Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 02, 2019 | Mar. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Natural Grocers by Vitamin Cottage, Inc. | ||
Entity Central Index Key | 0001547459 | ||
Trading Symbol | ngvc | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 22,475,718 | ||
Entity Public Float | $ 95,130,018 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 6,214,000 | $ 9,398,000 |
Accounts receivable, net | 5,059,000 | 4,738,000 |
Merchandise inventory | 96,179,000 | 94,228,000 |
Prepaid expenses and other current assets | 7,728,000 | 2,590,000 |
Total current assets | 115,180,000 | 110,954,000 |
Property and equipment, net | 201,635,000 | 188,768,000 |
Other assets: | ||
Deposits and other assets | 1,638,000 | 1,682,000 |
Goodwill and other intangible assets, net | 8,644,000 | 5,648,000 |
Deferred financing costs, net | 17,000 | 31,000 |
Total other assets | 10,299,000 | 7,361,000 |
Total assets | 327,114,000 | 307,083,000 |
Current liabilities: | ||
Accounts payable | 63,162,000 | 61,104,000 |
Accrued expenses | 19,061,000 | 17,851,000 |
Capital and financing lease obligations, current portion | 1,045,000 | 736,000 |
Total current liabilities | 83,268,000 | 79,691,000 |
Long-term liabilities: | ||
Capital and financing lease obligations, net of current portion | 51,475,000 | 40,406,000 |
Revolving credit facility | 5,692,000 | 13,192,000 |
Deferred income tax liabilities, net | 10,420,000 | 6,447,000 |
Deferred compensation | 688,000 | |
Deferred rent | 11,393,000 | 11,038,000 |
Leasehold incentives | 7,960,000 | 8,895,000 |
Total long-term liabilities | 86,940,000 | 80,666,000 |
Total liabilities | 170,208,000 | 160,357,000 |
Commitments (Notes 11 and 18) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value. 50,000,000 shares authorized, 22,510,279 shares issued at 2019 and 2018, and 22,463,057 and 22,373,382 outstanding at 2019 and 2018, respectively | 23,000 | 23,000 |
Additional paid-in capital | 56,319,000 | 56,236,000 |
Retained earnings | 100,923,000 | 91,507,000 |
Common stock in treasury at cost, 47,222 and 136,897 shares at 2019 and 2018, respectively | (359,000) | (1,040,000) |
Total stockholders’ equity | 156,906,000 | 146,726,000 |
Total liabilities and stockholders’ equity | $ 327,114,000 | $ 307,083,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 22,510,279 | 22,510,279 |
Common stock, shares outstanding (in shares) | 22,463,057 | 22,373,382 |
Treasury stock, shares (in shares) | 47,222 | 136,897 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 903,582 | $ 849,042 | $ 769,030 |
Cost of goods sold and occupancy costs | 664,829 | 623,469 | 556,694 |
Gross profit | 238,753 | 225,573 | 212,336 |
Store expenses | 197,792 | 186,741 | 174,350 |
Administrative expenses | 22,837 | 21,506 | 20,089 |
Pre-opening and relocation expenses | 1,358 | 2,273 | 3,799 |
Operating income | 16,766 | 15,053 | 14,098 |
Interest expense, net | (4,952) | (4,560) | (3,793) |
Income before income taxes | 11,814 | 10,493 | 10,305 |
(Provision for) benefit from income taxes | (2,398) | 2,168 | (3,414) |
Net income | $ 9,416 | $ 12,661 | $ 6,891 |
Net income per share of common stock: | |||
Basic (in dollars per share) | $ 0.42 | $ 0.57 | $ 0.31 |
Diluted (in dollars per share) | $ 0.42 | $ 0.56 | $ 0.31 |
Weighted average number of shares of common stock outstanding: | |||
Basic (in shares) | 22,424,328 | 22,361,898 | 22,453,409 |
Diluted (in shares) | 22,554,603 | 22,413,038 | 22,463,675 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Operating activities: | ||||
Net income | $ 9,416 | $ 12,661 | $ 6,891 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 28,977 | 29,430 | 29,511 | |
Impairment of long-lived assets and store closing costs | 380 | 585 | 0 | |
Gain on disposal of property and equipment | (131) | (21) | ||
Share-based compensation | 1,185 | 810 | 758 | |
Deferred income tax expense (benefit) | 3,973 | (5,972) | 241 | |
Non-cash interest expense | 13 | 12 | 12 | |
Changes in operating assets and liabilities | ||||
Accounts receivable, net | (315) | 145 | (1,100) | |
Income tax receivable | (5,174) | 943 | 732 | |
Merchandise inventory | (1,951) | (615) | (7,282) | |
Prepaid expenses and other assets | 42 | (390) | (1,049) | |
Accounts payable | 1,024 | 1,845 | 7,224 | |
Accrued expenses | 1,211 | 3,644 | 1,521 | |
Deferred compensation | (688) | (543) | 474 | |
Deferred rent and leasehold incentives | (580) | 308 | 2,937 | |
Net cash provided by operating activities | 37,382 | 42,863 | 40,849 | |
Investing activities: | ||||
Acquisition of property and equipment (1) | [1] | (30,030) | (23,687) | (41,139) |
Acquisition of other intangibles (1) | [1] | (2,703) | (30) | (92) |
Proceeds from sale of property and equipment | 836 | 34 | 2,732 | |
Proceeds from property insurance settlements | 32 | 140 | ||
Net cash used in investing activities | (31,865) | (23,543) | (38,499) | |
Financing activities: | ||||
Borrowings under credit facility | 405,900 | 376,000 | 291,765 | |
Repayments under credit facility | (413,400) | (391,200) | (290,800) | |
Repurchases of common stock | (581) | (261) | ||
Capital and financing lease obligations payments | (780) | (573) | (479) | |
Payments on withholding tax for restricted stock unit vesting | (421) | (89) | (71) | |
Net cash (used in) provided by financing activities | (8,701) | (16,443) | 154 | |
Net (decrease) increase in cash and cash equivalents | (3,184) | 2,877 | 2,504 | |
Cash and cash equivalents, beginning of year | 9,398 | 6,521 | 4,017 | |
Cash and cash equivalents, end of year | 6,214 | 9,398 | 6,521 | |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | 787 | 878 | 739 | |
Cash paid for interest on capital and financing lease obligations, net of capitalized interest of $268, $187 and $482, respectively | 4,148 | 3,611 | 2,972 | |
Income taxes paid | 4,734 | 1,958 | 2,656 | |
Deferred compensation paid | 700 | 700 | ||
Supplemental disclosures of non-cash investing and financing activities: | ||||
Acquisition of property and equipment not yet paid | 6,289 | 5,254 | 2,843 | |
Proceeds from sale of property and equipment not yet received | 6 | 23 | 12 | |
Property acquired through capital and capital financing lease obligations | $ 12,156 | $ 8,285 | $ 1,499 | |
[1] | Certain prior year amounts have been separated for consistency with current year presentation. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Capitalized interest | $ 268 | $ 187 | $ 482 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Sep. 30, 2016 | 22,452,609 | |||||
Balance at Sep. 30, 2016 | $ 23 | $ 55,437 | $ 71,955 | $ (690) | $ 126,725 | |
Net income | 6,891 | 6,891 | ||||
Share-based compensation (in shares) | 25,447 | |||||
Share-based compensation | 399 | 288 | 687 | |||
Tax benefit (shortfall) related to share-based compensation | (158) | (158) | ||||
Repurchase of common stock (in shares) | (30,000) | |||||
Repurchase of common stock | (262) | (262) | ||||
Balance (in shares) at Sep. 30, 2017 | 22,448,056 | |||||
Balance at Sep. 30, 2017 | 23 | 55,678 | 78,846 | (664) | 133,883 | |
Net income | 12,661 | 12,661 | ||||
Share-based compensation (in shares) | 26,899 | |||||
Share-based compensation | 516 | 205 | 721 | |||
Tax benefit (shortfall) related to share-based compensation | 42 | $ 42 | ||||
Repurchase of common stock (in shares) | (101,573) | (101,573) | ||||
Repurchase of common stock | (581) | $ (581) | ||||
Balance (in shares) at Sep. 30, 2018 | 22,373,382 | |||||
Balance at Sep. 30, 2018 | 23 | 56,236 | 91,507 | (1,040) | 146,726 | |
Net income | 9,416 | 9,416 | ||||
Share-based compensation (in shares) | 89,675 | |||||
Share-based compensation | 83 | 681 | $ 764 | |||
Repurchase of common stock (in shares) | ||||||
Repurchase of common stock | ||||||
Balance (in shares) at Sep. 30, 2019 | 22,463,057 | |||||
