Natural Grocers by Vitamin Cottage Announces First Quarter Fiscal 2023 Results
Natural Grocers by Vitamin Cottage, Inc. today announced results for its first quarter of fiscal 2023 ended December 31, 2022.
Highlights for First Quarter Fiscal 2023 Compared to First Quarter Fiscal 2022
- Net sales increased 1.1 percent to $280.5 million;
- Daily average comparable store sales increased 0.5 percent and increased 17.6 percent on a three-year basis;
- Net income was $4.4 million, with diluted earnings per share of $0.19;
- Adjusted EBITDA was $13.8 million; and
- Opened one new store, resulting in a 2.5 percent new store growth rate for the twelve-month period ended December 31, 2022.
“We delivered first quarter results consistent with our expectations and are reaffirming our full-year guidance,” said Kemper Isely, Co-President. “Our differentiated offering of the highest quality natural and organic products, coupled with our marketing emphasis on value and Always AffordableSM prices, continues to resonate with consumers and drive demand. Daily average comparable store sales rose 0.5 percent as we cycled strong pandemic trends experienced in the prior year period. On a three-year basis, daily average comparable store sales were up 17.6 percent, our third consecutive quarterly increase. Product cost inflation remained elevated during the quarter, though our specialized supply chain has historically provided more cost stability compared to conventional grocery peers. We estimate annualized product cost inflation was approximately 8 percent in the first quarter, which we continued to offset with increased pricing.”
In addition to presenting the financial results of Natural Grocers by Vitamin Cottage, Inc. and its subsidiaries (collectively, the Company) in conformity with U.S. generally accepted accounting principles (GAAP), the Company is also presenting EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The reconciliation from GAAP to these non-GAAP financial measures is provided at the end of this earnings release.