allowances. Vendor receivable balances are generally presented on a gross basis separate from any related payable due. Allowance for doubtful accounts is calculated based on historical experience and application of the specific identification method. Allowance for doubtful accounts totaled $0.1 million as of each of September 30, 2020 2019. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of investments in cash and cash equivalents. The Company’s cash and cash equivalent account balances, which are held in major financial institutions, exceeded the Federal Deposit Insurance Corporation’s federally insured limits by approximately $27.4 million as of September 30, 2020. |
Vendor Concentration [Policy Text Block] | Vendor Concentration For the years ended September 30, 2020 2019, |
Inventory, Policy [Policy Text Block] | Merchandise Inventory Merchandise inventory consists of goods held for sale. The cost of inventory includes certain costs associated with the preparation of inventory for sale, including inventory overhead costs. Merchandise inventory is carried at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets Depreciable long-lived assets primarily consist of leasehold and building improvements, which are stated at historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the useful life of the relevant asset. For land improvements and leasehold and building improvements, depreciation is recorded over the shorter of the assets’ useful lives or the lease terms. Maintenance, repairs and renewals that neither add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains and losses on disposition of property and equipment are included in store expenses in the year of disposition, and primarily relate to store relocations. The Company capitalizes interest, if applicable, as part of the historical costs of buildings and leasehold and building improvements. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Finite-Lived Intangible and Long-Lived Assets Long-lived assets, such as property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not first not 2020, 2019 2018, |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Intangible assets primarily consist of goodwill and trademarks. Goodwill and the Vitamin Cottage not The Company’s annual impairment testing of goodwill is performed as of July 1. first not January 2017, 2017 04, 350, 2017 04 September 30, 2020. 2017 04 first two not September 30, 2020, The Company capitalizes certain costs incurred with developing or obtaining internal-use software. Capitalized software costs are included in intangible assets in the consolidated balance sheets and are amortized over the estimated useful lives of the software. Software costs that do not |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Certain costs incurred with borrowings or establishment of credit facilities are deferred. These costs are amortized over the life of the credit facility using the straight-line method. |
Lessee, Leases [Policy Text Block] | Leases The Company leases retail stores, a bulk food repackaging facility and distribution center and administrative offices under long-term operating or finance leases. These leases include scheduled increases in minimum rents and renewal provisions at the option of the Company. The lease term for accounting purposes commences with the date the Company takes possession of the space and ends on the later of the primary lease term or the expiration of any renewal periods that are deemed to be reasonably assured at the inception of the lease. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 02, 842 February 2016 2018 2019 842” 842 12 842, The Company adopted ASC 842 October 1, 2019, first 2020, Operating Leases Operating lease liabilities represent the present value of lease payments not Finance Leases Finance lease liabilities represent the present value of lease payments not not Leases – p rior to adoption of ASC 84 2 Operating Leases Prior to the adoption of ASC 842 2020, Capital Financing Leases From time to time, the Company enters into leases with developers for build-to-suit store locations. Upon lease execution, the Company analyzed its involvement during the construction period. may not not Capital Leases Occasionally, the Company entered into leases that were deemed to be capital leases. For these leases, the Company capitalized the lower of the present value of the minimum lease payments or the fair value of the leased asset at inception and recorded a corresponding capital lease obligation. The Company did not Self-Insurance The Company is self-insured for certain losses relating to employee medical and dental benefits and workers compensation. Stop-loss coverage has been purchased to limit exposure to any significant level of claims. Self-insured losses are accrued based upon the Company’s estimates of the aggregate claims incurred but not |
Revenue [Policy Text Block] | Revenue Recognition Revenue is recognized at the point of sale, net of in-house coupons, discounts and returns. Sales taxes are not |
Cost of Goods Sold and Occupancy Costs [Policy Text Block] | Cost of Goods Sold and Occupancy Costs Cost of goods sold and occupancy costs includes the cost of inventory sold during the period net of discounts and allowances, as well as, distribution, shipping and handling costs, store occupancy costs and costs of the bulk food repackaging facility and distribution center. The amount shown is net of various rebates from third not |
Store Expenses [Policy Text Block] | Store Expenses Store expenses consist of store-level expenses such as salaries, benefits and share-based compensation, supplies, utilities, depreciation, gain or loss on disposal of assets, long-lived asset impairment charges, store closing costs and other related expenses associated with operations support. Store expenses also include purchasing support services and advertising and marketing costs. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Administrative Expenses Administrative expenses consist of salaries, benefits and share-based compensation, occupancy costs, depreciation, office supplies, hardware and software expenses, professional services expenses and other general and administrative expenses. |
Pre-Opening Costs and Relocation Expenses [Policy Text Block] | Pre-Opening and Relocation Expenses Costs associated with the opening of new stores or relocating existing stores are expensed as incurred. |