Balance at Sep. 30, 2019 | $ 23 | $ 56,319 | $ 100,923 | $ (359) | $ 156,906 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of Business Natural Grocers by Vitamin Cottage, Inc. (Natural Grocers or the holding company) and its consolidated subsidiaries (collectively, the Company) operate retail stores that specialize in natural and organic groceries and dietary supplements. The Company operates its retail stores under its trademark Natural Grocers by Vitamin Cottage 153 September 30, 2019, 39 25 13 12 eight six five four three two one 148 140 September 30, 2018 2017, |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Principles of Consolidation The accompanying consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to valuation of inventories, useful lives of long-lived assets for depreciation and amortization, impairment of finite-lived intangible, long-lived assets, and goodwill, lease assumptions, allowances for self-insurance reserves, deferred tax assets and liabilities and litigation based on currently available information. Changes in facts and circumstances may Segment Information The Company has one Cash and Cash Equivalents Cash and cash equivalents include currency on hand, demand deposits with banks, money market funds and credit and debit card transactions which typically settle within three 90 Accounts Receivable Accounts receivable consists primarily of receivables from vendors for certain promotional programs, magazine advertising and other miscellaneous receivables and are presented net of any allowances for doubtful accounts. Vendor receivable balances are generally presented on a gross basis separate from any related payable due. Allowance for doubtful accounts is calculated based on historical experience and application of the specific identification method. Allowance for doubtful accounts totaled $0.1 September 30, 2019 2018. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of investments in cash and cash equivalents. The Company’s cash and cash equivalent account balances, which are held in major financial institutions, exceeded the Federal Deposit Insurance Corporation’s federally insured limits by approximately $5.3 September 30, 2019. Vendor Concentration For the years ended September 30, 2019 2018, 65% 64%, Merchandise Inventory Merchandise inventory consists of goods held for sale. The cost of inventory includes certain costs associated with the preparation of inventory for sale, including inventory overhead costs. Merchandise inventory is carried at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. Long-Lived Assets Depreciable long-lived assets primarily consist of leasehold and building improvements, which are stated at historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the useful life of the relevant asset. For land improvements and leasehold and building improvements, depreciation is recorded over the shorter of the assets’ useful lives or the lease terms. Maintenance, repairs and renewals that neither add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains and losses on disposition of property and equipment are included in store expenses in the year of disposition, and primarily relate to store relocations. The Company capitalizes interest, if applicable, as part of the historical costs of buildings and leasehold and building improvements. Impairment of Finite-Lived Intangible and Long-Lived Assets Long-lived assets, such as property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not first not $0.4 $0.5 2019 2018, no 2017. Goodwill and Intangible Assets Intangible assets primarily consist of goodwill and trademarks. Goodwill and the Vitamin Cottage not The Company’s annual impairment testing of goodwill is performed as of July 1. first not not not two not not two first two September 30, 2019, no The Company capitalizes certain costs incurred with developing or obtaining internal-use software. Capitalized software costs are included in intangible assets in the consolidated balance sheets and are amortized over the estimated useful lives of the software. Software costs that do not Deferred Financing Costs Certain costs incurred with borrowings or establishment of credit facilities are deferred. These costs are amortized over the life of the credit facility using the straight-line method. Leases The Company leases retail stores, a bulk food repackaging facility and distribution center and administrative offices under long-term operating or capital or financing leases. These leases include scheduled increases in minimum rents and renewal provisions at the option of the Company. The lease term for accounting purposes commences with the date the Company takes possession of the space and ends on the later of the primary lease term or the expiration of any renewal periods that are deemed to be reasonably assured at the inception of the lease. Operating Leases The Company accounts for operating leases with rent holidays and escalating payment terms by recognizing the associated expense on a straight-line basis over the lease term, and the difference between the average rental amount charged to expense and amounts payable under the leases are included in deferred rent. For certain leases, the Company has also received cash from landlords to compensate for costs incurred by the Company in making the store locations ready for operation (leasehold incentives). Leasehold incentives received from a landlord are deferred and recognized on a straight-line basis as a reduction to rent expense over the lease term. Capital Financing Leases From time to time, the Company enters into leases with developers for build-to-suit store locations. Upon lease execution, the Company analyzes its involvement during the construction period. may not not Capital Leases Occasionally, the Company enters into leases that are deemed to be capital leases. For these leases, the Company capitalizes the lower of the present value of the minimum lease payments or the fair value of the leased asset at inception and records a corresponding capital lease obligation. The Company does not Self-Insurance The Company is self-insured for certain losses relating to employee medical and dental benefits and workers compensation. Stop-loss coverage has been purchased to limit exposure to any significant level of claims. Self-insured losses are accrued based upon the Company’s estimates of the aggregate claims incurred but not Revenue Recognition Revenue is recognized at the point of sale, net of in-house coupons, discounts and returns. Sales taxes are not Cost of Goods Sold and Occupancy Costs Cost of goods sold and occupancy costs includes the cost of inventory sold during the period net of discounts and allowances, as well as, distribution, shipping and handling costs, store occupancy costs and costs of the bulk food repackaging facility and distribution center. The amount shown is net of various rebates from third not Store Expenses Store expenses consist of store-level expenses such as salaries, benefits and share-based compensation, supplies, utilities, depreciation, gain or loss on disposal of assets, long-lived asset impairment charges, store closing costs and other related expenses associated with operations support. Store expenses also include purchasing support services and advertising and marketing costs. Administrative Expenses Administrative expenses consist of salaries, benefits and share-based compensation, occupancy costs, depreciation, office supplies, hardware and software expenses, professional services expenses and other general and administrative expenses. Pre-Opening and Relocation Expenses Costs associated with the opening of new stores or relocating existing stores are expensed as incurred. Advertising and Marketing Advertising and marketing costs are expensed as incurred and are included in store expenses and pre-opening and relocation expenses in the consolidated statements of income. Total advertising and marketing expenses for the years ended September 30, 2019, 2018 2017 $8.2 $8.2 $10.7 $4.6 $4.1 $3.2 September 30, 2019, 2018 2017, Share-Based Compensation The Company adopted the 2012 July 25, 2012. The excess tax benefits for recognized compensation costs are reported as a credit to income tax expense and as operating cash outflows when such excess tax benefits are realized by a reduction to current taxes payable. Income Taxes The Company accounts for income taxes using the asset and liability method. This method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. The Company considers the need to establish valuation allowances to reduce deferred income tax assets to the amounts the Company believes are more likely than not The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% Any interest or penalties incurred related to income taxes are expensed as incurred and treated as permanent differences for tax purposes. U.S. Tax Reform On December 22, 2017, January 1, 2018. 