Natural Grocers by Vitamin Cottage, Inc. (NGVC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2018

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Exhibit 99.1

 

 

Natural Grocers by Vitamin Cottage Announces Fiscal 2018 Fourth Quarter and Full Year Results and Provides Fiscal 2019 Outlook

 

Lakewood, Colorado, November 15, 2018. Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) today announced results for its fourth quarter and fiscal year ended September 30, 2018, and provided its outlook for fiscal 2019.

 

Highlights for Fourth Quarter and Fiscal 2018 Compared to Fourth Quarter and Fiscal 2017

 

Net sales increased 9.6% to $217.5 million in the fourth quarter and increased 10.4% to $849.0 million in fiscal 2018;

 

Daily average comparable store sales increased 6.3% in the fourth quarter and increased 5.8% in fiscal 2018;

 

Net income increased 68.7% to $2.1 million with diluted earnings per share of $0.09 in the fourth quarter and was $12.7 million with diluted earnings per share of $0.56 in fiscal 2018;

 

Adjusted EBITDA, which excludes the effect of long-lived asset impairment charges and store closure costs, increased 9.8% to $11.3 million in the fourth quarter and was $45.1 million in fiscal 2018; and

 

Opened one new store and relocated one store in the fourth quarter, resulting in a 5.7% new store growth rate for the twelve-month period ended September 30, 2018.

 

“We continued to generate strong sales momentum during the fourth quarter while leveraging store expenses and delivering earnings per share growth,” said Kemper Isely, Co-President. “We are pleased with the improvements we achieved during fiscal 2018, including accelerating comparable store sales growth, moderating the impact of our pricing and promotional investments on gross margin and controlling expenses to deliver improved earnings growth. By leveraging our new store growth and operating strategies, we believe we are well positioned to continue to drive sales growth and improved profit performance in fiscal 2019.”

 

In addition to presenting the financial results of Natural Grocers by Vitamin Cottage, Inc. and its subsidiaries (collectively, the Company) for the fourth quarter and fiscal years 2018 and 2017 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.

 

Operating Results — Fourth Quarter Fiscal 2018 Compared to Fourth Quarter Fiscal 2017

 

During the fourth quarter of fiscal 2018, net sales increased $19.0 million, or 9.6%, to $217.5 million compared to the same period in fiscal 2017, primarily driven by a $12.6 million increase in comparable store sales and a $6.4 million increase in new store sales. Daily average comparable store sales increased 6.3% in the fourth quarter of fiscal 2018 compared to a 2.1% increase in the fourth quarter of fiscal 2017. The daily average comparable store sales increase during the fourth quarter of fiscal 2018 reflected a 3.8% increase in daily average transaction count and a 2.5% increase in average transaction size. Daily average mature store sales increased 3.9% in the fourth quarter of fiscal 2018 compared to a 0.2% decrease in the fourth quarter of fiscal 2017. For fiscal 2018, mature stores include all stores open during or before fiscal 2013.

 

Gross profit during the fourth quarter of fiscal 2018 increased 7.6% over the same period in fiscal 2017 to $57.3 million. Gross profit reflects earnings after both product and occupancy costs. Gross margin was 26.3% of sales for the fourth quarter of fiscal 2018 compared to 26.8% of sales for the fourth quarter of fiscal 2017. The decline in gross margin was driven by lower product margin, reflecting the Company’s promotional pricing campaigns and a shift in sales mix to lower margin products.

 

Store expenses during the fourth quarter of fiscal 2018 increased $3.0 million, or 6.7%, to $48.1 million. Store expenses as a percentage of sales decreased to 22.1% during the fourth quarter of fiscal 2018 compared to 22.7% in the fourth quarter of fiscal 2017. This decrease was primarily due to expense leverage from increased sales and decreases in labor-related expenses, marketing and depreciation expenses, partially offset by an increase in other store expenses, all as a percentage of sales. Other store expenses include $0.6 million of long-lived asset impairment charges and store closure costs.

