Natural Grocers by Vitamin Cottage (NGVC) 10-Q 4 Feb 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2020	Feb. 01, 2021
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	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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, Postal Zip Code	80228
Entity Address, City or Town	Lakewood
Entity Address, State or Province	CO
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 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 Common Stock, Shares Outstanding		22,576,377

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands		Dec. 31, 2020	Sep. 30, 2020
Current assets:
Cash and cash equivalents		$ 24,661	$ 28,534
Accounts receivable, net		6,703	8,519
Merchandise inventory		99,598	100,175
Prepaid expenses and other current assets		3,754	6,185
Total current assets		134,716	143,413
Property and equipment, net		145,105	147,929
Operating lease assets, net		333,735	339,239
Finance lease assets, net		39,275	40,096
Deposits and other assets(1)	[1]	622	647
Goodwill and other intangible assets, net		10,638	10,468
Total other assets		384,270	390,450
Total assets		664,091	681,792
Current liabilities:
Accounts payable		65,750	69,163
Accrued expenses		23,306	24,995
Term loan facility, current portion		1,750	0
Operating lease obligations, current portion		32,196	32,156
Finance lease obligations, current portion		2,929	2,836
Total current liabilities		125,931	129,150
Long-term liabilities:
Term loan facility, net of current portion		33,250	0
Operating lease obligations, net of current portion		320,004	325,641
Finance lease obligations, net of current portion		38,748	39,506
Deferred income tax liabilities, net		16,000	14,429
Total long-term liabilities		408,002	379,576
Total liabilities		533,933	508,726
Commitments (Note 13)
Stockholders’ equity:
Common stock, $0.001 par value, 50,000,000 shares authorized, and 22,563,649 and 22,546,765 shares issued and outstanding at December 31, 2020 and September 30, 2020, respectively		23	23
Additional paid-in capital		56,918	56,752
Retained earnings		73,217	116,291
Total stockholders’ equity		130,158	173,066
Total liabilities and stockholders’ equity		$ 664,091	$ 681,792
[1]	Certain prior year results have been combined for consistency with current year presentation.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2020	Sep. 30, 2020
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)	22,563,649	22,546,765
Common stock, shares outstanding (in shares)	22,563,649	22,546,765

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net Sales	$ 265,045	$ 230,030
Cost of goods sold and occupancy costs	192,020	169,506
Gross profit	73,025	60,524
Store expenses	60,330	51,427
Administrative expenses	7,304	5,819
Pre-opening and relocation expenses	189	430
Operating income	5,202	2,848
Interest expense, net	(510)	(536)
Income before income taxes	4,692	2,312
Provision for income taxes	(1,060)	(444)
Net income	$ 3,632	$ 1,868
Net income per common share:
Basic (in dollars per share)	$ 0.16	$ 0.08
Diluted (in dollars per share)	$ 0.16	$ 0.08
Weighted average number of shares of common stock outstanding:
Basic (in shares)	22,558,946	22,471,350
Diluted (in shares)	22,690,817	22,542,967

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income	$ 3,632	$ 1,868
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,637	7,707
Loss on disposal of property and equipment	0	1
Lease exit costs	105	0
Share-based compensation	248	279
Deferred income tax expense	1,571	424
Non-cash interest expense	3	3
Changes in operating assets and liabilities
Accounts receivable, net	1,816	378
Merchandise inventory	577	(1,966)
Prepaid expenses and other assets	(550)	(371)
Income tax receivable	3,004	29
Operating lease asset	7,664	7,451
Operating lease liability	(7,955)	(7,625)
Accounts payable	(3,720)	(669)
Accrued expenses	(1,689)	2,971
Net cash provided by operating activities	12,343	10,480
Investing activities:
Acquisition of property and equipment	(3,273)	(10,982)
Acquisition of other intangibles	(427)	(1,008)
Proceeds from property insurance settlements	0	17
Net cash used in investing activities	(3,700)	(11,973)
Financing activities:
Borrowings under revolving facility	0	113,000
Repayments under revolving facility	0	(110,400)
Borrowings under term loan facility	35,000	0
Finance lease obligation payments	(675)	(519)
Dividend to shareholders	(46,706)	(1,573)
Loan fees paid	(53)	(25)
Payments on withholding tax for restricted stock unit vesting	(82)	(47)
Net cash (used in) provided by financing activities	(12,516)	436
Net decrease in cash and cash equivalents	(3,873)	(1,057)
Cash and cash equivalents, beginning of period	28,534	6,214
Cash and cash equivalents, end of period	24,661	5,157
Supplemental disclosures of cash flow information:
Cash paid for interest	8	163
Cash paid for interest on finance lease obligations, net of capitalized interest of $37 and $45, respectively	463	373
Income taxes paid	0	10
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid	2,778	6,015
Acquisition of other intangibles not yet paid	196	482
Property acquired through operating lease obligations	2,769	6,378
Property acquired through finance lease obligations	$ 106	$ 1,322