21.0% September 30, 2019. 24.3% September 30, 2018. $4.3 September 30, 2018. Recently Adopted Accounting Pronouncements In May 2014, 2014 09, 606, 2014 09 2014 09 2014 09’s October 1, 2018, - ASU 2016 09, one - ASU 2016 12, - ASU 2016 20, not one Updated accounting policies and other disclosures are discussed below in Recent Accounting Pronouncements 2. 2014 09 not September 30, 2019. Recent Accounting Pronouncements In January 2017, 2017 04, 350, 2017 04 2017 04 first two not January 1, 2017, first September 30, 2020. In February 2016, 2016 02, 842, 2016 02 2016 02 12 2016 02 2016 02 first September 30, 2020, In anticipation of the transition, the Company has made the following elections: - The Company will apply the transition provisions of ASU 2016 02 October 1, 2019, first 2020. - The Company has elected a transition practical expedient to not not 840. - The Company has elected the package of practical expedients to not - The Company has elected not - The Company has elected not 12 - The Company has not A complete population of contracts that meet the definition of a lease under ASU 2016 02 September 30, 2019, not $390.0 not $370.0 not $35.0 840. In June 2016, 2016 13, 326, 2016 13 2016 13 2016 13 2016 13 first September 30, 2024. In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020, not The Company has reviewed all other recently issued accounting pronouncements and concluded they were either not not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The nature of the goods the Company transfers to customers at the point of sale consists of merchandise purchased for resale. In these transactions, the Company acts as a principal and recognizes revenue (net sales) from the sale of goods when control of the promised goods is transferred to the customer. Control refers to the ability of the customer to direct the use of, and obtain substantially all the remaining benefits from, the transferred goods. The Company’s performance obligations are satisfied upon the transfer of goods to the customer (at the point of sale), and payment from the customer is also due at that time. Transaction prices are considered fixed. Discounts provided to customers at the point of sale are recognized as a reduction in revenue as the goods are sold. Revenue excludes sales and usage-based taxes collected. Proceeds from the sale of gift cards are recorded as a liability at the time of sale and recognized as revenue when the gift cards are redeemed by the customer and the performance obligation is satisfied by the Company. The Company also recognizes revenue for a portion of gift card values that is not not As of each September 30, 2019 September 30, 2018, $1.0 September 30, 2019 $0.6 September 30, 2018. The following table disaggregates the Company’s revenue by product category for the fiscal years ended September 30, 2019, 2018 2017, Y ear ended September 30, 2019 2018 201 7 Grocery $ 619,825 574,311 511,753 Dietary supplements 188,913 183,485 170,806 Body care, pet care and other 94,844 91,246 86,471 $ 903,582 849,042 769,030 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company. Presented below is basic and diluted earnings per share for the years ended September 30, 2019, 2018 2017, Year ended September 30, 2019 2018 2017 Net income $ 9,416 12,661 6,891 Weighted average number of shares of common stock outstanding 22,424,328 22,361,898 22,453,409 Effect of dilutive securities 130,275 51,140 10,266 Weighted average number of shares of common stock outstanding including the effect of dilutive securities 22,554,603 22,413,038 22,463,675 Basic earnings per share $ 0.42 0.57 0.31 Diluted earnings per share $ 0.42 0.56 0.31 There were 56,510, 207,805 52,974 September 30, 2019, 2018 2017, The Company did not September 30, 2019, 2018 2017. November 13, 2019, $0.07 December 17, 2019 December 2, 2019 As of September 30, 2019, 50,000,000 22,510,279 22,463,057 10,000,000 none |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value. The framework establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and market participant’s assumptions (unobservable inputs). Non-financial assets, such as goodwill and long-lived assets, are accounted for at fair value on a non-recurring basis. These items are tested for impairment on the occurrence of a triggering event or in the case of goodwill, at least on an annual basis. During fiscal year 2019, $0.8 $0.4 $0.4 2018, $1.2 $0.7 $0.5 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. The Company had the following property and equipment balances as of September 30, 2019 2018, Useful lives As of September 30, (in years) 2019 2018 Construction in process n/a $ 15,145 15,879 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 in each year 40 42,320 35,700 Capitalized real estate leases 15 7,241 5,735 Land n/a 1,230 192 Buildings 40 23,571 19,262 Land improvements 5 - 24 1,498 1,016 Leasehold and building improvements 1 - 25 144,318 131,474 Fixtures and equipment 5 - 7 131,491 122,984 Computer hardware and software 3 - 5 21,672 21,181 388,486 353,423 Less accumulated depreciation and amortization (186,851 ) (164,655 ) Property and equipment, net $ 201,635 188,768 Total costs capitalized for qualifying construction projects of leasehold and building improvements included $0.4 $0.5 September 30, 2019 2018, $0.6 $0.5 $0.5 September 30, 2019, 2018, 2017, $0.3 $0.2 $0.5 September 30, 2019, 2018 2017, Depreciation and amortization expense for the years ended September 30, 2019, 2018 2017 Year ended September 30, 2019 2018 2017 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 736 768 1,063 Depreciation and amortization expense included in store expenses 27,150 27,174 27,022 Depreciation and amortization expense included in administrative expenses 1,091 1,488 1,426 Total depreciation and amortization expenses $ 28,977 29,430 29,511 |
Note 7 - Impairment of Long-liv
Note 7 - Impairment of Long-lived Assets and Store Closing Costs | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 7. In determining whether long-lived assets are recoverable, the Company’s estimates of undiscounted future cash flows over the estimated life or lease term of a store is based upon experience, historical results of the store, an estimate of future store profitability and economic conditions. As the Company forecasts future undiscounted cash flows for the remaining useful life of the asset group, estimates are subject to variability as future results can be difficult to predict. If a long-lived asset is found to be non-recoverable, an impairment charge is recorded equal to the difference between the asset’s carrying value and fair value. The Company estimates the fair value of the asset using a valuation method such as discounted cash flow or a relative, market-based approach. In the fourth 2019 2018, $0.4 $0.5 September 30, 2019 2018, September 30, 2019 2018. one $0.1 September 30, 2018. no September 30, 2019. |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and other intangible assets as of September 30, 2019 2018, Useful lives As of September 30, (in years) 2019 2018 Amortizable intangible assets: Other intangibles 0.5 - 3 $ 2,677 138 Amortizable intangible assets 2,677 138 Less accumulated amortization (1,592 ) (77 ) Amortizable intangible assets, net 1,085 61 Other intangibles in process 1,972 — Trademark Indefinite 389 389 Total other intangibles, net 3,446 450 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 8,644 5,648 Amortization expense was $0.5 September 30, 2019 $0.1 September 30, 2018 2017. Capitalized costs for internal-use software development were $2.3 $0.6 September 30, 2019 2018, |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. The composition of accrued expenses as of September 30, 2019 2018, As of September 30, 2019 2018 Payroll and employee-related expenses $ 8,447 6,992 Accrued property, sales and use tax payable 7,761 7,043 Accrued marketing expenses 477 335 Deferred revenue related to gift card sales 1,410 1,453 Other 966 2,028 Total accrued expenses $ 19,061 17,851 |