Advertising Cost [Policy Text Block] | Advertising and Marketing Advertising and marketing costs are expensed as incurred and are included in store expenses and pre-opening and relocation expenses in the consolidated statements of income. Total advertising and marketing expenses for the years ended September 30, 2020, 2019 2018 September 30, 2020, 2019 2018, |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company adopted the 2012 July 25, 2012. The excess tax benefits for recognized compensation costs are reported as a credit to income tax expense and as operating cash outflows when such excess tax benefits are realized by a reduction to current taxes payable. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. This method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. The Company considers the need to establish valuation allowances to reduce deferred income tax assets to the amounts the Company believes are more likely than not The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% Any interest or penalties incurred related to income taxes are expensed as incurred and treated as permanent differences for tax purposes. U.S. Tax Reform On March 27, 2020, 19 As a result of the technical amendments made by the CARES Act to QIP, the Company accelerated tax depreciation expenses of approximately $9.3 million and $4.0 million for the years ended September 30, 2019 2018, 2018. On December 22, 2017, January 1, 2018. September 30, 2020 2019. September 30, 2018. September 30, 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 02, 842 February 2016 2018 2019 842” 842 12 842, The Company adopted ASC 842 October 1, 2019, first 2020, not not The adoption of ASC 842 October 1, 2019. Additionally, the Company recognized a cumulative effect adjustment, which increased retained earnings by $1.7 million for the year ended September 30, 2020. October 1, 2019, 11 In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020, not September 30, 2020. In January 2017, 2017 04, 350, 2017 04 2017 04 first two not 2019 10 2016 13 2017 04 first September 30, 2024. September 30, 2020. 2017 04 not September 30, 2020. In May 2014, 2014 09, 606, 2014 09 2014 09 2014 09’s October 1, 2018, - ASU 2016 09, one - ASU 2016 12, - ASU 2016 20, not one The adoption of ASU 2014 09 not September 30, 2020 September 30, 2019. Recent Accounting Pronouncements In June 2016, 2016 13, 326, 2016 13 2016 13 2016 13 2019 10, November 2019, 2016 13 2016 13 first September 30, 2024. In March 2020, 2020 04, 848, 2020 04 not |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Y ear ended September 30, 20 20 201 9 201 8 Grocery $ 720,185 619,825 574,311 Dietary supplements 213,182 188,913 183,485 Body care, pet care and other 103,475 94,844 91,246 $ 1,036,842 903,582 849,042 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended September 30, 20 20 201 9 201 8 Net income $ 20,009 9,416 12,661 Weighted average number of shares of common stock outstanding 22,501,779 22,424,328 22,361,898 Effect of dilutive securities 75,867 130,275 51,140 Weighted average number of shares of common stock outstanding including the effect of dilutive securities 22,577,646 22,554,603 22,413,038 Basic earnings per share $ 0.89 0.42 0.57 Diluted earnings per share $ 0.89 0.42 0.56 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful lives As of September 30, (in years) 20 20 201 9 Construction in process n/a $ 6,717 15,145 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 in the year ended September 30, 2019 40 — 42,320 Capitalized real estate leases 15 — 7,241 Land n/a 1,390 1,230 Buildings 16 - 40 26,732 23,571 Land improvements 1 - 24 1,575 1,498 Leasehold and building improvements 1 - 25 153,438 144,318 Fixtures and equipment 5 - 7 139,965 131,491 Computer hardware and software 3 - 5 23,628 21,672 353,445 388,486 Less accumulated depreciation and amortization (205,516 ) (186,851 ) Property and equipment, net $ 147,929 201,635 |
Depreciation and Amortization Expense [Table Text Block] | Year ended September 30, 20 20 201 9 201 8 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 793 736 768 Depreciation and amortization expense included in store expenses 29,225 27,150 27,174 Depreciation and amortization expense included in administrative expenses 1,175 1,091 1,488 Total depreciation and amortization expenses $ 31,193 28,977 29,430 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Useful lives As of September 30, (in years) 20 20 201 9 Amortizable intangible assets: Other intangibles 0.5 - 3 $ 3,634 2,677 Less accumulated amortization (2,378 ) (1,592 ) Amortizable intangible assets, net 1,256 1,085 Other intangibles in process 3,625 1,972 Trademark Indefinite 389 389 Total other intangibles, net 5,270 3,446 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 10,468 8,644 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of September 30, 20 20 201 9 Payroll and employee-related expenses $ 13,569 8,447 Accrued property, sales and use tax payable 7,912 7,761 Accrued marketing expenses 407 477 Deferred revenue related to gift card sales 1,819 1,410 Other 1,288 966 Total accrued expenses $ 24,995 19,061 |
Note 11 - Lease Commitments (Ta
Note 11 - Lease Commitments (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Lease cost Classification September 30, 2020 Operating lease cost: Cost of goods sold and occupancy costs $ 42,634 Store expenses 319 Administrative expenses 311 Pre-opening and relocation expenses 154 Finance lease cost: Depreciation of right-of-use assets Store expenses (1) 3,139 Interest on lease liabilities Interest expense, net (1) 1,698 Short-term lease cost Store expenses 2,016 Variable lease cost Cost of goods sold and occupancy costs (2) 5,367 Sublease income Store expenses (368 ) Total lease cost $ 55,270 |
Additional Information Related to Leases | September 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 44,281 Operating cash flows from finance leases 1,792 Financing cash flows from finance leases 2,271 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 13,204 Finance leases 11,625 Weighted-average remaining lease term (in years): Operating leases 11.7 Finance leases 12.5 Weighted-average discount rate: Operating leases 3.6 % Finance leases 5.1 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Fiscal Year Operating leases Finance leases Total 2021 $ 44,428 4,789 49,217 2022 43,894 4,893 48,787 2023 43,095 4,937 48,032 2024 41,037 5,002 46,039 2025 39,288 5,012 44,300 Thereafter 231,374 32,453 263,827 Total future undiscounted lease payments 443,116 57,086 500,202 Less imputed interest (85,319 ) (14,744 ) (100,063 ) Total reported lease liability 357,797 42,342 400,139 Less current portion (32,156 ) (2,836 ) (34,992 ) Noncurrent lease liability $ 325,641 39,506 365,147 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year Third Related Sublease rental income Total 2021 $ 47,884 1,333 (418 ) 48,799 2022 47,446 1,341 (424 ) 48,363 2023 46,691 1,341 (413 ) 47,619 2024 44,698 1,341 (257 ) 45,782 2025 42,954 1,346 (238 ) 44,062 Thereafter 260,075 3,753 (579 ) 263,249 Total payments $ 489,748 10,455 (2,329 ) 497,874 Fiscal Year Third Related Sublease rental income Total operating 2020 $ 41,646 1,081 (422 ) 42,305 2021 41,484 1,058 (418 ) 42,124 2022 41,081 1,056 (424 ) 41,713 2023 40,175 1,056 (413 ) 40,818 2024 38,012 1,056 (257 ) 38,811 Thereafter 262,086 2,062 (772 ) 263,376 Total payments $ 464,484 7,369 (2,706 ) 469,147 |