 

 

The following information was filed by Natural Grocers by Vitamin Cottage, Inc. on Thursday, November 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Click a sentiment analysis snippet below from Natural Grocers by Vitamin Cottage, Inc.'s Management Discussions to find these positive and negative remarks within their 10-K Annual report:
  • 18486583_168
    Revenue - Product
    The decline in comparable store sales during the year ended September 30, 2017 was due to the impact of increased competition in the natural and organic sector, one less selling day due to the occurrence of leap year in fiscal year 2016, internally generated competition due to opening new stores in our existing markets, general economic uncertainty and the lingering impact of depressed oil and natural gas prices, although the negative impact of depressed oil and natural gas prices moderated during the fourth quarter of fiscal year 2017.
  • 18486583_231
    Revenue - Product
    Our working capital position benefits from the fact that we generally collect cash from sales to customers the same day or, in the case of credit or debit card transactions, within days from the related sale.
  • 18486583_353
    Financial - Income
    A favorable tax settlement would be recognized as a reduction in our effective income tax rate in the period of resolution.
  • 18486583_119
    Financial - Expense
    Depreciation expense included in store expenses relates to depreciation for assets directly used at the stores, including depreciation on capitalized real estate leases, land improvements, leasehold improvements, fixtures and equipment and computer hardware and software.
  • 18486583_125
    Financial - Expense
    Depreciation expense included in administrative expenses relates to depreciation for assets directly used at the home office including depreciation on land improvements, leasehold improvements, fixtures and equipment and computer hardware and software.
  • 18486583_312
    Financial - Expense
    Additionally, the amendments in this ASU provide a practical expedient for entities to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less, The Company plans to elect this practical expedient upon adoption.
  • 18486583_375
    Financial - Expense
    If the lease is classified as an operating lease, it is not recognized on our consolidated balance sheet, and rent expense, including rent holidays and escalating payment terms, is recognized on a straight-line basis over the expected lease term.
  • 18486583_177
    Financial - Earnings
    Additionally, product margin as a percentage of sales during fiscal year 2017 decreased slightly due to our promotional pricing campaigns and, to a lesser extent, a shift to lower margin products.
  • 18486583_77
    Financial - Earnings
    We believe there are opportunities for us to continue to expand our store base, expand profitability and increase comparable store sales.
  • 18486583_214
    Other - Other
    Our competitors may define EBITDA and Adjusted EBITDA differently, and as a result, our measure of EBITDA and Adjusted EBITDA may not be directly comparable to those of other companies.
  • 18486583_59
    Revenue - Product
    Additionally, negative publicity regarding the safety of dietary supplements, product recalls or new or upgraded regulatory standards may adversely affect demand for the products we sell and could result in lower consumer traffic, sales and results of operations.
  • 18486583_354
    Other - Other
    Goodwill and Intangible Assets We assess our goodwill and intangible assets primarily consisting of trademarks, favorable operating leases and covenants-not-to-compete at least annually.
  • 18486583_155
    Financial - Expense
    The increase in administrative expenses was due primarily to compensation, legal, and software-related expenses.
  • 18486583_31
    Other - Other
    Adjusted EBITDA was $45.1 million in the year ended September 30, 2018, an increase of $1.5 million, or 3.3%, compared to Adjusted EBITDA of $43.6 million for the year ended September 30, 2017.
  • 18486583_209
    Financial - Expense
    We believe EBITDA and Adjusted EBITDA provide additional information about: (i) our operating performance, because they assist us in comparing the operating performance of our stores on a consistent basis, as they remove the impact of non-cash depreciation and amortization expense as well as items not directly resulting from our core operations such as interest expense and income taxes and (ii) our performance and the effectiveness of our operational strategies.
  • 18486583_222
    Financial - Shares / Equity
    On May 4, 2016, our Board authorized a two-year share repurchase program pursuant to which the Company may expend up to $10.0 million to repurchase shares of the Company?s common stock.
  • 18486583_202
    Revenue - Product