Note 10 - Long-term Debt
Note 10 - Long-term Debt | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 10. Credit Facility On January 28, 2016, VC2. $50.0 $5.0 November 13, 2024. The Credit Facility requires compliance with certain customary operational and financial covenants, including a leverage ratio. The Credit Facility also contains certain other customary limitations on the Company’s ability to incur additional debt, guarantee other obligations, grant liens on assets and make investments or acquisitions, among other limitations. Additionally, the Credit Facility prohibits the payment of cash dividends to the holding company from the operating company without the administrative agent’s consent, provided that so long as no may not $10.0 The Company had $5.7 $13.2 September 30, 2019 September 30, 2018, September 30, 2019 September 30, 2018, $1.0 $43.3 $35.8 September 30, 2019 September 30, 2018, On November 13, 2019, third 20 Capital and Financing Lease Obligations The Company had 23 20 September 30, 2019 2018, 2 11 No 11 Interest The Company incurred gross interest expense of $5.2 $4.7 $4.3 September 30, 2019, 2018 2017, September 30, 2019, 2018 2017 $0.3 $0.2 $0.5 September 30, 2019, 2018 2017, |
Note 11 - Lease Commitments
Note 11 - Lease Commitments | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 11. Operating Leases The Company leases retail stores, a bulk food repackaging facility and distribution center and administrative offices under long-term operating leases through 2062. September 30, 2019 2018 $11.4 $11.0 September 30, 2019 2018 $8.0 $8.9 $0.4 $0.4 $0.3 September 30, 2019, 2018 2017, The Company has four one one 14 one September 9, 2019 November 1999, February 2027 $0.1 $0.3 Minimum rental commitments and sublease rental income under the terms of the Company’s operating leases are as follows, dollars in thousands: Fiscal Year Third Related Sublease rental income Total operating 2020 $ 41,646 1,081 (422 ) 42,305 2021 41,484 1,058 (418 ) 42,124 2022 41,081 1,056 (424 ) 41,713 2023 40,175 1,056 (413 ) 40,818 2024 38,012 1,056 (257 ) 38,811 Thereafter 262,086 2,062 (772 ) 263,376 Total payments $ 464,484 7,369 (2,706 ) 469,147 Total rent expense, including common area expenses and warehouse rent, for the years ended September 30, 2019, 2018, 2017 $51.6 $48.8 $43.8 $0.3 $0.6 $1.4 September 30, 2019, 2018 2017, Capital and Financing Lease Obligations Capital and financing lease obligations as of September 30, 2019 2018, As of September 30, 2019 2018 Capital lease finance obligations, due in monthly installments through fiscal year 2034 $ 39,558 32,523 Capital lease obligations due in monthly installments through fiscal year 2041 5,972 4,763 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2035 2,350 2,350 Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2040 4,640 1,506 Total capital and financing lease obligations 52,520 41,142 Less current portion (1,045 ) (736 ) Total capital and financing lease obligations, net of current portion $ 51,475 40,406 Capital lease finance obligations From time to time, the Company enters into leases with developers for build-to-suit store locations. Upon lease execution, the Company analyzes its involvement during the construction period . not $39.6 $32.5 September 30, 2019 2018, 2034. not Capital lease obligations The Company had capital lease obligations totaling $6.0 $4.8 September 30, 2019 2018, 2041. not Capital lease finance obligations for assets under construction The Company had $2.4 September 30, 2019 2018. No Capital lease obligations for assets under construction The Company had $4.6 $1.5 September 30, 2019 2018, No Future payments for capital lease finance obligations and capital lease obligations Future payments under the terms of the leases for opened stores included in capital lease finance obligations and capital lease obligations as of September 30, 2019 Interest Principal Interest Principal payments on Total future 2020 $ 3,871 569 605 333 5,378 2021 3,816 656 570 368 5,410 2022 3,751 747 532 407 5,437 2023 3,675 880 488 460 5,503 2024 3,578 1,095 439 515 5,627 Thereafter 15,088 8,244 2,142 3,889 29,363 Non-cash derecognition of capital lease finance obligations at end of lease term — 27,367 — — 27,367 Total future payments $ 33,779 39,558 4,776 5,972 84,085 Future payments under the terms of the lease for the store locations at which construction was in progress as of September 30, 2019, second 2020, Interest expense on capital lease finance obligations for assets under construction Principal payments on Total future payments on capital lease finance obligations for assets under construction 2020 $ 118 18 136 2021 161 26 187 2022 160 28 188 2023 158 30 188 2024 155 33 188 Thereafter 1,368 756 2,124 Non-cash derecognition of capital lease finance obligations at end of lease term — 1,459 1,459 Total future payments $ 2,120 2,350 4,470 Future payments under the terms of the lease for the store locations at which construction was in progress as of September 30, 2019, first 2020, Interest expense on capital lease obligations for assets under construction Principal payments on Total future payments on capital lease obligations for assets under construction 2020 $ 237 123 360 2021 236 132 368 2022 228 139 367 2023 221 147 368 2024 213 155 368 Thereafter 1,827 3,944 5,771 Total future payments $ 2,962 4,640 7,602 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. The Company adopted the 2012 July 17, 2012. 1,090,151 March 2019, 600,000 five September 30, 2019, 757,645 not September 30, 2019, no one five not The shares of non-vested restricted stock units as of September 30, 2019 Shares Weighted average grant date fair value Non-vested as of September 30, 2017 70,346 $ 21.56 Granted 396,949 8.88 Forfeited (15,626 ) 12.01 Vested (32,687 ) 17.97 Non-vested as of September 30, 2018 418,982 10.19 Granted 28,534 14.48 Forfeited (10,720 ) 9.06 Vested (120,440 ) 11.31 Non-vested as of September 30, 2019 316,356 10.18 During the year ended September 30, 2019, 8,300 74 not Share-based compensation expense for restricted stock unit awards to certain employees who are not $0.8 $0.5 $0.6 September 30, 2019, 2018 2017, one $0.2 $0.1 September 30, 2019 2018, no September 30, 2017. Each independent member of the Board receives an annual grant of restricted stock units equal to $60,000 $0.2 September 30, 2019, 2018 2017. The Company recorded total share-based compensation expense before income taxes of $1.2 $0.8 $0.8 September 30, 2019, 2018 2017, not September 30, 2019, 2018 2017. As of September 30, 2019, $2.3 three |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Share Repurchases In May 2016, two may $10.0 May 2018, two May 4, 2020. 