Schedule of Debt [Table Text Block] | September 30, 2019 Capital lease finance obligations, due in monthly installments through fiscal year 2034 $ 39,558 Capital lease obligations due in monthly installments through fiscal year 2041 5,972 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2035 2,350 Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2040 4,640 Total capital and financing lease obligations 52,520 Less current portion (1,045 ) Total capital and financing lease obligations, net of current portion $ 51,475 |
Asset under Construction, Capital Lease Finance Obligations [Member] | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital and Finance Lease Obligations for Assets Under Construction [Table Text Block] | Interest expense on capital lease finance obligations for assets under construction Principal payments on for assets under construction Total future payments on capital lease finance obligations for assets under construction 2020 $ 118 18 136 2021 161 26 187 2022 160 28 188 2023 158 30 188 2024 155 33 188 Thereafter 1,368 756 2,124 Non-cash derecognition of capital lease finance obligations at end of lease term — 1,459 1,459 Total future payments $ 2,120 2,350 4,470 Interest expense on capital lease obligations for assets under construction Principal payments on assets under construction Total future payments on capital lease obligations for assets under construction 2020 $ 237 123 360 2021 236 132 368 2022 228 139 367 2023 221 147 368 2024 213 155 368 Thereafter 1,827 3,944 5,771 Total future payments $ 2,962 4,640 7,602 |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital and Financing Lease Obligations [Member] | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital and Finance Lease Obligations for Assets Under Construction [Table Text Block] | Interest Principal Interest Principal payments on Total future 2020 $ 3,871 569 605 333 5,378 2021 3,816 656 570 368 5,410 2022 3,751 747 532 407 5,437 2023 3,675 880 488 460 5,503 2024 3,578 1,095 439 515 5,627 Thereafter 15,088 8,244 2,142 3,889 29,363 Non-cash derecognition of capital lease finance obligations at end of lease term — 27,367 — — 27,367 Total future payments $ 33,779 39,558 4,776 5,972 84,085 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted average grant date fair value Non-vested as of September 30, 2018 418,982 $ 10.19 Granted 28,534 14.48 Forfeited (10,720 ) 9.06 Vested (120,440 ) 11.31 Non-vested as of September 30, 2019 316,356 10.18 Granted 124,239 8.93 Forfeited (40,052 ) 10.53 Vested (115,286 ) 11.22 Non-vested as of September 30, 2020 285,257 9.17 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended September 30, 20 20 201 9 2018 Current federal income tax expense (benefit) $ 1,317 (1,981 ) 3,083 Current state income tax expense 633 406 721 Total current income tax expense (benefit) 1,950 (1,575 ) 3,804 Deferred federal income tax expense (benefit) 3,157 3,760 (5,760 ) Deferred state income tax expense (benefit) 585 213 (212 ) Total deferred income tax expense (benefit) 3,742 3,973 (5,972 ) Total provision for income taxes (benefit from) $ 5,692 2,398 (2,168 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended September 30, 20 20 201 9 201 8 Statutory tax rate 21.0 % 21.0 24.3 State income taxes, net of federal income tax expense 4.0 3.7 3.3 Remeasurement — — (41.3 ) Enhanced food deduction (0.6 ) (1.3 ) (1.8 ) Deferred tax liability adjustment (0.3 ) (0.5 ) (6.3 ) Other, net (2.0 ) (2.6 ) 1.1 Effective tax rate 22.1 % 20.3 (20.7 ) |
Schedule of Classification of Deferred Tax Assets and Liabilities [Table Text Block] | As of September 30, 20 20 201 9 Long-term assets $ — — Long-term liabilities (14,429 ) (10,420 ) Net deferred tax liabilities $ (14,429 ) (10,420 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of September 30, 20 20 2019 Deferred tax assets Capital and financing lease obligations $ — 12,951 Goodwill 475 724 Trademarks 623 662 Finance lease obligations 10,453 — Operating lease obligations 87,947 — Leasehold incentives — 1,963 Deferred rent — 2,809 Accrued paid time off ( 1 ) 771 612 Other ( 1 ) 821 574 Gross deferred tax assets 101,090 20,295 Deferred tax liabilities Property and equipment (19,929 ) (28,380 ) Finance lease assets (9,855 ) — Operating lease assets (83,508 ) — Leasehold improvements (1,900 ) (2,088 ) Subleases (99 ) (203 ) Other (228 ) (44 ) Gross deferred tax liabilities (115,519 ) (30,715 ) Net deferred tax liabilities $ (14,429 ) (10,420 ) |
Note 19 - Selected Quarterly _2
Note 19 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Fiscal Year Ended September 30, 20 20 Three months ended December 31, 9 March 31, 20 June 30, 20 20 September 30, 20 Net sales $ 230,030 277,524 265,110 264,178 Cost of goods sold and occupancy costs 169,506 199,701 192,729 191,765 Gross profit 60,524 77,823 72,381 72,413 Store expenses 51,427 56,878 58,577 60,187 Administrative expenses 5,819 7,038 6,818 7,105 Pre-opening and relocation expenses 430 650 300 163 Operating income 2,848 13,257 6,686 4,958 Interest expense, net (536 ) (516 ) (505 ) (491 ) Income before income taxes 2,312 12,741 6,181 4,467 Provision for income taxes (444 ) (3,023 ) (1,490 ) (735 ) Net income $ 1,868 9,718 4,691 3,732 Basic earnings per share $ 0.08 0.43 0.21 0.17 Diluted earnings per share $ 0.08 0.43 0.21 0.16 Fiscal Year Ended September 30, 2019 Three months ended December 31, March 31, June 30, 2019 September 30, Net sales $ 221,515 230,447 224,411 227,209 Cost of goods sold and occupancy costs 162,369 168,233 165,986 168,241 Gross profit 59,146 62,214 58,425 58,968 Store expenses 49,123 50,175 48,424 50,070 Administrative expenses 5,315 5,761 5,953 5,808 Pre-opening and relocation expenses 672 157 213 316 Operating income 4,036 6,121 3,835 2,774 Interest expense, net (1,255 ) (1,280 ) (1,256 ) (1,161 ) Income before income taxes 2,781 4,841 2,579 1,613 Provision for income taxes (584 ) (981 ) (581 ) (252 ) Net income $ 2,197 3,860 1,998 1,361 Basic earnings per share $ 0.10 0.17 0.09 0.06 Diluted earnings per share $ 0.10 0.17 0.09 0.06 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Number of Stores | 159 | 153 | 148 |
