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Natural Grocers by Vitamin Cottage (NGVC), the Lakewood, Colo.-based retailer that specializes in organic and natural foods, reported a 10.4 percent jump in comparable store sales for the third fiscal quarter, along with a 30 percent increase in net sales.
"Our solid financial results this quarter reflect the continued strength of our business model, bolstered by our commitment to our five founding principles," said Kemper Isely, NGVC co-president. "With our strong comparable sales growth and a disciplined approach to managing expenses, we remain confident in our strategy and our ability to grow our store base while expanding both the top and bottom line."
Net sales increased 30.5 percent to $113.2 million in the third quarter, and rose 28 percent to $315.5 million year to date. Daily average comparable store sales climbed 10.4 percent in the third quarter and increased 11.2 percent year to date.
Net income attributable to NGVC increased 31.1 percent to $2.9 million with diluted earnings per share of $0.13 in the third quarter, and increased 46.7 percent to $8.3 million with diluted earnings per share of $0.37 year to date.
The retailer said it saw a significant lift in sales from the three new stores it opened during the third quarter. Those new units bring its total store count to 68 stores located in 13 states. Since the end of the third fiscal quarter, the company has opened two stores in Omaha, Neb., and Beaverton, Ore.
Meanwhile, NGVC has signed leases to open two additional stores in the remainder of fiscal 2013, and plans to complete the remodel of two existing stores and relocate one existing store. The company has signed leases for 11 stores planned to open in fiscal 2014.