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Capitalized interest	$ 37	$ 45

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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, 2019	22,463,057
Balance at Sep. 30, 2019	$ 23	$ 56,319	$ 100,923	$ (359)	$ 156,906
Net income	0	0	1,868	0	1,868
Cash dividends	$ 0	0	(1,573)	0	(1,573)
Share-based compensation (in shares)	12,661
Share-based compensation	$ 0	135	0	96	231
Topic 842 transition impact	$ 0	0	1,660	0	1,660
Balance (in shares) at Dec. 31, 2019	22,475,718
Balance at Dec. 31, 2019	$ 23	56,454	102,878	(263)	159,092
Balance (in shares) at Sep. 30, 2020	22,546,765
Balance at Sep. 30, 2020	$ 23	56,752	116,291	0	173,066
Net income	0	0	3,632	0	3,632
Cash dividends	$ 0	0	(46,706)	0	(46,706)
Share-based compensation (in shares)	16,884
Share-based compensation	$ 0	166	0	0	166
Balance (in shares) at Dec. 31, 2020	22,563,649
Balance at Dec. 31, 2020	$ 23	$ 56,918	$ 73,217	$ 0	$ 130,158

Note 1 - Organization

Note 1 - Organization	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Nature of Operations [Text Block]	1. Organization Nature of Business Natural Grocers by Vitamin Cottage, Inc. (Natural Grocers or the holding company) and its consolidated subsidiaries (collectively, the Company) operate retail stores that specialize in natural and organic groceries, body care products and dietary supplements. The Company operates its retail stores under its trademark Natural Grocers by Vitamin Cottage December 31, 2020, September 30, 2020.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	2. Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by Article 10 X. not 10 7 10 not September 30. The accompanying unaudited consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 The Company has one Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including the fair value of assets acquired and liabilities assumed in a business combination), the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to: allowances for self-insurance reserves; valuation of inventories; useful lives of property and equipment for depreciation and amortization; impairment of finite-lived intangible assets, long-lived assets, and goodwill; lease assumptions; and litigation based on currently available information. Changes in facts and circumstances may 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, In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020, not three December 31, 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 three December 31, 2020. 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 December 2019, 2019 12, 740, 2019 12 2019 12 first September 30, 2022 not In March 2020, 2020 04, 848, 2020 04 not

Note 3 - Revenue Recognition

Note 3 - Revenue Recognition	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. Revenue Recognition 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 The balance of contract liabilities related to unredeemed gift cards was $1.9 million and $1.3 million as of December 31, 2020 September 30, 2020, three December 31, 2020 2019 September 30, 2020 2019, The following table disaggregates the Company’s revenue by product category for the three December 31, 2020 2019, Three months ended December 31, 20 20 201 9 Grocery $ 185,615 70 % 157,934 69 Dietary supplements 53,224 20 47,901 21 Other 26,206 10 24,195 10 $ 265,045 100 % 230,030 100

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	4 . Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units (RSUs) were to vest, resulting in the issuance of common stock that would then share in the Company’s earnings. Presented below are basic and diluted EPS for the three December 31, 2020 2019, Three months ended 20 20 201 9 Net income $ 3,632 1,868 Weighted average number of shares of common stock outstanding 22,558,946 22,471,350 Effect of dilutive securities 131,871 71,617 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,690,817 22,542,967 Basic earnings per share $ 0.16 0.08 Diluted earnings per share $ 0.16 0.08 There were 14,973 and 160,246 non-vested RSUs for the three December 31, 2020 2019, On November 13, 2019, three December 31, 2020 2019. November 18, 2020, December 16, 2020 November 30, 2020.