Colorado [Member] | |||
Number of Stores | 41 | ||
TEXAS | |||
Number of Stores | 25 | ||
OREGON | |||
Number of Stores | 14 | ||
Arizona [Member] | |||
Number of Stores | 12 | ||
UTAH | |||
Number of Stores | 9 | ||
KANSAS | |||
Number of Stores | 8 | ||
IOWA | |||
Number of Stores | 6 | ||
OKLAHOMA | |||
Number of Stores | 6 | ||
MISSOURI | |||
Number of Stores | 5 | ||
NEW MEXICO | |||
Number of Stores | 5 | ||
Idaho [Member] | |||
Number of Stores | 4 | ||
Montana [Member] | |||
Number of Stores | 4 | ||
WASHINGTON | |||
Number of Stores | 4 | ||
ARKANSAS | |||
Number of Stores | 3 | ||
Nebraska [Member] | |||
Number of Stores | 3 | ||
NEVADA | |||
Number of Stores | 3 | ||
NORTH DAKOTA | |||
Number of Stores | 3 | ||
WYOMING | |||
Number of Stores | 2 | ||
Minnesota [Member] | |||
Number of Stores | 1 | ||
LOUISIANA | |||
Number of Stores | 1 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Oct. 01, 2019USD ($) | |
Number of Reportable Segments | 1 | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 100 | $ 100 | ||
Cash, Uninsured Amount | 27,400 | |||
Asset Impairment Charges, Total | 612 | 380 | $ 585 | |
Asset Impairment Charges, Excluding Store Closing Costs | 500 | |||
Goodwill, Impairment Loss | 0 | |||
Marketing and Advertising Expense, Total | 6,600 | 8,200 | 8,200 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 1,036,842 | 903,582 | 849,042 | |
Accelerated Tax Depreciation Expenses | 9,300 | $ 4,000 | ||
Effective Income Tax Rate Reconciliation, Depreciation Acceleration, Amount | $ 500 | $ 500 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 24.30% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (4,300) | |||
Operating Lease, Right-of-Use Asset | $ 339,239 | $ 0 | ||
Operating Lease, Liability, Total | 357,797 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 116,291 | 100,923 | ||
Capital Lease Obligations, Total | 6,000 | |||
Accounting Standards Update 2016-01 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 359,600 | |||
Operating Lease, Liability, Total | $ 377,800 | |||
Capital Lease Obligations, Total | (41,900) | |||
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | (40,200) | |||
Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | 1,700 | |||
Vendor Reimbursements [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 4,500 | $ 4,600 | $ 4,100 | |
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | ||||
Concentration Risk, Percentage | 66.00% | 65.00% |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - Gift Cards [Member] - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2020 | |
Contract with Customer, Liability, Total | $ 1 | $ 1.3 |
Contract with Customer, Liability, Revenue Recognized | $ 0.8 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 1,036,842 | $ 903,582 | $ 849,042 |
Grocery [Member] | |||
Net sales | 720,185 | 619,825 | 574,311 |
Dietary Supplements [Member] | |||
Net sales | 213,182 | 188,913 | 183,485 |
Body Care, Pet Care, and Other [Member] | |||
Net sales | $ 103,475 | $ 94,844 | $ 91,246 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Dividends, Total (in dollars per share) | $ 0.07 | ||
Dividends, Total | $ 0 | $ 0 | |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | |
Common Stock, Shares, Issued, Total (in shares) | 22,546,765 | 22,510,279 | |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | ||
Preferred Stock, Shares Issued, Total (in shares) | 0 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 22,546,765 | 22,463,057 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 94,497 | 56,510 | 207,805 |
Note 4 - Earnings Per Share - B
Note 4 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 3,732 | $ 4,691 | $ 9,718 | $ 1,868 | $ 1,361 | $ 1,998 | $ 3,860 | $ 2,197 | $ 20,009 | $ 9,416 | $ 12,661 |
Weighted average number of shares of common stock outstanding (in shares) | 22,501,779 | 22,424,328 | 22,361,898 | ||||||||
Effect of dilutive securities (in shares) | 75,867 | 130,275 | 51,140 | ||||||||
Weighted average number of shares of common stock outstanding including the effect of dilutive securities (in shares) | 22,577,646 | 22,554,603 | 22,413,038 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.17 | $ 0.21 | $ 0.43 | $ 0.08 | $ 0.06 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.89 | $ 0.42 | $ 0.57 |
Diluted earnings per share (in dollars per share) | $ 0.16 | $ 0.21 | $ 0.43 | $ 0.08 | $ 0.06 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.89 | $ 0.42 | $ 0.56 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Long-Lived Assets | $ 1,100 | $ 800 | $ 1,200 |
Assets, Fair Value Disclosure | 500 | 400 | 700 |
Asset Impairment Charges, Total | $ 612 | $ 380 | 585 |
Asset Impairment Charges, Excluding Store Closing Costs | $ 500 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leasehold and Building Improvements and Fixtures and Equipment [Member] | |||
Property, Plant and Equipment, Additions | $ 0.4 | ||
Property, Plant and Equipment, Additions, Capitalized Internal Staff Compensation [Member] | |||
Depreciation, Total | $ 0.6 | 0.6 | $ 0.5 |
Capital and Financing Lease Obligations [Member] | |||
Interest Paid, Capitalized, Investing Activities | $ 0.1 | $ 0.3 | $ 0.2 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Property, plant, and equipment, gross | $ 353,445,000 | $ 388,486,000 |
Less accumulated depreciation and amortization | (205,516,000) | (186,851,000) |
Property and equipment, net | 147,929,000 | 201,635,000 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 6,717,000 | 15,145,000 |
Assets Held Under Real Estate Leases for Build to Suit Stores [Member] | ||
Property, plant, and equipment, gross | $ 0 | 42,320 |
Useful life (Year) | 40 years | |
Assets Held under Capital Leases [Member] | ||
Property, plant, and equipment, gross | $ 0 | 7,241,000 |
Useful life (Year) | 15 years | |
Land [Member] | ||
Property, plant, and equipment, gross | $ 1,390,000 | 1,230,000 |
Building [Member] | ||
Property, plant, and equipment, gross | $ 26,732,000 | 23,571,000 |
Building [Member] | Minimum [Member] | ||
Useful life (Year) | 16 years | |
Building [Member] | Maximum [Member] | ||
Useful life (Year) | 40 years | |
Land Improvements [Member] | ||