10b 18 1934, may 10b5 1 not may The following table summarizes share repurchase activity for the periods: Year ended September 30, 2019 2018 Total number of common shares acquired — 101,573 Average price per common share acquired (including commissions) $ — 5.72 Total cost of common shares acquired (in thousands) $ — 581 During fiscal years 2019 2018, 89,675 26,899 $0.7 $0.2 September 30, 2019 September 30, 2018, 47,222 136,897 $0.4 $1.0 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. The Company has ongoing relationships with related parties as noted: Chalet Properties, LLC: four one 11 September 9, 2019 four $1.2 September 30, 2019, 2018 2017. Isely Family Land Trust LLC: one 11 $0.3 September 30, 2019, 2018 2017. FTVC LLC: one 11 four $0.1 September 30, 2019, 2018 2017. |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. The following are the components of the provision for income taxes as of September 30, 2019, 2018 2017, Year ended September 30, 2019 2018 2017 Current federal income tax (benefit) expense $ (1,981 ) 3,083 2,837 Current state income tax expense 406 721 336 Total current income tax (benefit) expense (1,575 ) 3,804 3,173 Deferred federal income tax expense (benefit) 3,760 (5,760 ) 206 Deferred state income tax expense (benefit) 213 (212 ) 35 Total deferred income tax expense (benefit) 3,973 (5,972 ) 241 Total provision for (benefit from) income taxes $ 2,398 (2,168 ) 3,414 The differences between the United States federal statutory income tax rate and the Company’s effective tax rate are as follows: Year ended September 30, 2019 2018 2017 Statutory tax rate 21.0 % 24.3 34.0 State income taxes, net of federal income tax expense 3.7 3.3 2.7 Remeasurement — (41.3 ) — Enhanced food deduction (1.3 ) (1.8 ) (2.7 ) Deferred tax liability adjustment (0.5 ) (6.3 ) — Other, net (2.6 ) 1.1 (0.9 ) Effective tax rate 20.3 % (20.7 ) 33.1 The Company’s effective tax rate increased from ( 20.7 September 30, 2018 20.3% September 30, 2019 $4.3 September 30, 2018. Deferred taxes have been classified on the consolidated balance sheets as follows, dollars in thousands: As of September 30, 2019 2018 Long-term assets $ — — Long-term liabilities (10,420 ) (6,447 ) Net deferred tax liabilities $ (10,420 ) (6,447 ) The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows, dollars in thousands: As of September 30, 2019 2018 Deferred tax assets Capital and financing lease obligations $ 12,951 10,022 Goodwill 724 955 Leasehold incentives 1,963 2,180 Deferred rent 2,809 2,706 Trademarks 662 658 Accrued employee benefits 678 642 Deferred compensation — 169 Other 508 339 Gross deferred tax assets 20,295 17,671 Deferred tax liabilities Property and equipment (28,380 ) (21,489 ) Leasehold improvements (2,088 ) (2,407 ) Subleases (203 ) (214 ) Other (44 ) (8 ) Gross deferred tax liabilities (30,715 ) (24,118 ) Net deferred tax liabilities $ (10,420 ) (6,447 ) The Company believes that it is more likely than not The Company utilized less than $0.1 September 30, 2019 2018. The Company did not September 30, 2019 2018. The Company files income tax returns with federal, state and local tax authorities. With limited exceptions, the Company is no 2016 no 2014 |
Note 16 - Defined Contribution
Note 16 - Defined Contribution Plan | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 16. The Company has a defined contribution retirement plan (the Retirement Plan) covering substantially all employees who meet certain eligibility requirements as to age and length of service. The Retirement Plan incorporates the salary deferral provisions of Section 401 1986, may may 25% $2,500. September 30, 2019, $0.7 December 31, 2019. January 2019, $0.8 December 31, 2018. |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. The Company has one Sales from the Company’s natural and organic retail stores are derived from sales of the following products which are presented as a percentage of sales for the years ended September 30, 2019, 2018 2017 As of September 30, 2019 2018 2017 Grocery 69 % 68 67 Dietary supplements 21 21 22 Body care, pet care and other 10 11 11 100 % 100 100 |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. Self-Insurance The Company is self-insured for certain losses relating to employee medical and dental benefits and workers compensation, subject to a stop loss policy. The self-insurance liability related to claims under the Company’s health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of payroll and employee-related expenses in accrued expenses. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering historical claims experience, demographic factors and other actuarial assumptions. While the Company believes that its assumptions are appropriate, the estimated accrual for these liabilities could be significantly affected if future occurrences and claims materially differ from these assumptions and historical trends. Legal The Company is periodically involved in various legal proceedings that are incidental to the conduct of its business, including but not may not |
Note 19 - Selected Quarterly Fi
Note 19 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19. The summarized unaudited quarterly financial data presented below reflect all adjustments, which in the opinion of management are of a normal and recurring nature, necessary to present fairly the results of operations for the periods presented. Summarized unaudited quarterly financial data for each fiscal year is as follows, dollars in thousands, except per share data: Fiscal Year Ended September 30, 2019 Three months ended December 31, March 31, June 30, 2019 September 30, Net sales $ 221,515 230,447 224,411 227,209 Cost of goods sold and occupancy costs 162,369 168,233 165,986 168,241 Gross profit 59,146 62,214 58,425 58,968 Store expenses 49,123 50,175 48,424 50,070 Administrative expenses 5,315 5,761 5,953 5,808 Pre-opening and relocation expenses 672 157 213 316 Operating income 4,036 6,121 3,835 2,774 Interest expense, net (1,255 ) (1,280 ) (1,256 ) (1,161 ) Income before income taxes 2,781 4,841 2,579 1,613 Provision for income taxes (584 ) (981 ) (581 ) (252 ) Net income $ 2,197 3,860 1,998 1,361 Basic earnings per share $ 0.10 0.17 0.09 0.06 Diluted earnings per share $ 0.10 0.17 0.09 0.06 Fiscal Year Ended September 30, 2018 Three months ended December 31, March 31, June 30, 2018 September 30, Net sales $ 202,480 215,911 213,130 217,521 Cost of goods sold and occupancy costs 149,321 157,630 156,299 160,219 Gross profit 53,159 58,281 56,831 57,302 Store expenses 45,166 46,480 47,000 48,095 Administrative expenses 5,257 5,458 5,630 5,161 Pre-opening and relocation expenses 543 697 443 590 Operating income 2,193 5,646 3,758 3,456 Interest expense, net (1,089 ) (1,122 ) (1,170 ) (1,179 ) Income before income taxes 1,104 4,524 2,588 2,277 Benefit from (provision for) income taxes 4,077 (1,120 ) (597 ) (192 ) Net income $ 5,181 3,404 1,991 2,085 Basic earnings per share $ 0.23 0.15 0.09 0.10 Diluted earnings per share $ 0.23 0.15 0.09 0.09 |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20 . Subsequent Events On November 13, 2019, $0.07 December 17, 2019 December 2, 2019. On November 13, 2019, third November 13, 2024; ( may not $10.0 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include all the accounts of the holding company’s wholly owned subsidiaries, Vitamin Cottage Natural Food Markets, Inc. (the operating company) and Vitamin Cottage Two Ltd. Liability Company ( VC2 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to valuation of inventories, useful lives of long-lived assets for depreciation and amortization, impairment of finite-lived intangible, long-lived assets, and goodwill, lease assumptions, allowances for self-insurance reserves, deferred tax assets and liabilities and litigation based on currently available information. Changes in facts and circumstances may |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company has one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include currency on hand, demand deposits with banks, money market funds and credit and debit card transactions which typically settle within three 90 |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable consists primarily of receivables from vendors for certain promotional programs, magazine advertising and other miscellaneous receivables and are presented net of any allowances for doubtful accounts. Vendor receivable balances are generally presented on a gross basis separate from any related payable due. Allowance for doubtful accounts is calculated based on historical experience and application of the specific identification method. Allowance for doubtful accounts totaled $0.1 September 30, 2019 2018. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of investments in cash and cash equivalents. The Company’s cash and cash equivalent account balances, which are held in major financial institutions, exceeded the Federal Deposit Insurance Corporation’s federally insured limits by approximately $5.3 September 30, 2019. |
