v3.25.2

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Net sales	$ 328,705	$ 309,082	$ 994,695	$ 918,924
Cost of goods sold and occupancy costs	230,426	218,751	695,844	649,476
Gross profit	98,279	90,331	298,851	269,448
Store expenses	71,719	67,575	218,000	204,791
Administrative expenses	10,949	9,545	33,486	28,474
Pre-opening expenses	24	364	877	1,272
Operating income	15,587	12,847	46,488	34,911
Interest expense, net	(694)	(1,052)	(2,367)	(3,123)
Income before income taxes	14,893	11,795	44,121	31,788
Provision for income taxes	(3,288)	(2,586)	(9,477)	(6,863)
Net income	$ 11,605	$ 9,209	$ 34,644	$ 24,925
Net income per share of common stock:
Basic (in dollars per share)	$ 0.51	$ 0.4	$ 1.51	$ 1.09
Diluted (in dollars per share)	$ 0.5	$ 0.4	$ 1.49	$ 1.08
Weighted average number of shares of common stock outstanding:
Basic (in shares)	22,951,339	22,789,057	22,930,084	22,766,516
Diluted (in shares)	23,311,935	23,115,356	23,247,316	23,052,044

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 and store occupancy costs. Store occupancy costs include rent payments, common area maintenance and real estate taxes. Depreciation expense included in cost of goods sold relates to depreciation for assets directly used at our bulk food repackaging facility.

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Natural Grocers by Vitamin Cottage, Inc. 10-Q