Property, plant, and equipment, gross | $ 1,575,000 | 1,498,000 |
Land Improvements [Member] | Minimum [Member] | ||
Useful life (Year) | 1 year | |
Land Improvements [Member] | Maximum [Member] | ||
Useful life (Year) | 24 years | |
Leasehold and Building Improvements [Member] | ||
Property, plant, and equipment, gross | $ 153,438,000 | 144,318,000 |
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 | $ 139,965,000 | 131,491,000 |
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 | $ 23,628,000 | $ 21,672,000 |
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 6 - Property and Equipme_5
Note 6 - Property and Equipment - Schedule of Property and Equipment (Details) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Property, plant, and equipment, gross | $ 353,445 | $ 388,486 |
Note 6 - Property and Equipme_6
Note 6 - Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Depreciation and amortization expense | $ 31,193 | $ 28,977 | $ 29,430 |
Cost of Sales [Member] | |||
Depreciation and amortization expense | 793 | 736 | 768 |
Stores [Member] | |||
Depreciation and amortization expense | 29,225 | 27,150 | 27,174 |
General and Administrative Expense [Member] | |||
Depreciation and amortization expense | $ 1,175 | $ 1,091 | $ 1,488 |
Note 7 - Impairment of Long-l_2
Note 7 - Impairment of Long-lived Assets and Store Closing Costs (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Asset Impairment Charges, Total | $ 612 | $ 380 | $ 585 |
Asset Impairment Charges, Excluding Store Closing Costs | $ 500 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Amortization of Intangible Assets, Total | $ 0.8 | $ 0.5 | $ 0.1 |
Capitalized Computer Software, Period Increase (Decrease), Total | $ 2.6 | $ 2.3 |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Amortizable intangible assets | $ 1,256 | $ 1,085 |
Less accumulated amortization | (2,378) | (1,592) |
Other intangibles in process | 3,625 | 1,972 |
Trademark | 389 | 389 |
Total other intangibles, net | 5,270 | 3,446 |
Goodwill | 5,198 | 5,198 |
Total goodwill and other intangibles, net | 10,468 | 8,644 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets | $ 3,634 | $ 2,677 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Intangible assets useful life (Year) | 6 months | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Intangible assets useful life (Year) | 3 years |
Note 9 - Accrued Expenses - Com
Note 9 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Payroll and employee-related expenses | $ 13,569 | $ 8,447 |
Accrued property, sales and use tax payable | 7,912 | 7,761 |
Accrued marketing expenses | 407 | 477 |
Deferred revenue related to gift card sales | 1,819 | 1,410 |
Other | 1,288 | 966 |
Total accrued expenses | $ 24,995 | $ 19,061 |
Note 10 - Long-term Debt (Detai
Note 10 - Long-term Debt (Details Textual) $ in Thousands | Nov. 13, 2019USD ($) | Jan. 28, 2016USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) |
Capital and Financing Lease Obligations Number of Leases | 19 | 23 | |||
Interest Expense, Debt, Excluding Amortization | $ 2,200 | $ 5,200 | $ 4,700 | ||
Interest Costs Capitalized | 100 | 300 | $ 200 | ||
Letter of Credit [Member] | |||||
Letters of Credit Outstanding, Amount | 1,300 | 1,000 | |||
The New Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | $ 10,000 | $ 10,000 | |||
Long-term Line of Credit, Total | 0 | 5,700 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 48,700 | $ 43,300 | |||
The New Credit Facility [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
The New Credit Facility [Member] | Eurodollar [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
The New Credit Facility [Member] | Standby Letters of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 |
Note 11 - Lease Commitments (De
Note 11 - Lease Commitments (Details Textual) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||
Operating Lease, Right-of-Use Asset | $ 339,239 | $ 0 | |
Operating Lease, Liability, Total | 357,797 | ||
Increase (Decrease) in Operating Lease Liability for Purchase | 2,500 | ||
Decrease in Operating Right-of-use Asset for Assets Transferred in Property and Equipment | 2,400 | ||
Lessee, Operating Lease, Lease Not yet Commenced, Minimum Lease Payments | 17,600 | ||
Finance Lease, Liability, Payment, Due, Total | 57,086 | ||
Lessee, Operating Lease, Liability, to be Paid, Total | 443,116 | ||
Operating Leases, Rent Expense, Net, Total | 54,600 | 51,600 | $ 48,800 |
Pre-Opening Costs and Relocation Expenses for Stores Not Yet Opened Rent Expense | $ 200 | 300 | 600 |
Capital Lease Finance Obligations | 39,600 | ||
Capital Lease Obligations, Total | 6,000 | ||
Build to Suit Lease in Process [Member] | |||
Construction in Progress, Gross | 2,400 | ||
Assets Held under Capital Leases [Member] | |||
Construction in Progress, Gross | 4,600 | ||
Chalet [Member] | |||
Number of Operating Leases | 4 | ||
Finance Lease, Number of Lease | 1 | ||
Isely Family Land Trust LLC [Member] | |||
Number of Operating Leases | 1 | ||
FTVC, LLC [Member] | |||
Number of Operating Leases | 1 | ||
Related Parties [Member] | |||
Operating Lease, Right-of-Use Asset | $ 8,700 | ||
Operating Lease, Liability, Total | 9,000 | ||
Operating Lease, Expense | 1,300 | $ 1,500 | $ 1,600 |
Finance Lease, Liability, Payment, Due, Total | 3,500 | ||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 7,000 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 25 years |
Note 11 - Lease Commitments - L
Note 11 - Lease Commitments - Lease Cost (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020USD ($) | ||
Total lease cost | $ 55,270 | |
Cost of Sales [Member] | ||
Operating lease cost | 42,634 | |
Variable lease cost | 5,367 | [1] |
Store Expenses [Member] | ||
Operating lease cost | 319 | |
Depreciation of right-of-use assets | 3,139 | [2] |
Short-term lease cost | 2,016 | |
Sublease income | (368) | |
General and Administrative Expense [Member] | ||
Operating lease cost | 311 | |
Pre-opening Costs and Relocation Expenses [Member] | ||
Operating lease cost | 154 | |
Interest Expense [Member] | ||
Interest on lease liabilities | $ 1,698 | [2] |
[1] | Immaterial balances related to the corporate headquarters and distribution center are included in administrative expenses and store expenses, respectively. | |
[2] | Immaterial balances related to stores not yet open are included in pre-opening and relocation expenses. |
Note 11 - Lease Commitments - A
Note 11 - Lease Commitments - Additional Information (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Operating cash flows from operating leases | $ 44,281 |