Vendor Concentration [Policy Text Block] | Vendor Concentration For the years ended September 30, 2019 2018, 65% 64%, |
Inventory, Policy [Policy Text Block] | Merchandise Inventory Merchandise inventory consists of goods held for sale. The cost of inventory includes certain costs associated with the preparation of inventory for sale, including inventory overhead costs. Merchandise inventory is carried at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets Depreciable long-lived assets primarily consist of leasehold and building improvements, which are stated at historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the useful life of the relevant asset. For land improvements and leasehold and building improvements, depreciation is recorded over the shorter of the assets’ useful lives or the lease terms. Maintenance, repairs and renewals that neither add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains and losses on disposition of property and equipment are included in store expenses in the year of disposition, and primarily relate to store relocations. The Company capitalizes interest, if applicable, as part of the historical costs of buildings and leasehold and building improvements. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Finite-Lived Intangible and Long-Lived Assets Long-lived assets, such as property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not first not $0.4 $0.5 2019 2018, no 2017. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Intangible assets primarily consist of goodwill and trademarks. Goodwill and the Vitamin Cottage not The Company’s annual impairment testing of goodwill is performed as of July 1. first not not not two not not two first two September 30, 2019, no The Company capitalizes certain costs incurred with developing or obtaining internal-use software. Capitalized software costs are included in intangible assets in the consolidated balance sheets and are amortized over the estimated useful lives of the software. Software costs that do not |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Certain costs incurred with borrowings or establishment of credit facilities are deferred. These costs are amortized over the life of the credit facility using the straight-line method. |
Lessee, Leases [Policy Text Block] | Leases The Company leases retail stores, a bulk food repackaging facility and distribution center and administrative offices under long-term operating or capital or financing leases. These leases include scheduled increases in minimum rents and renewal provisions at the option of the Company. The lease term for accounting purposes commences with the date the Company takes possession of the space and ends on the later of the primary lease term or the expiration of any renewal periods that are deemed to be reasonably assured at the inception of the lease. Operating Leases The Company accounts for operating leases with rent holidays and escalating payment terms by recognizing the associated expense on a straight-line basis over the lease term, and the difference between the average rental amount charged to expense and amounts payable under the leases are included in deferred rent. For certain leases, the Company has also received cash from landlords to compensate for costs incurred by the Company in making the store locations ready for operation (leasehold incentives). Leasehold incentives received from a landlord are deferred and recognized on a straight-line basis as a reduction to rent expense over the lease term. Capital Financing Leases From time to time, the Company enters into leases with developers for build-to-suit store locations. Upon lease execution, the Company analyzes its involvement during the construction period. may not not Capital Leases Occasionally, the Company enters into leases that are deemed to be capital leases. For these leases, the Company capitalizes the lower of the present value of the minimum lease payments or the fair value of the leased asset at inception and records a corresponding capital lease obligation. The Company does not |
Self Insurance Reserve [Policy Text Block] | Self-Insurance The Company is self-insured for certain losses relating to employee medical and dental benefits and workers compensation. Stop-loss coverage has been purchased to limit exposure to any significant level of claims. Self-insured losses are accrued based upon the Company’s estimates of the aggregate claims incurred but not |
Revenue [Policy Text Block] | Revenue Recognition Revenue is recognized at the point of sale, net of in-house coupons, discounts and returns. Sales taxes are not |
Cost of Goods Sold and Occupancy Costs [Policy Text Block] | Cost of Goods Sold and Occupancy Costs Cost of goods sold and occupancy costs includes the cost of inventory sold during the period net of discounts and allowances, as well as, distribution, shipping and handling costs, store occupancy costs and costs of the bulk food repackaging facility and distribution center. The amount shown is net of various rebates from third not |
Store Expenses [Policy Text Block] | Store Expenses Store expenses consist of store-level expenses such as salaries, benefits and share-based compensation, supplies, utilities, depreciation, gain or loss on disposal of assets, long-lived asset impairment charges, store closing costs and other related expenses associated with operations support. Store expenses also include purchasing support services and advertising and marketing costs. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Administrative Expenses Administrative expenses consist of salaries, benefits and share-based compensation, occupancy costs, depreciation, office supplies, hardware and software expenses, professional services expenses and other general and administrative expenses. |
Pre-Opening Costs and Relocation Expenses [Policy Text Block] | Pre-Opening and Relocation Expenses Costs associated with the opening of new stores or relocating existing stores are expensed as incurred. |
Advertising Cost [Policy Text Block] | Advertising and Marketing Advertising and marketing costs are expensed as incurred and are included in store expenses and pre-opening and relocation expenses in the consolidated statements of income. Total advertising and marketing expenses for the years ended September 30, 2019, 2018 2017 $8.2 $8.2 $10.7 $4.6 $4.1 $3.2 September 30, 2019, 2018 2017, |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company adopted the 2012 July 25, 2012. The excess tax benefits for recognized compensation costs are reported as a credit to income tax expense and as operating cash outflows when such excess tax benefits are realized by a reduction to current taxes payable. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. This method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. The Company considers the need to establish valuation allowances to reduce deferred income tax assets to the amounts the Company believes are more likely than not The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% Any interest or penalties incurred related to income taxes are expensed as incurred and treated as permanent differences for tax purposes. U.S. Tax Reform On December 22, 2017, January 1, 2018. 21.0% September 30, 2019. 24.3% September 30, 2018. $4.3 September 30, 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In May 2014, 2014 09, 606, 2014 09 2014 09 2014 09’s October 1, 2018, - ASU 2016 09, one - ASU 2016 12, - ASU 2016 20, not one Updated accounting policies and other disclosures are discussed below in Recent Accounting Pronouncements 2. 