    The stores with leases that are classified as capital and financing lease obligations, rather than being reflected as operating leases, increased EBITDA as a percentage of sales for the years ended September 30, 2018 and 2017 by approximately 55 basis points in each period, due to the impact on cost of goods sold and occupancy costs as discussed above, as well as occupancy costs that would have been included in pre-opening expenses prior to the stores? opening date if these leases had been accounted for as operating leases.
  • 18486583_208
    Other - Other
    Management believes that some investors? understanding of our performance is enhanced by including EBITDA and Adjusted EBITDA, each of which is a non-GAAP financial measure.
  • 18486583_141
    Revenue - Product
    The daily average comparable store sales increase in fiscal year 2018 resulted from a 1.4% increase in average transaction size and a 4.4% increase in daily average transaction count.
  • 18486583_213
    Financial - Earnings
    By providing these non-GAAP financial measures, together with a reconciliation from net income, we believe we are enhancing analysts? and investors? understanding of our business and our results of operations, as well as assisting analysts and investors in evaluating how well we are executing our strategic initiatives.
  • 18486583_184
    Financial - Expense
    The increase in administrative expenses was due to increased public company costs related to compliance with the requirements of Sarbanes-Oxley and increased technology and communication costs.
  • 18486583_149
    Financial - Expense
    Store expenses Store expenses increased $12.4 million, or 7.1%, to $186.7 million in the year ended September 30, 2018 from $174.4 million in the year ended September 30, 2017.
  • 18486583_180
    Financial - Expense
    Store expenses Store expenses increased $18.2 million, or 11.6%, to $174.4 million in the year ended September 30, 2017 from $156.2 million in the year ended September 30, 2016.
  • 18486583_79
    Financial - Expense
    As we continue to expand our store base, we believe there are opportunities for increased leverage in costs, such as administrative expenses, as well as increased economies of scale in sourcing products.
  • 18486583_211
    Other - Other
    Furthermore, management believes some investors use EBITDA and Adjusted EBITDA as supplemental measures to evaluate the overall operating performance of companies in our industry.
  • 18486583_153
    Financial - Expense
    Administrative expenses Administrative expenses increased $1.4 million, or 7.1%, to $21.5 million for the year ended September 30, 2018 compared to $20.1 million for the year ended September 30, 2017.
  • 18486583_183
    Financial - Expense
    Administrative expenses Administrative expenses increased $0.8 million, or 4.4%, to $20.1 million for the year ended September 30, 2017 compared to $19.2 million for the year ended September 30, 2016.
  • 18486583_200
    Financial - Earnings
    The following table reconciles net income to EBITDA and Adjusted EBITDA, dollars in thousands: EBITDA increased 2.0% to $44.5 million in the year ended September 30, 2018 compared to $43.6 million in the year ended September 30, 2017.
  • 18486583_136
    Other - Other
    Substantially all the provisions of the Tax Reform Act are effective for taxable years beginning after December 31, 2017.
  • 18486583_69
    Revenue - Product
    We believe there are several key factors that have contributed to our success and will enable us to increase our comparable store sales and continue to profitably expand.
  • 18486583_19
    Revenue - Product
    Key highlights of our recent performance are discussed briefly below and are discussed in further detail throughout this MD&A.; Key financial metrics, including, but not limited to, comparable store sales, daily average comparable store sales, mature store sales and daily average mature store sales are defined under the caption "Key Financial Metrics in Our Business," presented later in this MD&A.; ? Comparable store sales and daily average comparable store sales.
  • 18486583_145
    Financial - Earnings
    Gross margin decreased to 26.6% for the year ended September 30, 2018 from 27.6% for the year ended September 30, 2017.
  • 18486583_174
    Financial - Earnings
    Gross margin decreased to 27.6% for the year ended September 30, 2017 from 28.6% for the year ended September 30, 2016.
  • 18486583_159
    Financial - Expense
    The numbers of stores opened and relocated were as follows for the periods presented: Interest expense, net Interest expense, net of capitalized interest, increased $0.8 million, or 20.2%, in the year ended September 30, 2018 compared to the year ended September 30, 2017.
  • 18486583_385
    Financial - Expense
    The incremental borrowing rate is used as a factor in determining the present value of the minimum lease payments which is then used in determining whether the lease is accounted for as an operating lease or capital lease, as well as for allocating our rental payments on capital leases between interest expense and a reduction of the outstanding obligation.
  • 18486583_324