Operating cash flows from finance leases | 1,792 |
Financing cash flows from finance leases | 2,271 |
Operating leases | 13,204 |
Finance leases | $ 11,625 |
Operating leases (Year) | 11 years 8 months 12 days |
Finance leases (Year) | 12 years 6 months |
Operating leases | 3.60% |
Finance leases | 5.10% |
Note 11 - Lease Commitments - F
Note 11 - Lease Commitments - Future Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
2021, Operating leases | $ 44,428 | |
2021, Finance leases | 4,789 | |
2021 | 49,217 | |
2022, Operating leases | 43,894 | |
2022, Finance leases | 4,893 | |
2022 | 48,787 | |
2023, Operating leases | 43,095 | |
2023, Finance leases | 4,937 | |
2023 | 48,032 | |
2024, Operating leases | 41,037 | |
2024, Finance leases | 5,002 | |
2024 | 46,039 | |
2025, Operating leases | 39,288 | |
2025, Finance leases | 5,012 | |
2025 | 44,300 | |
Thereafter, Operating leases | 231,374 | |
Thereafter, Finance leases | 32,453 | |
Thereafter | 263,827 | |
Total future undiscounted lease payments, operating leases | 443,116 | |
Total future undiscounted lease payments, finance leases | 57,086 | |
Total future undiscounted lease payments | 500,202 | |
Less imputed interest, operating leases | (85,319) | |
Less imputed interest, finance leases | (14,744) | |
Less imputed interest | (100,063) | |
Total reported lease liability, operating leases | 357,797 | |
Total reported lease liability, finance leases | 42,342 | |
Total reported lease liability | 400,139 | |
Less current portion, operating leases | (32,156) | $ 0 |
Less current portion, finance leases | (2,836) | 0 |
Less current portion | (34,992) | |
Noncurrent lease liability, operating leases | 325,641 | 0 |
Noncurrent lease liability, finance leases | 39,506 | $ 0 |
Noncurrent lease liability | $ 365,147 |
Note 11 - Lease Commitments -_2
Note 11 - Lease Commitments - Future Minimum Annual Payments Under Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Sublease rental income, 2021 | $ (418) | $ (422) |
Total operating leases, 2021 | 48,799 | 42,305 |
Sublease rental income, 2022 | (424) | (418) |
Total operating leases, 2022 | 48,363 | 42,124 |
Sublease rental income, 2023 | (413) | (424) |
Total operating leases, 2023 | 47,619 | 41,713 |
Sublease rental income, 2024 | (257) | (413) |
Total operating leases, 2024 | 45,782 | 40,818 |
Sublease rental income, 2025 | (238) | (257) |
Total operating leases, 2025 | 44,062 | 38,811 |
Sublease rental income, thereafter | (579) | (772) |
Total operating leases, thereafter | 263,249 | 263,376 |
Sublease rental income, total payments | (2,329) | (2,706) |
Total operating leases, total payments | 497,874 | 469,147 |
Related Parties [Member] | ||
2021 | 1,333 | 1,081 |
2022 | 1,341 | 1,058 |
2023 | 1,341 | 1,056 |
2024 | 1,341 | 1,056 |
2025 | 1,346 | 1,056 |
Thereafter | 3,753 | 2,062 |
Total payments | 10,455 | 7,369 |
2020 | 1,333 | 1,081 |
Third Parties [Member] | ||
2021 | 47,884 | 41,646 |
2022 | 47,446 | 41,484 |
2023 | 46,691 | 41,081 |
2024 | 44,698 | 40,175 |
2025 | 42,954 | 38,012 |
Thereafter | 260,075 | 262,086 |
Total payments | 489,748 | 464,484 |
2020 | $ 47,884 | $ 41,646 |
Note 11 - Lease Commitments - C
Note 11 - Lease Commitments - Capital and Financing Lease Obligations (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Capital lease finance obligations | $ 6,000 |
Total capital and financing lease obligations | 52,520 |
Less current portion | (1,045) |
Total capital and financing lease obligations, net of current portion | 51,475 |
Due in Monthly Installments Through Fiscal Year 2034 [Member] | |
Capital lease finance obligations | 39,558 |
Asset not under Construction, Due in Monthly Installments Through Fiscal Year 2041 [Member] | |
Capital lease finance obligations | 5,972 |
Asset under Construction Due in Monthly Installments Through Fiscal Year 2035 [Member] | |
Capital lease finance obligations | 2,350 |
Due in Monthly Installments through Fiscal Year 2040 [Member] | |
Capital lease finance obligations | $ 4,640 |
Note 11 - Lease Commitments - S
Note 11 - Lease Commitments - Schedule of Future Payments Under the Terms of the Leases (Details) (Assets Held Under Real Estate Leases for Build to Suit Stores (Details) - Asset Held under Real Estate Leases for Build-to-suit Stores, Capital Lease Finance Obligations [Member] $ in Thousands | Sep. 30, 2019USD ($) |
2020, Interest expense on capital lease finance obligations | $ 3,871 |
2020, Principle payments on capital lease finance obligations | 569 |
2020, Interest expense on capital lease obligations | 605 |
2020, Principal payments on capital lease obligations | 333 |
2020, Future payments on capital lease finance and capital lease obligations | 5,378 |
2021, Interest expense on capital lease finance obligations | 3,816 |
2021, Principle payments on capital lease finance obligations | 656 |
2021, Interest expense on capital lease obligations | 570 |
2021, Principal payments on capital lease obligations | 368 |
2021, Future payments on capital lease finance and capital lease obligations | 5,410 |
2022, Interest expense on capital lease finance obligations | 3,751 |
2022, Principle payments on capital lease finance obligations | 747 |
2022, Interest expense on capital lease obligations | 532 |
2022, Principal payments on capital lease obligations | 407 |
2022, Future payments on capital lease finance and capital lease obligations | 5,437 |
2023, Interest expense on capital lease finance obligations | 3,675 |
2023, Principle payments on capital lease finance obligations | 880 |
2023, Interest expense on capital lease obligations | 488 |
2023, Principal payments on capital lease obligations | 460 |
2023, Future payments on capital lease finance and capital lease obligations | 5,503 |
2024, Interest expense on capital lease finance obligations | 3,578 |
2024, Principle payments on capital lease finance obligations | 1,095 |
2024, Interest expense on capital lease obligations | 439 |
2024, Principal payments on capital lease obligations | 515 |
2024, Future payments on capital lease finance and capital lease obligations | 5,627 |
Thereafter, Interest expense on capital lease finance obligations | 15,088 |
Thereafter, Principle payments on capital lease finance obligations | 8,244 |
Thereafter, Interest expense on capital lease obligations | 2,142 |
Thereafter, Principal payments on capital lease obligations | 3,889 |
Thereafter, Future payments on capital lease finance and capital lease obligations | 29,363 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 27,367 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 27,367 |
