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Natural Grocers by Vitamin Cottage Inc.’s net sales increased 25.4 percent to $106.5 million in the second quarter and increased 26.6 percent to $202.3 million in the first half of fiscal 2013.
Daily average comparable store sales increased 10.6 percent in the second quarter and increased 11.6 percent in the first half of fiscal 2013, according to the Lakewood, Colo.-based natural food retailer’s second quarter earnings report released May 9.
"We are pleased to announce our results this quarter with continued strength in both sales and earnings growth while remaining focused on our five founding principles," stated Kemper Isely, co-president of Natural Grocers by Vitamin Cottage.
The 10.6 percent increase in store comps was driven equally by increases in daily average transaction count and average transaction size. Daily average mature store sales – stores that have been opened since 2008 -- increased 5.8 percent in the second quarter.
Gross profit during the second quarter increased 23.9 percent over the same period in fiscal 2012 to $31.8 million. Gross margin decreased to 29.9 percent during the second quarter of fiscal 2013 from 30.2 percent in the second quarter of fiscal 2012, due to a shift in product mix toward products with slightly lower margins, partially offset by purchasing improvements. In addition, occupancy costs as a percentage of sales increased due to more expensive leases.
During the second quarter, the company opened four new stores, bringing the total store count to 65 stores located in 13 states.