"We generated another quarter of very strong results with daily average comparable store sales increasing 15.5% and net sales increasing 18.1%, which continues to reflect the ongoing impact of the COVID-19 pandemic and government mandates, and the related growth of eating at home,” said Kemper Isely, Co-President, in the press release. “We are pleased that our loyal customers continue to have confidence that we are there to support them, ensure their safety within our stores with robust safety measures and provide the highest quality, healthy foods at always affordable prices.”
Highlights for the third quarter FY 2020 compared to third quarter FY 2019:
- Net sales increased 18.1% to $265.1 million;
- Daily average comparable store sales increased 15.5%;
- Operating income increased 74.3% to $6.7 million;
- Net income increased 134.8% to $4.7 million with diluted earnings per share of $0.21;
- EBITDA increased 32.2% to $14.6 million;
- Opened two new stores, resulting in a 4.6% new store growth rate for the twelve-month period ended June 30, 2020; and
- The Board of Directors has declared a quarterly dividend of $0.07 per common share.
Related: Natural Grocers Celebrates 65 Years with 3-Day Event Shop Local, Shop Online UNFI Announces Third Quarter Results
The press release notes that the frequency of shopping trips was reduced due to social distancing practices, but basket size overall increased per shopping trip. The company also used marketing initiatives and promotional pricing, and saw increased usage of the {N}power customer loyalty program, all of which led to a comparable store sales increase of $34.7 million.Store expenses increased 21% in the third quarter, due to increased labor related expenses.
"We are truly appreciative of the incredible ongoing commitment of our good4u Crew members to serve the needs of our communities and customers,” Isely continued. “As we continue to operate in a new environment, we are leveraging our 65-year history of exceptional service and commitment to natural and organic products, which is evident in the strong consumer demand. Our priorities are the safety of our crew and customers, providing the highest quality products that meet our strict standards and giving back to our communities. I am proud of the organization's ability to respond to a multitude of challenges, including evolving safety measures, supply chain effectiveness and supporting our customers during these unprecedented times."
The full results can be foundhere.