Note 5 - Debt

Note 5 - Debt	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Debt and Capital Leases Disclosures [Text Block]	5 . Debt Credit Facility The Company is party to a credit facility consisting of a $50.0 million revolving loan facility (the Revolving Facility) and a fully drawn $35.0 million term loan facility (the Term Loan Facility), and together with the Revolving Facility, (the Credit Facility). The operating company is the borrower under the Credit Facility and its obligations under the Credit Facility are guaranteed by the holding company and VC2. December 31, 2020, December 2020 November 13, 2024. March 31, 2021 September 30, 2024, may not The Credit Facility requires compliance with certain customary operational and financial covenants, including a consolidated 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 required lenders’ consent, provided that so long as no may not On November 13, 2019, November 13, 2024 not November 18, 2020, one no December 31, 2020. The Company had no December 31, 2020 September 30, 2020. December 31, 2020 September 30, 2020, $48.7 December 31, 2020 September 30, 2020. December 31, 2020. As of December 31, 2020 September 30, 2020, Lease Obligations As of December 31, 2020 September 30, 2020, No Interest The Company incurred gross interest expense of $0.6 million for each of the three December 31, 2020 2019. three December 31, 2020 2019 three December 31, 2020 2019,

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	6. tock holders’ Equity Share Repurchases In May 2016, two may May 31, 2022. may 10b 18 1934, may 10b5 1 not may The dollar value of the shares of the Company’s common stock that may Prior to October 1, 2020, three December 31, 2020 2019, no December 31, 2020 September 30, 2020, no

Note 7 - Lease Obligations

Note 7 - Lease Obligations	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	7 . Lease Obligations 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. 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 The Company subleases certain real estate or portions thereof to 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 12 November 1999, July 2040 three December 31, 2020 2019. The components of total lease cost for the three December 31, 2020 2019 Lease cost Classification Three months ended December 31, 20 20 Three months ended December 31, 2019 Operating lease cost: Cost of goods sold and occupancy costs $ 10,636 10,666 Store expenses 80 80 Administrative expenses 76 82 Pre-opening and relocation expense 26 — Finance lease cost: Depreciation of right-of-use assets Store expenses 905 761 Interest on lease liabilities Interest expense, net 487 418 Short-term lease cost Store expenses 537 85 Variable lease cost Cost of goods sold and occupancy costs (1) 1,816 1,238 Sublease income Store expenses (93 ) (93 ) Total lease cost $ 14,470 13,237 ( 1 Additional information related to the Company’s leases for the three December 31, 2020 2019 Three months ended December 31, 20 20 Three months ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,137 11,001 Operating cash flows from finance leases 500 418 Financing cash flows from finance leases 675 518 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 2,769 5,438 Finance leases 106 1,322 Weighted-average remaining lease term (in years): Operating leases 11.5 12.2 Finance leases 12.2 11.8 Weighted-average discount rate: Operating leases 3.6 % 3.6 % Finance leases 5.1 % 5.5 % In the three December 31, 2020, one first 2019. In addition, during the three December 31, 2019, one Future lease payments under non-cancellable leases as of December 31, 2020 Fiscal Year Operating leases Finance leases Total Remainder of 2021 $ 33,241 3,624 36,865 2022 43,954 4,893 48,847 2023 43,154 4,937 48,091 2024 41,329 5,002 46,331 2025 39,625 5,012 44,637 Thereafter 233,655 32,452 266,107 Total future undiscounted lease payments 434,958 55,920 490,878 Less imputed interest (82,758 ) (14,243 ) (97,001 ) Total reported lease liability 352,200 41,677 393,877 Less current portion (32,196 ) (2,929 ) (35,125 ) Noncurrent lease liability $ 320,004 38,748 358,752 The table above excludes $29.2 million of legally binding minimum lease payments for leases that had been executed as of December 31, 2020 not

Note 8 - Property and Equipment

Note 8 - Property and Equipment	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	8. The Company had the following property and equipment balances as of December 31, 2020 September 30, 2020, As of Useful lives (in years) December 31 , 20 20 September 30, 20 20 Construction in process n/a $ 2,075 6,717 Land n/a 2,445 1,390 Buildings 16 - 40 31,193 26,732 Land improvements 1 - 24 1,738 1,575 Leasehold and building improvements 1 - 25 153,362 153,438 Fixtures and equipment 5 - 7 140,520 139,965 Computer hardware and software 3 - 5 24,021 23,628 355,354 353,445 Less accumulated depreciation and amortization (210,249 ) (205,516 ) Property and equipment, net $ 145,105 147,929 Depreciation and amortization expense for the three December 31, 2020 2019 Three months ended 20 20 201 9 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 215 189 Depreciation and amortization expense included in store expenses 7,128 7,240 Depreciation and amortization expense included in administrative expenses 294 278 Total depreciation and amortization expense $ 7,637 7,707