Total future payments, interest expense on capital lease finance obligations | 33,779 |
Total future payments, principle payments on capital lease finance obligations | 39,558 |
Total future payments, interest expense on capital lease obligations | 4,776 |
Total future payments, principal payments on capital lease obligations | 5,972 |
Total future payments, future payments on capital lease finance and capital lease obligations | $ 84,085 |
Note 11 - Lease Commitments -_3
Note 11 - Lease Commitments - Future Minimum Lease Payments for Stores Under Construction (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Asset under Construction, Capital Lease Finance Obligations [Member] | |
2020, Interest expense on capital lease finance obligations | $ 118 |
2020, Principle payments on capital lease finance obligations | 18 |
2020, Total future payments on capital lease obligations for assets under construction | 136 |
2021, Interest expense on capital lease finance obligations | 161 |
2021, Principle payments on capital lease finance obligations | 26 |
2021, Total future payments on capital lease obligations for assets under construction | 187 |
2022, Interest expense on capital lease finance obligations | 160 |
2022, Principle payments on capital lease finance obligations | 28 |
2022, Total future payments on capital lease obligations for assets under construction | 188 |
2023, Interest expense on capital lease finance obligations | 158 |
2023, Principle payments on capital lease finance obligations | 30 |
2023, Total future payments on capital lease obligations for assets under construction | 188 |
2024, Interest expense on capital lease finance obligations | 155 |
2024, Principle payments on capital lease finance obligations | 33 |
2024, Total future payments on capital lease obligations for assets under construction | 188 |
Thereafter, Interest expense on capital lease finance obligations | 1,368 |
Thereafter, Principle payments on capital lease finance obligations | 756 |
Thereafter, Total future payments on capital lease obligations for assets under construction | 2,124 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 1,459 |
Total future payments, interest expense on capital lease finance obligations | 2,120 |
Total future payments, principle payments on capital lease finance obligations | 2,350 |
Total future payments of capital lease obligations for assets under construction | 4,470 |
Asset under Construction, Capital Lease Obligations [Member] | |
2020, Interest expense on capital lease finance obligations | 237 |
2020, Principle payments on capital lease finance obligations | 123 |
2020, Total future payments on capital lease obligations for assets under construction | 360 |
2021, Interest expense on capital lease finance obligations | 236 |
2021, Principle payments on capital lease finance obligations | 132 |
2021, Total future payments on capital lease obligations for assets under construction | 368 |
2022, Interest expense on capital lease finance obligations | 228 |
2022, Principle payments on capital lease finance obligations | 139 |
2022, Total future payments on capital lease obligations for assets under construction | 367 |
2023, Interest expense on capital lease finance obligations | 221 |
2023, Principle payments on capital lease finance obligations | 147 |
2023, Total future payments on capital lease obligations for assets under construction | 368 |
2024, Interest expense on capital lease finance obligations | 213 |
2024, Principle payments on capital lease finance obligations | 155 |
2024, Total future payments on capital lease obligations for assets under construction | 368 |
Thereafter, Interest expense on capital lease finance obligations | 1,827 |
Thereafter, Principle payments on capital lease finance obligations | 3,944 |
Thereafter, Total future payments on capital lease obligations for assets under construction | 5,771 |
Total future payments, interest expense on capital lease finance obligations | 2,962 |
Total future payments, principle payments on capital lease finance obligations | 4,640 |
Total future payments of capital lease obligations for assets under construction | $ 7,602 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 17, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,090,151 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 600,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 633,406 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 18,080 | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | $ 0 | ||
Cost of Goods Sold and Occupancy Costs [Member] | |||||
Share-based Payment Arrangement, Expense | 1,100,000 | 1,200,000 | 800,000 | ||
Certain Employees [Member] | |||||
Share-based Payment Arrangement, Expense | 800,000 | 800,000 | 500,000 | ||
Executive Officer [Member] | |||||
Share-based Payment Arrangement, Expense | 200,000 | 200,000 | 100,000 | ||
Board [Member] | |||||
Share-based Payment Arrangement, Expense | 200,000 | $ 200,000 | $ 200,000 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,800,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||||
Restricted Stock Units (RSUs) [Member] | Board [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award Equivalent Value of Shares Authorized to Grant | $ 60,000 | ||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Changes in Non-vested RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 11 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2019 | |
Non-vested balance (in shares) | 418,982 | |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.19 | |
Granted (in shares) | 124,239 | 28,534 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.93 | $ 14.48 |
Forfeited (in shares) | (40,052) | (10,720) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.53 | $ 9.06 |
Vested (in shares) | (115,286) | (120,440) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.22 | $ 11.31 |
Non-vested balance (in shares) | 285,257 | 316,356 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.17 | $ 10.18 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | May 04, 2016 | Sep. 30, 2020 | Sep. 30, 2019 |
Stock Repurchase Program, Period in Force (Year) | 2 years | ||
Stock Repurchase Program, Authorized Amount | $ 10,000 | ||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 8,300 | ||
Stock Issued During Period, Shares, Treasury Stock Reissued for Equity-based Compensation Obligations (in shares) | 47,222 | 89,675 | |
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations | $ 400 | $ 700 | |
