What is in this article?:
- Natural Grocers Cites Sales Gains, Plans New Stores
- IPO Raises $58.1 Million
- Pro Forma Profits Up
“We believe the strength of our financial results and positive industry trends have positioned us well for new store growth heading into fiscal 2013."
— Kemper Isely, chairman and co-president, Natural Grocers
Natural Grocers is a certified organic retailer.
Pro Forma Profits Up
In the fourth quarter, Natural Grocers said net income of $899,021 was down about 26% vs. year-ago levels. Excluding a loss attributable to non-controlling interest, net income attributable to Natural Grocers increased 6%, to $973,000, and EBITDA increased 7.7% to $4.3 million.
Gross profit increased 29% to $26.4 million, and gross margin increased to 29.3% of sales from 29.2%. The company attributed the increase in gross margin to a decrease in occupancy costs as a percentage of sales at comparable stores.
Fourth-quarter sales were up 28.2% to $89.9 million, including $10.8 million in new-store sales.
For the year, net income increased about 62%, to $7.5 million, vs. year-ago levels. Net income attributable to Natural Grocers increased 89.8% to $6.6 million, and EBITDA increased 45% to $21.9 million.
Gross profit increased 28% to $99.1 million, and gross margin increased to 29.4% of sales from 29.3%.
Total sales for the year were up 27.2% to $336.4 million, including an increase of $41.3 million in sales from new stores.
For the year, comparable-store transaction count increased 7% over the preceding year.
Administrative expenses for the year increased 22.5% to $12.7 million, in part due to a $1.1 million stock-based compensation expense and a $286,000 incentive compensation expense associated with the IPO. Expenses also increased to support expansion.
Excluding the stock-based and incentive compensation expenses associated with the IPO, administrative expenses as a percentage of sales were 3.4% vs. 3.9% in the prior year.
Read more: Natural Grocers Continues Arizona Expansion
In a fact sheet about the company published on its website last week, Natural Grocers detailed some further information about its store format and its financial performance:
• Stores range from 5,000 to 14,500 selling square feet, and average approximately 9,700 selling square feet.
• Approximately one quarter of each stores’ selling square footage is dedicated to dietary supplements.
• Stores carry approximately 19,500 SKUs of natural and organic products, including approximately 7,000 SKUs of dietary supplements.
• In 2012, Natural Grocers tallied 62.7% of sales from grocery products, 27% from dietary supplements and 10.3% from body care, pet care and other product.
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