Natural Grocers Files 2024 10-K

TL;DR

NGVC filed its 2024 10-K. Check financials for FY ending 9/30/24.

AI Summary

Natural Grocers by Vitamin Cottage, Inc. filed its 2024 10-K report on December 12, 2024, detailing its operations for the fiscal year ending September 30, 2024. The company, operating grocery stores, is incorporated in Delaware and headquartered in Lakewood, Colorado. The filing covers financial performance and business operations for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Natural Grocers' financial health and operational performance for the fiscal year 2024, including key financial metrics and risk factors.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks beyond normal business operations.

Key Players & Entities

• Natural Grocers by Vitamin Cottage, Inc. (company) — Filer of the 10-K report
• 2024-09-30 (date) — Fiscal year end date
• 2024-12-12 (date) — Filing date of the 10-K
• Lakewood, Colorado (location) — Company headquarters

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value NGVC New York Stock Excha

Filing Documents

• ngvc20240930_10k.htm (10-K) — 1847KB
• ex_754578.htm (EX-19.1) — 68KB
• ex_754579.htm (EX-23.1) — 2KB
• ex_754580.htm (EX-31.1) — 13KB
• ex_754581.htm (EX-31.2) — 13KB
• ex_754584.htm (EX-31.3) — 13KB
• ex_754582.htm (EX-32.1) — 10KB
• logo.jpg (GRAPHIC) — 15KB
• natgroclogo.jpg (GRAPHIC) — 9KB
• ngvva.jpg (GRAPHIC) — 70KB
• salesmix.jpg (GRAPHIC) — 24KB
• storelocations.jpg (GRAPHIC) — 74KB
• 0001437749-24-037351.txt ( ) — 9206KB
• ngvc-20240930.xsd (EX-101.SCH) — 82KB
• ngvc-20240930_def.xml (EX-101.DEF) — 523KB
• ngvc-20240930_lab.xml (EX-101.LAB) — 474KB
• ngvc-20240930_pre.xml (EX-101.PRE) — 570KB
• ngvc-20240930_cal.xml (EX-101.CAL) — 81KB
• ngvc20240930_10k_htm.xml (XML) — 1233KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 38 Item 1C Cybersecurity 38 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. Reserved 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 81 Item 9A.

Controls and Procedures

Controls and Procedures 81 Item 9B. Other Information 81 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 PART III Item 10. Directors, Executive Officers and Corporate Governance 82 Item 11.

Executive Compensation

Executive Compensation 82 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accounting Fees and Services 82 PART IV Item 15. Exhibits and Financial Statement Schedules 83 Item 16. Form 10-K Summary 86

SIGNATURES

SIGNATURES 87 i Table of Contents Except where the context otherwise requires or where otherwise indicated: (i) all references herein to we, '' us, '' our, '' Natural Grocers '' and the " Company '' refer collectively to Natural Grocers by Vitamin Cottage, Inc. and its consolidated subsidiaries and (ii) all references to " fiscal year " refer to a year beginning on October 1 of the previous year and ending on September 30 of such year (for example " fiscal year 2024 " refers to the year from October 1, 2023 to September 30, 2024).

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this Form 10-K) includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 in addition to historical information. These forward-looking statements are included throughout this Form 10-K, including in the sections entitled "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." All statements that are not statements of historical fact, including those that relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, future growth, pending legal proceedings and other financial and operating information, are forward looking statements. We may use the words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "target" and similar terms and phrases to identify forward-looking statements in this Form 10-K. The forward-looking statements contained in this Form 10-K are based on management's current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, national, regional or local political, economic, inflationary, deflationary, recessionary, business, interest rate, labor market, competitive, market, regulatory and other factors, many of which are beyond our control. We believe that these factors include those described in "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements.

Business

Item 1. Business. General Natural Grocers is an expanding specialty retailer of natural and organic groceries and dietary supplements. We focus on providing high-quality products at affordable prices, exceptional customer service, nutrition education and community outreach. We strive to generate long-term relationships with our customers based on transparency and trust by: selling only natural and organic groceries, body care products and dietary supplements that meet our strict quality guidelines - we do not approve for sale grocery products that are known to contain artificial flavors, preservatives or sweeteners, synthetic colors, or partially hydrogenated or hydrogenated oils; utilizing an efficient and flexible smaller-store format to offer affordable prices and a convenient, clean and shopper-friendly retail environment; enhancing our customers' shopping experience by providing free science-based nutrition education to help our customers make well-informed health and nutrition choices; and incorporating principles of ecological sustainability into our product standards and Company practices. 1 Table of Contents Our History and Founding Principles Our founders, Margaret and Philip Isely, were early proponents of the connection between health and the use of natural and organic products and dietary supplements. In the mid-1950's, Margaret transformed her health and the health of her family by applying concepts and principles she learned from books on nutrition. This inspired the Iselys to provide the same type of nutrition education to their community. The Iselys started by lending books on nutrition and providing samples of whole grain bread door-to-door in Golden, Colorado and subsequently concluded they could develop a viable business that would also improve their customers' wellbeing. Over time, they fostered relationships through nutrition education and began taking orders for dietary supplements, whole grain bread and unprocessed foods. As the

View Full Filing

View this 10-K filing on SEC EDGAR