Note 9 - Goodwill and Other Int

Note 9 - Goodwill and Other Intangible Assets	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9 . Goodwill and Other Intangible Assets The Company had the following goodwill and other intangible asset balances as of December 31, 2020 September 30, 2020, As of Useful lives (in years) December 31 , 20 20 September 30, 20 20 Amortizable intangible assets: Other intangibles 0.5 - 3 $ 3,693 3,634 Less accumulated amortization (2,577 ) (2,378 ) Amortizable intangible assets, net 1,116 1,256 Other intangibles in process 3,935 3,625 Trademark Indefinite 389 389 Total other intangibles, net 5,440 5,270 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 10,638 10,468

Note 10 - Accrued Expenses

Note 10 - Accrued Expenses	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	10 . Accrued Expenses The composition of accrued expenses as of December 31, 2020 September 30, 2020 As of December 31 , September 30, 20 20 20 20 Payroll and employee-related expenses $ 9,238 13,569 Accrued property, sales and use tax payable 7,868 7,912 Accrued marketing expenses 627 407 Deferred revenue related to gift card sales 2,211 1,819 Income tax payable (1) 2,139 210 Other (1) 1,223 1,078 Total accrued expenses $ 23,306 24,995 ( 1

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	1 1 . Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740.

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	1 2 . Related Party Transactions The Company has ongoing relationships with related entities as noted below: Chalet Properties, LLC: four one four three December 31, 2020 2019. Isely Family Land Trust LLC: one three December 31, 2020 2019. FTVC LLC: one four three December 31, 2020 2019.

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1 3 . Commitments and Contingencies The Company is periodically involved in various legal proceedings that are incidental to the conduct of its business, including but not may not

Note 14 - Subsequent Event

Note 14 - Subsequent Event	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	1 4 . Subsequent Event On February 3, 2021, March 17, 2021 March 1, 2021.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by Article 10 X. not 10 7 10 not September 30. The accompanying unaudited consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 The Company has one
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including the fair value of assets acquired and liabilities assumed in a business combination), the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to: allowances for self-insurance reserves; valuation of inventories; useful lives of property and equipment for depreciation and amortization; impairment of finite-lived intangible assets, long-lived assets, and goodwill; lease assumptions; and litigation based on currently available information. Changes in facts and circumstances may
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, In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020, not three December 31, 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 three December 31, 2020. 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 December 2019, 2019 12, 740, 2019 12 2019 12 first September 30, 2022 not In March 2020, 2020 04, 848, 2020 04 not

Note 3 - Revenue Recognition (T

Note 3 - Revenue Recognition (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended December 31, 20 20 201 9 Grocery $ 185,615 70 % 157,934 69 Dietary supplements 53,224 20 47,901 21 Other 26,206 10 24,195 10 $ 265,045 100 % 230,030 100

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended 20 20 201 9 Net income $ 3,632 1,868 Weighted average number of shares of common stock outstanding 22,558,946 22,471,350 Effect of dilutive securities 131,871 71,617 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,690,817 22,542,967 Basic earnings per share $ 0.16 0.08 Diluted earnings per share $ 0.16 0.08

