Natural Grocers by Vitamin Cottage, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2013; Provides Earnings Guidance for the Full Year of Fiscal 2014
January 31, 2014 at 02:35 am IST
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Natural Grocers by Vitamin Cottage, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2013. During the first quarter of fiscal year 2014, net sales increased $24.8 million, or 25.8% over the same period in fiscal year 2013 to $120.6 million due to a $14.6 million increase in sales from new stores and a $10.2 million, or 10.6%, increase in comparable store sales. Net income increased 31.6% to $2.9 million compared to the same period in fiscal year 2013 with diluted earnings per share of $0.13 in the first quarter of fiscal year 2014. EBITDA increased $2.6 million, or 38.1%, to $9.4 million, or 7.8% of sales, for the first quarter of fiscal year 2014 compared to the same period in fiscal year 2013. During the first quarter of fiscal year 2014, the company generated $5.3 million in cash from operations and invested $7.7 million in capital expenditures primarily for new stores. Operating income was $5.430 million against $3.789 million a year ago. Income before income taxes was $4.724 million against $3.536 million a year ago. Net cash provided by operating activities was $5.310 million against $2.340 million a year ago. Acquisition of property and equipment was $7.684 million against $8.825 million a year ago.
The company provided earnings guidance for the full year of fiscal 2014. For the period, the company expects diluted earnings per share to be in the range of $0.58 to $0.63 and capital expenditures were $35 million to $37 million.
Natural Grocers by Vitamin Cottage, Inc. is a specialty retailer of natural and organic groceries, body care products, and dietary supplements. In the Company's grocery departments, it only sells United States Department of Agriculture certified organic produce and does not approve for sale grocery products that contain artificial colors, flavors, preservatives or sweeteners or partially hydrogenated or hydrogenated oils. Its grocery product categories include Natural Grocers brand products; dry, frozen and canned groceries; meats and seafood; dairy products, and dairy substitutes and eggs. It sells a wide selection of private label repackaged bulk products. Its dietary supplement department sells name-brand supplements and a line of Natural Grocers brand private label dietary supplements. It offers different formulations and potencies for each type of product. It offers natural pet care and food products, and household and general merchandise. It has around 167 stores in 21 states.
Natural Grocers by Vitamin Cottage, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2013; Provides Earnings Guidance for the Full Year of Fiscal 2014