2014 09 not September 30, 2019. Recent Accounting Pronouncements In January 2017, 2017 04, 350, 2017 04 2017 04 first two not January 1, 2017, first September 30, 2020. In February 2016, 2016 02, 842, 2016 02 2016 02 12 2016 02 2016 02 first September 30, 2020, In anticipation of the transition, the Company has made the following elections: - The Company will apply the transition provisions of ASU 2016 02 October 1, 2019, first 2020. - The Company has elected a transition practical expedient to not not 840. - The Company has elected the package of practical expedients to not - The Company has elected not - The Company has elected not 12 - The Company has not A complete population of contracts that meet the definition of a lease under ASU 2016 02 September 30, 2019, not $390.0 not $370.0 not $35.0 840. In June 2016, 2016 13, 326, 2016 13 2016 13 2016 13 2016 13 first September 30, 2024. In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020, not The Company has reviewed all other recently issued accounting pronouncements and concluded they were either not not |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Y ear ended September 30, 2019 2018 201 7 Grocery $ 619,825 574,311 511,753 Dietary supplements 188,913 183,485 170,806 Body care, pet care and other 94,844 91,246 86,471 $ 903,582 849,042 769,030 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended September 30, 2019 2018 2017 Net income $ 9,416 12,661 6,891 Weighted average number of shares of common stock outstanding 22,424,328 22,361,898 22,453,409 Effect of dilutive securities 130,275 51,140 10,266 Weighted average number of shares of common stock outstanding including the effect of dilutive securities 22,554,603 22,413,038 22,463,675 Basic earnings per share $ 0.42 0.57 0.31 Diluted earnings per share $ 0.42 0.56 0.31 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful lives As of September 30, (in years) 2019 2018 Construction in process n/a $ 15,145 15,879 Capitalized real estate leases for build-to-suit stores, including unamortized land of $617 in each year 40 42,320 35,700 Capitalized real estate leases 15 7,241 5,735 Land n/a 1,230 192 Buildings 40 23,571 19,262 Land improvements 5 - 24 1,498 1,016 Leasehold and building improvements 1 - 25 144,318 131,474 Fixtures and equipment 5 - 7 131,491 122,984 Computer hardware and software 3 - 5 21,672 21,181 388,486 353,423 Less accumulated depreciation and amortization (186,851 ) (164,655 ) Property and equipment, net $ 201,635 188,768 |
Depreciation and Amortization Expense [Table Text Block] | Year ended September 30, 2019 2018 2017 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 736 768 1,063 Depreciation and amortization expense included in store expenses 27,150 27,174 27,022 Depreciation and amortization expense included in administrative expenses 1,091 1,488 1,426 Total depreciation and amortization expenses $ 28,977 29,430 29,511 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Useful lives As of September 30, (in years) 2019 2018 Amortizable intangible assets: Other intangibles 0.5 - 3 $ 2,677 138 Amortizable intangible assets 2,677 138 Less accumulated amortization (1,592 ) (77 ) Amortizable intangible assets, net 1,085 61 Other intangibles in process 1,972 — Trademark Indefinite 389 389 Total other intangibles, net 3,446 450 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 8,644 5,648 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of September 30, 2019 2018 Payroll and employee-related expenses $ 8,447 6,992 Accrued property, sales and use tax payable 7,761 7,043 Accrued marketing expenses 477 335 Deferred revenue related to gift card sales 1,410 1,453 Other 966 2,028 Total accrued expenses $ 19,061 17,851 |
Note 11 - Lease Commitments (Ta
Note 11 - Lease Commitments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year Third Related Sublease rental income Total operating 2020 $ 41,646 1,081 (422 ) 42,305 2021 41,484 1,058 (418 ) 42,124 2022 41,081 1,056 (424 ) 41,713 2023 40,175 1,056 (413 ) 40,818 2024 38,012 1,056 (257 ) 38,811 Thereafter 262,086 2,062 (772 ) 263,376 Total payments $ 464,484 7,369 (2,706 ) 469,147 |
Schedule of Debt [Table Text Block] | As of September 30, 2019 2018 Capital lease finance obligations, due in monthly installments through fiscal year 2034 $ 39,558 32,523 Capital lease obligations due in monthly installments through fiscal year 2041 5,972 4,763 Capital lease finance obligations for assets under construction, due in monthly installments through fiscal year 2035 2,350 2,350 Capital lease obligations for assets under construction, due in monthly installments through fiscal year 2040 4,640 1,506 Total capital and financing lease obligations 52,520 41,142 Less current portion (1,045 ) (736 ) Total capital and financing lease obligations, net of current portion $ 51,475 40,406 |
Asset under Construction, Capital Lease Finance Obligations [Member] | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital and Finance Lease Obligations for Assets Under Construction [Table Text Block] | Interest expense on capital lease finance obligations for assets under construction Principal payments on Total future payments on capital lease finance obligations for assets under construction 2020 $ 118 18 136 2021 161 26 187 2022 160 28 188 2023 158 30 188 2024 155 33 188 Thereafter 1,368 756 2,124 Non-cash derecognition of capital lease finance obligations at end of lease term — 1,459 1,459 Total future payments $ 2,120 2,350 4,470 Interest expense on capital lease obligations for assets under construction Principal payments on Total future payments on capital lease obligations for assets under construction 2020 $ 237 123 360 2021 236 132 368 2022 228 139 367 2023 221 147 368 2024 213 155 368 Thereafter 1,827 3,944 5,771 Total future payments $ 2,962 4,640 7,602 |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital and Financing Lease Obligations [Member] | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital and Finance Lease Obligations for Assets Under Construction [Table Text Block] | Interest Principal Interest Principal payments on Total future 2020 $ 3,871 569 605 333 5,378 2021 3,816 656 570 368 5,410 2022 3,751 747 532 407 5,437 2023 3,675 880 488 460 5,503 2024 3,578 1,095 439 515 5,627 Thereafter 15,088 8,244 2,142 3,889 29,363 Non-cash derecognition of capital lease finance obligations at end of lease term — 27,367 — — 27,367 Total future payments $ 33,779 39,558 4,776 5,972 84,085 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted average grant date fair value Non-vested as of September 30, 2017 70,346 $ 21.56 Granted 396,949 8.88 Forfeited (15,626 ) 12.01 Vested (32,687 ) 17.97 Non-vested as of September 30, 2018 418,982 10.19 Granted 28,534 14.48 Forfeited (10,720 ) 9.06 Vested (120,440 ) 11.31 Non-vested as of September 30, 2019 316,356 10.18 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Year ended September 30, 2019 2018 Total number of common shares acquired — 101,573 Average price per common share acquired (including commissions) $ — 5.72 Total cost of common shares acquired (in thousands) $ — 581 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended September 30, 2019 2018 2017 Current federal income tax (benefit) expense $ (1,981 ) 3,083 2,837 Current state income tax expense 406 721 336 Total current income tax (benefit) expense (1,575 ) 3,804 3,173 Deferred federal income tax expense (benefit) 3,760 (5,760 ) 206 Deferred state income tax expense (benefit) 213 (212 ) 35 Total deferred income tax expense (benefit) 3,973 (5,972 ) 241 Total provision for (benefit from) income taxes $ 2,398 (2,168 ) 3,414 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended September 30, 2019 2018 2017 Statutory tax rate 21.0 % 24.3 34.0 State income taxes, net of federal income tax expense 3.7 3.3 2.7 Remeasurement — (41.3 ) — Enhanced food deduction (1.3 ) (1.8 ) (2.7 ) Deferred tax liability adjustment (0.5 ) (6.3 ) — Other, net (2.6 ) 1.1 (0.9 ) Effective tax rate 20.3 % (20.7 ) 33.1 |