Note 7 - Lease Obligations (Tab

Note 7 - Lease Obligations (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	Lease cost Classification Three months ended December 31, 20 20 Three months ended December 31, 2019 Operating lease cost: Cost of goods sold and occupancy costs $ 10,636 10,666 Store expenses 80 80 Administrative expenses 76 82 Pre-opening and relocation expense 26 — Finance lease cost: Depreciation of right-of-use assets Store expenses 905 761 Interest on lease liabilities Interest expense, net 487 418 Short-term lease cost Store expenses 537 85 Variable lease cost Cost of goods sold and occupancy costs (1) 1,816 1,238 Sublease income Store expenses (93 ) (93 ) Total lease cost $ 14,470 13,237
Additional Information Related to Leases	Three months ended December 31, 20 20 Three months ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,137 11,001 Operating cash flows from finance leases 500 418 Financing cash flows from finance leases 675 518 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 2,769 5,438 Finance leases 106 1,322 Weighted-average remaining lease term (in years): Operating leases 11.5 12.2 Finance leases 12.2 11.8 Weighted-average discount rate: Operating leases 3.6 % 3.6 % Finance leases 5.1 % 5.5 %
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Fiscal Year Operating leases Finance leases Total Remainder of 2021 $ 33,241 3,624 36,865 2022 43,954 4,893 48,847 2023 43,154 4,937 48,091 2024 41,329 5,002 46,331 2025 39,625 5,012 44,637 Thereafter 233,655 32,452 266,107 Total future undiscounted lease payments 434,958 55,920 490,878 Less imputed interest (82,758 ) (14,243 ) (97,001 ) Total reported lease liability 352,200 41,677 393,877 Less current portion (32,196 ) (2,929 ) (35,125 ) Noncurrent lease liability $ 320,004 38,748 358,752

Note 8 - Property and Equipme_2

Note 8 - Property and Equipment (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of Useful lives (in years) December 31 , 20 20 September 30, 20 20 Construction in process n/a $ 2,075 6,717 Land n/a 2,445 1,390 Buildings 16 - 40 31,193 26,732 Land improvements 1 - 24 1,738 1,575 Leasehold and building improvements 1 - 25 153,362 153,438 Fixtures and equipment 5 - 7 140,520 139,965 Computer hardware and software 3 - 5 24,021 23,628 355,354 353,445 Less accumulated depreciation and amortization (210,249 ) (205,516 ) Property and equipment, net $ 145,105 147,929
Depreciation and Amortization Expense [Table Text Block]	Three months ended 20 20 201 9 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 215 189 Depreciation and amortization expense included in store expenses 7,128 7,240 Depreciation and amortization expense included in administrative expenses 294 278 Total depreciation and amortization expense $ 7,637 7,707

Note 9 - Goodwill and Other I_2

Note 9 - Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of Useful lives (in years) December 31 , 20 20 September 30, 20 20 Amortizable intangible assets: Other intangibles 0.5 - 3 $ 3,693 3,634 Less accumulated amortization (2,577 ) (2,378 ) Amortizable intangible assets, net 1,116 1,256 Other intangibles in process 3,935 3,625 Trademark Indefinite 389 389 Total other intangibles, net 5,440 5,270 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 10,638 10,468

Note 10 - Accrued Expenses (Tab

Note 10 - Accrued Expenses (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	As of December 31 , September 30, 20 20 20 20 Payroll and employee-related expenses $ 9,238 13,569 Accrued property, sales and use tax payable 7,868 7,912 Accrued marketing expenses 627 407 Deferred revenue related to gift card sales 2,211 1,819 Income tax payable (1) 2,139 210 Other (1) 1,223 1,078 Total accrued expenses $ 23,306 24,995

Note 1 - Organization (Details

Note 1 - Organization (Details Textual)	Dec. 31, 2020	Sep. 30, 2020
Number of Stores	160	159
Number of States in which Entity Operates	20	20

Note 2 - Basis of Presentatio_2

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Oct. 01, 2019
Operating Lease, Right-of-Use Asset	$ 333,735	$ 339,239
Operating Lease, Liability, Total	352,200
Retained Earnings (Accumulated Deficit), Ending Balance	$ 73,217	116,291
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

Note 3 - Revenue Recognition (D

Note 3 - Revenue Recognition (Details Textual) - Gift Cards [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Contract with Customer, Liability, Total	$ 1.9		$ 1.3
Contract with Customer, Liability, Revenue Recognized	$ 0.3	$ 0.8

Note 3 - Revenue Recognition -

Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net Sales	$ 265,045	$ 230,030
Net Sales, percent	100.00%	100.00%
Grocery [Member]
Net Sales	$ 185,615	$ 157,934
Net Sales, percent	70.00%	69.00%
Dietary Supplements [Member]
Net Sales	$ 53,224	$ 47,901
Net Sales, percent	20.00%	21.00%
Manufactured Product, Other [Member]
Net Sales	$ 26,206	$ 24,195
Net Sales, percent	10.00%	10.00%

