Lakewood, CO—Natural Grocers by Vitamin Cottage announced results for its first quarter of fiscal 2019, which ended December 31, 2018, in apress release.

All statistics are in comparison to the first quarter of fiscal 2018:
  • Net sales increased 9.4% to $221.5 million
  • Daily average comparable store sales increased 5.5%
  • Operating income increased 84% to $4 million, and operating margin increased 70 basis points
  • Net income decreased 57.6% to $2.2 million with diluted earnings per share of $0.10
  • EBITDA increased 17.8% to $11.3 million
The release noted that the decline in net income reflects the impact of a $4.3 million non-cash remeasurement of the company’s deferred income tax assets and liabilities during the first quarter of fiscal 2018.

The release also noted that, over the course of the first quarter of fiscal 2019, Natural Grocers opened four new stores, relocated one store, and closed one store, resulting in a 6.3 unit growth rate for calendar year 2018.

Kemper Isely, co-president, said in the release, “We are pleased to report a strong start to fiscal 2019, delivering continued comparable store sales growth along with an improved gross margin and operating margin during the first quarter. We remain focused on driving sales growth.” He pointed out that, excluding the remeasurement of the company’s deferred income tax assets and liabilities, net income and earnings per share would have more than doubled during this quarter.