    Other - Other
    The effective date and transition requirements for ASU 2016-08, ASU 2016-12 and ASU 2016-20 are the same as for ASU 2014-09.
  • 18486583_191
    Financial - Income
    Income taxes Provision for income taxes decreased $2.5 million, or 41.8%, in the year ended September 30, 2017 compared to the year ended September 30, 2016, primarily due to a $7.0 million decrease in income before income taxes and a decrease in the estimated annual tax rate in the year ended September 30, 2017.
  • 18486583_233
    Other - Other
    Net cash provided by operating activities increased $2.0 million, or 4.9%, to $42.9 million in the year ended September 30, 2018, from $40.8 million in the year ended September 30, 2017.
  • 18486583_236
    Other - Other
    Net cash provided by operating activities increased $12.0 million, or 41.7%, to $40.8 million in the year ended September 30, 2017, from $28.8 million in the year ended September 30, 2016.
  • 18486583_216
    Financial - Earnings
    EBITDA and Adjusted EBITDA are supplemental measures of operating performance that do not represent, and should not be considered in isolation or as an alternative to, or substitute for, net income or other financial statement data presented in the consolidated financial statements as indicators of financial performance.
  • 18486583_316
    Revenue - Product
    Further to ASU 2014-09 and ASU 2015-14, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers," Topic 606, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" (ASU 2016-08) in March 2016, ASU 2016-12, "Revenue from Contracts with Customers," Topic 606, "Narrow-Scope Improvements and Practical Expedients" (ASU 2016-12) in May 2016 and ASU 2016-20, "Revenue from Contracts with Customers," Topic 606, "Technical Corrections and Improvements" (ASU 2016-20) in December 2016.
  • 18486583_157
    Financial - Expense
    The decrease in pre-opening and relocation expenses was primarily due to the impact of the number and timing of new store openings and relocations.
  • 18486583_187
    Financial - Expense
    The decrease in pre-opening and relocation expenses was primarily due to the impact of the number and timing of new store openings and relocations.
  • 18486583_44
    Revenue - Product
    The grocery industry and our sales are affected by general economic conditions, including, but not limited to, consumer spending, the level of disposable consumer income, consumer debt, interest rates, the price of commodities, the political environment and consumer confidence.
  • 18486583_318
    Other - Other
    ASU 2016-12 addresses narrow-scope improvements to the guidance on collectability, non-cash consideration, and completed contracts at transition.
  • 18486583_277
    Other - Other
    The Company adopted the amendments of ASU 2015-11 effective October 1, 2017.
  • 18486583_283
    Other - Other
    The Company adopted the amendments of ASU 2016-09 effective October 1, 2017.
  • 18486583_299
    Other - Other
    The provisions of ASU 2016-02 are effective for the Company?s first quarter of the fiscal year ending September 30, 2020, with early adoption permitted.
  • 18486583_332
    Other - Other
    The provisions of ASU 2018-07 are effective for the Company?s first quarter of the fiscal year ending September 30, 2020, with early adoption permitted.
  • 18486583_14
    Other - Other
    Over the last five fiscal years, our store base has grown at a compound annual growth rate of 15.5%, including eight, 14 and 23 new stores in fiscal years 2018, 2017 and 2016, respectively.
  • 18486583_144
    Financial - Earnings
    Gross profit Gross profit increased $13.2 million, or 6.2%, to $225.6 million for the year ended September 30, 2018 compared to $212.3 million for the year ended September 30, 2017, primarily driven by an increase in the number of comparable stores.
  • 18486583_173
    Financial - Earnings
    Gross profit Gross profit increased $10.6 million, or 5.2%, to $212.3 million for the year ended September 30, 2017 compared to $201.8 million for the year ended September 30, 2016, primarily driven by an increase in the number of comparable stores.
  • 18486583_172
    Revenue - Product
    Daily average mature store sales decreased 1.6% for the year ended September 30, 2017 compared to a decrease of 1.0% for the year ended September 30, 2016.
  • 18486583_140
    Revenue - Product
    Daily average comparable store sales increased 5.8% for the year ended September 30, 2018 compared to an increase of 0.1% for the year ended September 30, 2017.
  • 18486583_169
    Revenue - Product
    Daily average comparable store sales increased 0.1% for the year ended September 30, 2017 compared to an increase of 1.4% for the year ended September 30, 2016.
  • 18486583_84
    Revenue - Product
    The key measures are as follows: Net sales Our net sales are comprised of gross sales net of discounts, in-house coupons, returns and allowances.
  • 18486583_276
    Other - Other