Note 4 - Earnings Per Share (De

Note 4 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Nov. 18, 2020
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.07	$ 0.07	$ 2
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	14,973	160,246

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
	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 3,632	$ 1,868
Weighted average number of shares of common stock outstanding (in shares)	22,558,946	22,471,350
Effect of dilutive securities (in shares)	131,871	71,617
Weighted average number of shares of common stock outstanding including effect of dilutive securities (in shares)	22,690,817	22,542,967
Basic earnings per share (in dollars per share)	$ 0.16	$ 0.08
Diluted earnings per share (in dollars per share)	$ 0.16	$ 0.08

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) $ / shares in Units, $ in Thousands	Nov. 18, 2020USD ($)	Nov. 13, 2019USD ($)	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)
Proceeds from Issuance of Long-term Debt, Total				$ 35,000	$ 0
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares			$ 2
Capital and Financing Lease Obligations Number of Leases			19	19
Interest Expense, Debt, Excluding Amortization				$ 600	600
Interest Costs Capitalized				100	$ 100
Letter of Credit [Member]
Letters of Credit Outstanding, Amount			$ 1,300	1,300		$ 1,300
The New Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			50,000	50,000
Line of Credit Facility, Dividend Restrictions, Maximum Amount		$ 10,000	10,000
Line of Credit Facility, Remaining Borrowing Capacity			48,700	48,700		48,700
Long-term Debt, Total			$ 35,000	35,000
The New Credit Facility [Member] | Maximum [Member]
Debt Instrument, Maximum Dividend Payment Permitted	$ 50,000
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] | Term Loan [Member]
Debt Instrument, Face Amount			$ 35,000	35,000
Proceeds from Issuance of Long-term Debt, Total			35,000
Debt Instrument, Periodic Payment, Principal			400
The New Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			50,000	50,000
Long-term Line of Credit, Total			0	0		$ 0
The New Credit Facility [Member] | Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 5,000	$ 5,000

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ in Millions	Oct. 01, 2020	May 31, 2016	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Stock Repurchase Program, Period in Force (Year)		2 years
Stock Repurchase Program, Authorized Amount		$ 10
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 8.3
Stock Issued During Period, Shares, Treasury Stock Reissued for Equity-based Compensation Obligations (in shares)	199,543
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations	$ 1.7		$ 0.1	$ 0.1
Treasury Stock, Shares, Ending Balance (in shares)			0	12,661
Stock Repurchased During Period, Shares (in shares)			0		0

Note 7 - Lease Obligations (Det

Note 7 - Lease Obligations (Details Textual) $ in Thousands	3 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)
Lessee, Operating Lease, Renewal Term (Year)	5 years
Operating Lease, Right-of-Use Asset	$ 333,735		$ 339,239
Operating Lease, Liability, Total	352,200
Operating Lease, Expense	300
Payments for Lease Termination Fee	300
Operating Lease, Right-of-Use Asset, Write Off	600
Operating Lease, Liability, Write Off	800
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	29,200
Store Expenses [Member]
Gain (Loss) on Right of Use Assets and Lease Liabilities, Write-offs	$ 200
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	$ 8,400
Operating Lease, Liability, Total	$ 8,700
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	10 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	25 years

Note 7 - Lease Obligations - Le

Note 7 - Lease Obligations - Lease Cost (Details) - USD ($) $ in Thousands		3 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Total lease cost		$ 14,470	$ 13,237
Cost of Sales [Member]
Operating lease cost		10,636	10,666
Variable lease cost	[1]	1,816	1,238
Store Expenses [Member]
Operating lease cost		80	80
Depreciation of right-of-use assets		905	761
Short-term lease cost		537	85
Sublease income		(93)	(93)
General and Administrative Expense [Member]
Operating lease cost		76	82
Pre-opening Costs and Relocation Expenses [Member]
Operating lease cost		26	0
Interest Expense [Member]
Interest on lease liabilities		$ 487	$ 418
[1]	Immaterial balances related to corporate headquarters and distribution center are included in administrative expenses and store expenses, respectively.