Treasury Stock, Shares, Ending Balance (in shares) | 0 | 47,222 | |
Treasury Stock, Value, Ending Balance | $ 0 | $ 359 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Chalet [Member] | |||
Number of Operating Leases | 4 | ||
Finance Lease, Number of Lease | 1 | ||
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity | 4 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1 | $ 1.2 | $ 1.2 |
Isely Family Land Trust LLC [Member] | |||
Number of Operating Leases | 1 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.3 | 0.3 | 0.3 |
FTVC, LLC [Member] | |||
Number of Operating Leases | 1 | ||
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity | 4 | ||
FTVC, LLC [Member] | Maximum [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.1 | $ 0.1 | $ 0.1 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.10% | 20.30% | (20.70%) |
Effective Income Tax Rate Reconciliation, Depreciation Acceleration, Amount | $ 500 | $ 500 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards Utilized | 200 | ||
Tax Credit Carryforwards Utilized | 400 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Tax Effected State Income Tax Carryforward Utilized | $ 100 | $ 100 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Current federal income tax expense (benefit) | $ 1,317 | $ (1,981) | $ 3,083 | ||||||||
Current state income tax expense | 633 | 406 | 721 | ||||||||
Total current income tax expense (benefit) | 1,950 | (1,575) | 3,804 | ||||||||
Deferred federal income tax expense (benefit) | 3,157 | 3,760 | (5,760) | ||||||||
Deferred state income tax expense (benefit) | 585 | 213 | (212) | ||||||||
Total deferred income tax expense (benefit) | 3,742 | 3,973 | (5,972) | ||||||||
Total provision for income taxes (benefit from) | $ 735 | $ 1,490 | $ 3,023 | $ 444 | $ 252 | $ 581 | $ 981 | $ 584 | $ 5,692 | $ 2,398 | $ (2,168) |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation Between the U.S. Federal Statutory Income Tax Rate and the Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statutory tax rate | 21.00% | 21.00% | 24.30% |
State income taxes, net of federal income tax expense | 4.00% | 3.70% | 3.30% |
Remeasurement | 0.00% | 0.00% | (41.30%) |
Enhanced food deduction | (0.60%) | (1.30%) | (1.80%) |
Deferred tax liability adjustment | (0.30%) | (0.50%) | (6.30%) |
Other, net | (2.00%) | (2.60%) | 1.10% |
Effective tax rate | 22.10% | 20.30% | (20.70%) |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Long-term assets | $ 0 | $ 0 |
Long-term liabilities | (14,429) | (10,420) |
Net deferred tax liabilities | $ (14,429) | $ (10,420) |
Note 15 - Income Taxes - Tax Ef
Note 15 - Income Taxes - Tax Effects of Temporary Differences That Give Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | |
Capital and financing lease obligations | $ 0 | $ 12,951 | |
Goodwill | 475 | 724 | |
Trademarks | 623 | 662 | |
Finance lease obligations | 10,453 | 0 | |
Operating lease obligations | 87,947 | 0 | |
Leasehold incentives | 0 | 1,963 | |
Deferred rent | 0 | 2,809 | |
Accrued paid time off (1) | [1] | 771 | 612 |
Other (1) | [1] | 821 | 574 |
Gross deferred tax assets | 101,090 | 20,295 | |
Property and equipment | (19,929) | (28,380) | |
Finance lease assets | (9,855) | 0 | |
Operating lease assets | (83,508) | 0 | |
Leasehold improvements | (1,900) | (2,088) | |
Subleases | (99) | (203) | |
Other | (228) | (44) | |
Gross deferred tax liabilities | (115,519) | (30,715) | |
Net deferred tax liabilities | $ (14,429) | $ (10,420) | |
[1] | Certain prior year amounts have been combined for consistency with current year presentation. |
Note 16 - Defined Contributio_2
Note 16 - Defined Contribution Plan (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | |
Defined Contribution Plan Employer Maximum Discretionary Contribution Amount per Employee | $ 2,500 | |
Defined Contribution Plan, Cost | $ 900,000 | $ 900,000 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 12 Months Ended |
Sep. 30, 2020 | |
Number of Reportable Segments | 1 |
Note 19 - Selected Quarterly _3
Note 19 - Selected Quarterly Financial Data (Unaudited) - Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 264,178 | $ 265,110 | $ 277,524 | $ 230,030 | $ 227,209 | $ 224,411 | $ 230,447 | $ 221,515 | |||
Cost of goods sold and occupancy costs | 191,765 | 192,729 | 199,701 | 169,506 | 168,241 | 165,986 | 168,233 | 162,369 | $ 753,701 | $ 664,829 | $ 623,469 |
Gross profit | 72,413 | 72,381 | 77,823 | 60,524 | 58,968 | 58,425 | 62,214 | 59,146 | 283,141 | 238,753 | 225,573 |
Store expenses | 60,187 | 58,577 | 56,878 | 51,427 | 50,070 | 48,424 | 50,175 | 49,123 | 227,069 | 197,792 | 186,741 |
Administrative expenses | 7,105 | 6,818 | 7,038 | 5,819 | 5,808 | 5,953 | 5,761 | 5,315 | 26,780 | 22,837 | 21,506 |
Pre-opening and relocation expenses | 163 | 300 | 650 | 430 | 316 | 213 | 157 | 672 | 1,543 | 1,358 | 2,273 |
Operating income | 4,958 | 6,686 | 13,257 | 2,848 | 2,774 | 3,835 | 6,121 | 4,036 | 27,749 | 16,766 | 15,053 |
Interest expense, net | (491) | (505) | (516) | (536) | (1,161) | (1,256) | (1,280) | (1,255) | (2,048) | (4,952) | (4,560) |
Income before income taxes | 4,467 | 6,181 | 12,741 | 2,312 | 1,613 | 2,579 | 4,841 | 2,781 | 25,701 | 11,814 | 10,493 |
Benefit from (provision for) income taxes | (735) | (1,490) | (3,023) | (444) | (252) | (581) | (981) | (584) | (5,692) | (2,398) | 2,168 |
Net income | $ 3,732 | $ 4,691 | $ 9,718 | $ 1,868 | $ 1,361 | $ 1,998 | $ 3,860 | $ 2,197 | $ 20,009 | $ 9,416 | $ 12,661 |
Basic earnings per share (in dollars per share) | $ 0.17 | $ 0.21 | $ 0.43 | $ 0.08 | $ 0.06 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.89 | $ 0.42 | $ 0.57 |
Diluted earnings per share (in dollars per share) | $ 0.16 | $ 0.21 | $ 0.43 | $ 0.08 | $ 0.06 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.89 | $ 0.42 | $ 0.56 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Nov. 18, 2020 | Nov. 13, 2019 | Jan. 28, 2016 |
The New Credit Facility [Member] | |||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | $ 10 | $ 10 | |
Subsequent Event [Member] | |||
Dividends Payable, Date to be Paid | Dec. 16, 2020 | ||
Dividends Payable, Date of Record | Nov. 30, 2020 | ||
Subsequent Event [Member] | The New Credit Facility [Member] | |||
Line of Credit Facility, Expected Borrowings | $ 35 | ||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | $ 50 | ||
Special Cash Dividend [Member] | Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 2 | ||
Regular Cash Dividend [Member] | Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.07 |