    ASU 2015-11 is effective for fiscal years beginning after December 15, 2016 and interim periods within those years.
  • 18486583_313
    Revenue - Product
    In July 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers - Deferral of the Effective Date."
  • 18486583_265
    Other - Other
    As of each of September 30, 2018 and September 30, 2017, we had undrawn, issued and outstanding letters of credit of $1.0 million, which were reserved against the amount available for borrowing under the terms of the Credit Facility.
  • 18486583_37
    Other - Other
    As of September 30, 2018, the Company had outstanding letters of credit of $1.0 million, which amount was reserved against the amount available for borrowing under the terms of our Credit Facility.
  • 18486583_352
    Financial - Income
    An unfavorable tax settlement would require the use of our cash and would result in an increase in our effective income tax rate in the period of resolution.
  • 18486583_227
    Financial - Shares / Equity
    We expect funding of share repurchases will come from operating cash flow, excess cash and/or borrowings under the Credit Facility.
  • 18486583_364
    Other - Other
    Our judgment regarding events or changes in circumstances that indicate an asset?s carrying value may not be recoverable is based on several factors such as historical and forecasted operating results, significant industry trends and other economic factors.
  • 18486583_203
    Other - Other
    Adjusted EBITDA increased 3.3% to $45.1 million in the year ended September 30, 2018 compared to $43.6 million in the year ended September 30, 2017.
  • 18486583_288
    Financial - Shares / Equity
    ASU 2016-09 requires excess tax benefits and deficiencies to be prospectively excluded from assumed future proceeds in the calculation of diluted shares, resulting in an immaterial decrease in diluted weighted average shares outstanding for the year ended September 30, 2018.
  • 18486583_363
    Financial - Cash Flow
    If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent the carrying value exceeds its fair value.
  • 18486583_293
    Other - Other
    Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017, and the ASU is effective for the Company?s first quarter of the fiscal year ending September 30, 2020.
  • 18486583_315
    Other - Other
    The guidance in ASU 2014-09 will be effective for the Company in the first quarter of the fiscal year ending September 30, 2019.
  • 18486583_212
    Other - Other
    Management believes that some investors? understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.
  • 18486583_239
    Other - Other
    Net cash used in investing activities decreased $15.0 million, or 38.8%, to $23.5 million in the year ended September 30, 2018 compared to $38.5 million in the year ended September 30, 2017.
  • 18486583_245
    Other - Other
    Net cash used in investing activities decreased $15.2 million, or 28.4%, to $38.5 million in the year ended September 30, 2017 compared to $53.7 million in the year ended September 30, 2016.
  • 18486583_20
    Revenue - Product
    Comparable store sales and daily average comparable store sales for the year ended September 30, 2018 each increased 5.8% from the year ended September 30, 2017.
  • 18486583_22
    Revenue - Product
    Mature store sales and daily average mature store sales for the year ended September 30, 2018 each increased 3.0% from the year ended September 30, 2017.
  • 18486583_107
    Financial - Expense
    Cost of goods sold and occupancy costs Our cost of goods sold and occupancy costs include the cost of inventory sold during the period (net of discounts and allowances), shipping and handling costs, distribution and supply chain costs (including the costs of our bulk food repackaging facility), buying costs, shrink expense and store occupancy costs.
  • 18486583_182
    Financial - Expense
    The increase in store expenses as a percentage of sales in fiscal year 2017 was primarily due to increases in labor-related expenses, depreciation, utilities and other store expenses.
  • 18486583_189
    Financial - Expense
    The numbers of stores opened, relocated and remodeled were as follows for the periods presented: Interest expense, net Interest expense, net of capitalized interest, increased $0.7 million, or 24.6%, in the year ended September 30, 2017 compared to the year ended September 30, 2016, primarily due to higher average borrowings under our Credit Facility and an increase in the number of capital leases during the year ended September 30, 2017.
  • 18486583_190
    Financial - Expense
    If our capital and financing lease obligations had qualified as operating leases, interest expense as a percent of sales would have been approximately 45 and 50 basis points lower than as reported in each of the years ended September 30, 2017 and 2016, respectively.
  • 18486583_314
    Revenue - Product
    The FASB approved the deferral of ASU 2014-09, by extending the new revenue recognition standard?s mandatory effective date by one year and permitting public companies to apply the new revenue standard to annual reporting periods beginning after December 15, 2017.