Note 7 - Lease Obligations - Ad

Note 7 - Lease Obligations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating cash flows from operating leases	$ 11,137	$ 11,001
Operating cash flows from finance leases	500	418
Financing cash flows from finance leases	675	518
Operating leases	2,769	5,438
Finance leases	$ 106	$ 1,322
Operating leases (Year)	11 years 6 months	12 years 2 months 12 days
Finance leases (Year)	12 years 2 months 12 days	11 years 9 months 18 days
Operating leases	3.60%	3.60%
Finance leases	5.10%	5.50%

Note 7 - Lease Obligations - Fu

Note 7 - Lease Obligations - Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Remainder of 2021, Operating leases	$ 33,241
Remainder of 2021, Finance leases	3,624
Remainder of 2021	36,865
2022, Operating leases	43,954
2022, Finance leases	4,893
2022	48,847
2023, Operating leases	43,154
2023, Finance leases	4,937
2023	48,091
2024, Operating leases	41,329
2024, Finance leases	5,002
2024	46,331
2025, Operating leases	39,625
2025, Finance leases	5,012
2025	44,637
Thereafter, Operating leases	233,655
Thereafter, Finance leases	32,452
Thereafter	266,107
Total future undiscounted lease payments, operating leases	434,958
Total future undiscounted lease payments, finance leases	55,920
Total future undiscounted lease payments	490,878
Less imputed interest, operating leases	(82,758)
Less imputed interest, finance leases	(14,243)
Less imputed interest	(97,001)
Total reported lease liability, operating leases	352,200
Total reported lease liability, finance leases	41,677
Total reported lease liability	393,877
Less current portion, operating leases	(32,196)	$ (32,156)
Less current portion, finance leases	(2,929)	(2,836)
Less current portion	(35,125)
Noncurrent lease liability, operating leases	320,004	325,641
Noncurrent lease liability, finance leases	38,748	$ 39,506
Noncurrent lease liability	$ 358,752

Note 8 - Property and Equipme_3

Note 8 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Property, plant, and equipment, gross	$ 355,354	$ 353,445
Less accumulated depreciation and amortization	(210,249)	(205,516)
Property and equipment, net	145,105	147,929
Construction in Progress [Member]
Property, plant, and equipment, gross	2,075	6,717
Land [Member]
Property, plant, and equipment, gross	2,445	1,390
Building [Member]
Property, plant, and equipment, gross	$ 31,193	26,732
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	$ 1,738	1,575
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	$ 153,362	153,438
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	$ 140,520	139,965
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	$ 24,021	$ 23,628
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 8 - Property and Equipme_4

Note 8 - Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Depreciation and amortization expense	$ 7,637	$ 7,707
Cost of Sales [Member]
Depreciation and amortization expense	215	189
Stores [Member]
Depreciation and amortization expense	7,128	7,240
General and Administrative Expense [Member]
Depreciation and amortization expense	$ 294	$ 278

Note 9 - Goodwill and Other I_3

Note 9 - Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Amortizable intangible assets	$ 1,116		$ 1,256
Less accumulated amortization	(2,577)		(2,378)
Other intangibles in process	3,935		3,625
Trademark	389		389
Total other intangibles, net	5,440		5,270
Goodwill	5,198		5,198
Total goodwill and other intangibles, net	10,638	$ 10,468	10,468
Other Intangible Assets [Member]
Amortizable intangible assets	$ 3,693		$ 3,634
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 10 - Accrued Expenses - Co

Note 10 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Sep. 30, 2020
Payroll and employee-related expenses		$ 9,238	$ 13,569
Accrued property, sales and use tax payable		7,868	7,912
Accrued marketing expenses		627	407
Deferred revenue related to gift card sales		2,211	1,819
Income tax payable (1)	[1]	2,139	210
Other (1)	[1]	1,223	1,078
Total accrued expenses		$ 23,306	$ 24,995
[1]	Certain prior year amounts have been adjusted for consistency with current year presentation.

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details Textual) $ in Millions	3 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
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	$ 0.2	$ 0.2
Isely Family Land Trust LLC [Member]
Number of Operating Leases	1
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.1	0.1
FTVC, LLC [Member]
Number of Operating Leases	1
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity	4
FTVC, LLC [Member] | Maximum [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.1	$ 0.1

Note 14 - Subsequent Event (Det

Note 14 - Subsequent Event (Details Textual) - $ / shares	Feb. 03, 2021	Dec. 31, 2020	Nov. 18, 2020	Dec. 31, 2019
Dividends Payable, Amount Per Share (in dollars per share)		$ 0.07	$ 2	$ 0.07
Subsequent Event [Member]
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.07