  • 18486583_230
    Other - Other
    We believe that cash and cash equivalents, together with the cash generated from operations and the borrowing availability under our Credit Facility will be sufficient to meet our working capital needs and planned capital expenditures, including capital expenditures related to new store needs for at least the next twelve months.
  • 18486583_117
    Financial - Earnings
    Gross margin is impacted by changes in retail prices, product costs, occupancy costs and the mix of products sold, as well as the rate at which we open new stores.
  • 18486583_76
    Other - Other
    The new website features more advanced ecommerce capabilities, enhanced product and recipe search interfaces and improved functionality with mobile and tablet devices.
  • 18486583_263
    Financial - Dividend
    Additionally, the Credit Facility prohibits the payment of cash dividends, except that so long as no default exists or would arise as a result thereof, the operating company may pay cash dividends to the holding company for various audit, accounting, tax, securities, indemnification, reimbursement, insurance and other reasonable expenses incurred in the ordinary course of business, and for repurchases of shares of common stock in an amount not to exceed $10.0 million.
  • 18486583_235
    Other - Other
    Our working capital requirements for inventory will likely increase as we continue to open new stores.
  • 18486583_36
    Other - Other
    As of September 30, 2018, $13.2 million was outstanding and $35.8 million was available for borrowing under our $50.0 million Credit Facility.
  • 18486583_73
    Other - Other
    During the past few years, we have enhanced our infrastructure to enable us to support our continued growth.
  • 18486583_207
    Revenue - Product
    The stores with leases that are classified as capital and financing lease obligations, rather than being reflected as operating leases, increased EBITDA and Adjusted EBITDA as a percentage of sales by approximately 55 basis points for each of the years ended September 30, 2017 and 2016 due to the impact on cost of goods sold and occupancy costs as discussed above, as well as occupancy costs that would have been included in pre-opening expenses prior to the stores? opening date if these leases had been accounted for as operating leases.
  • 18486583_161
    Financial - Expense
    If our capital and financing lease obligations had qualified as operating leases, interest expense as a percentage of sales for the years ended September 30, 2018 and 2017 would have been approximately 45 basis points lower during each period.
  • 18486583_369
    Other - Other
    Additionally, related liabilities arise, such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets.
  • 18486583_50
    Financial - Earnings
    The length of time it takes for a new store to become profitable can vary depending on a number of factors, including location, competition, a new market versus an existing market, the strength of store management and general economic conditions.
  • 18486583_300
    Other - Other
    The Company will apply the transition provisions of ASU 2016-02 at its adoption date, rather than the earliest comparative period presented in the financial statements, as permitted by ASU 2018-11, "Leases," Topic 842, "Targeted Improvements," released in July 2018.
  • 18486583_282
    Financial - Income
    ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies in income tax expense, rather than paid-in-capital.
  • 18486583_156
    Financial - Expense
    Pre-opening and relocation expenses Pre-opening and relocation expenses decreased $1.5 million, or 40.2%, to $2.3 million for the year ended September 30, 2018 compared to $3.8 million for the year ended September 30, 2017.
  • 18486583_186
    Financial - Expense
    Pre-opening and relocation expenses Pre-opening and relocation expenses decreased $2.2 million, or 36.6%, to $3.8 million for the year ended September 30, 2017 compared to $6.0 million for the year ended September 30, 2016.
  • 18486583_108
    Financial - Expense
    Store occupancy costs include rent, common area maintenance and real estate taxes.
  • 18486583_74
    Other - Other
    In addition, in recent years we believe we have enhanced customer loyalty and increased customer engagement by expanding our digital and social media presence and further developing the {N}power customer loyalty program.
  • 18486583_81
    Financial - Expense
    In addition, our ability to leverage costs may be limited due to the fixed nature of our rent obligations and related occupancy expenses.

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001437749-18-021661
  • Submitted to the SEC: Thursday, December 6, 2018 3:16:12 PM EST
  • Accepted by the SEC: Thursday, December 6, 2018
  • Fiscal Year ending: September 2018
  • Industry: Retail Grocery Stores