Schedule of Classification of Deferred Tax Assets and Liabilities [Table Text Block] | As of September 30, 2019 2018 Long-term assets $ — — Long-term liabilities (10,420 ) (6,447 ) Net deferred tax liabilities $ (10,420 ) (6,447 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of September 30, 2019 2018 Deferred tax assets Capital and financing lease obligations $ 12,951 10,022 Goodwill 724 955 Leasehold incentives 1,963 2,180 Deferred rent 2,809 2,706 Trademarks 662 658 Accrued employee benefits 678 642 Deferred compensation — 169 Other 508 339 Gross deferred tax assets 20,295 17,671 Deferred tax liabilities Property and equipment (28,380 ) (21,489 ) Leasehold improvements (2,088 ) (2,407 ) Subleases (203 ) (214 ) Other (44 ) (8 ) Gross deferred tax liabilities (30,715 ) (24,118 ) Net deferred tax liabilities $ (10,420 ) (6,447 ) |
Note 17 - Segment Reporting (Ta
Note 17 - Segment Reporting (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Product Information [Table Text Block] | As of September 30, 2019 2018 2017 Grocery 69 % 68 67 Dietary supplements 21 21 22 Body care, pet care and other 10 11 11 100 % 100 100 |
Note 19 - Selected Quarterly _2
Note 19 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Fiscal Year Ended September 30, 2019 Three months ended December 31, March 31, June 30, 2019 September 30, Net sales $ 221,515 230,447 224,411 227,209 Cost of goods sold and occupancy costs 162,369 168,233 165,986 168,241 Gross profit 59,146 62,214 58,425 58,968 Store expenses 49,123 50,175 48,424 50,070 Administrative expenses 5,315 5,761 5,953 5,808 Pre-opening and relocation expenses 672 157 213 316 Operating income 4,036 6,121 3,835 2,774 Interest expense, net (1,255 ) (1,280 ) (1,256 ) (1,161 ) Income before income taxes 2,781 4,841 2,579 1,613 Provision for income taxes (584 ) (981 ) (581 ) (252 ) Net income $ 2,197 3,860 1,998 1,361 Basic earnings per share $ 0.10 0.17 0.09 0.06 Diluted earnings per share $ 0.10 0.17 0.09 0.06 Fiscal Year Ended September 30, 2018 Three months ended December 31, March 31, June 30, 2018 September 30, Net sales $ 202,480 215,911 213,130 217,521 Cost of goods sold and occupancy costs 149,321 157,630 156,299 160,219 Gross profit 53,159 58,281 56,831 57,302 Store expenses 45,166 46,480 47,000 48,095 Administrative expenses 5,257 5,458 5,630 5,161 Pre-opening and relocation expenses 543 697 443 590 Operating income 2,193 5,646 3,758 3,456 Interest expense, net (1,089 ) (1,122 ) (1,170 ) (1,179 ) Income before income taxes 1,104 4,524 2,588 2,277 Benefit from (provision for) income taxes 4,077 (1,120 ) (597 ) (192 ) Net income $ 5,181 3,404 1,991 2,085 Basic earnings per share $ 0.23 0.15 0.09 0.10 Diluted earnings per share $ 0.23 0.15 0.09 0.09 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Number of Stores | 153 | 148 | 140 |
Colorado [Member] | |||
Number of Stores | 39 | ||
TEXAS | |||
Number of Stores | 25 | ||
OREGON | |||
Number of Stores | 13 | ||
Arizona [Member] | |||
Number of Stores | 12 | ||
KANSAS | |||
Number of Stores | 8 | ||
IOWA | |||
Number of Stores | 6 | ||
Missouri [Member] | |||
Number of Stores | 5 | ||
Montana [Member] | |||
Number of Stores | 4 | ||
Arkansas [Member] | |||
Number of Stores | 3 | ||
WYOMING | |||
Number of Stores | 2 | ||
MINNESOTA[Member] | |||
Number of Stores | 1 | ||
UTAH | |||
Number of Stores | 8 | ||
OKLAHOMA | |||
Number of Stores | 6 | ||
NEW MEXICO | |||
Number of Stores | 5 | ||
Idaho [Member] | |||
Number of Stores | 4 | ||
WASHINGTON | |||
Number of Stores | 3 | ||
NORTH DAKOTA | |||
Number of Stores | 3 | ||
NEVADA | |||
Number of Stores | 3 | ||
Nebraska [Member] | |||
Number of Stores | 3 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | |
Number of Reportable Segments | 1 | |||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | $ 100 | $ 100 | $ 100 | $ 100 | ||||||||
Cash, Uninsured Amount | 5,300 | 5,300 | ||||||||||
Asset Impairment Charges, Total | 380 | 585 | $ 0 | |||||||||
Goodwill, Impairment Loss | 0 | |||||||||||
Marketing and Advertising Expense, Total | $ 8,200 | $ 8,200 | $ 10,700 | |||||||||
Revenues, Total | $ 227,209 | $ 224,411 | $ 230,447 | $ 221,515 | $ 217,521 | $ 213,130 | $ 215,911 | $ 202,480 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 24.30% | 34.00% | |||||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (4,300) | |||||||||||
Forecast [Member] | Accounting Standards Update 2016-02 [Member] | Maximum [Member] | ||||||||||||
Operating Lease, Liability, Total | $ 390,000 | |||||||||||
Operating Lease, Right-of-Use Asset | 370,000 | |||||||||||
Finance Lease, Liability, Total | 35,000 | |||||||||||
Finance Lease, Right-of-Use Asset | $ 35,000 | |||||||||||
Vendor Reimbursements [Member] | ||||||||||||
Revenues, Total | $ 4,600 | $ 4,100 | $ 3,200 | |||||||||
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | ||||||||||||
Concentration Risk, Percentage | 65.00% | 64.00% |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - Gift Cards [Member] - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Contract with Customer, Liability, Total | $ 1 | $ 1 |
Contract with Customer, Liability, Revenue Recognized | $ 0.6 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 903,582 | $ 849,042 | $ 769,030 |
Grocery [Member] | |||
Net sales | 619,825 | 574,311 | 511,753 |
Dietary Supplements [Member] | |||
Net sales | 188,913 | 183,485 | 170,806 |
Body Care, Pet Care, and Other [Member] | |||
Net sales | $ 94,844 | $ 91,246 | $ 86,471 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Dividends, Total | $ 0 | $ 0 | $ 0 |
Dividends Payable, Amount Per Share | $ 0.07 | ||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Common Stock, Shares, Issued, Total | 22,510,279 | 22,510,279 | |
Common Stock, Shares, Outstanding, Ending Balance | 22,463,057 | 22,373,382 | |
Preferred Stock, Shares Authorized | 10,000,000 | ||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | ||
Dividends Payable, Date to be Paid | Dec. 17, 2019 | ||
Dividends Payable, Date of Record | Dec. 2, 2019 | ||
Preferred Stock, Shares Issued, Total | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 56,510 | 207,805 | 52,974 |
Note 4 - Earnings Per Share - B
Note 4 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 1,361 | $ 1,998 | $ 3,860 | $ 2,197 | $ 2,085 | $ 1,991 | $ 3,404 | $ 5,181 | $ 9,416 | $ 12,661 | $ 6,891 |
Weighted average number of shares of common stock outstanding (in shares) | 22,424,328 | 22,361,898 | 22,453,409 | ||||||||
Effect of dilutive securities (in shares) | 130,275 | 51,140 | 10,266 | ||||||||
Weighted average number of shares of common stock outstanding including the effect of dilutive securities (in shares) | 22,554,603 | 22,413,038 | 22,463,675 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.10 | $ 0.09 | $ 0.15 | $ 0.23 | $ 0.42 | $ 0.57 | $ 0.31 |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.09 | $ 0.09 | $ 0.15 | $ 0.23 | $ 0.42 | $ 0.56 | $ 0.31 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Long-Lived Assets | $ 800 | $ 1,200 | |
Assets, Fair Value Disclosure | 400 | 700 | |
Asset Impairment Charges, Total | $ 380 | $ 585 | $ 0 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest Paid, Capitalized, Investing Activities | $ 268 | $ 187 | $ 482 |
Leasehold and Building Improvements and Fixtures and Equipment [Member] | |||
Property, Plant and Equipment, Additions | 400 | 500 | |
Property, Plant and Equipment, Additions, Capitalized Internal Staff Compensation [Member] | |||
Depreciation, Total | 600 | 500 | 500 |
Capital and Financing Lease Obligations [Member] | |||
Interest Paid, Capitalized, Investing Activities | $ 300 | $ 200 | $ 500 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Property, plant, and equipment, gross | $ 388,486,000 | $ 353,423,000 |
Less accumulated depreciation and amortization | (186,851,000) | (164,655,000) |
Property and equipment, net | 201,635,000 | 188,768,000 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 15,145,000 | 15,879,000 |
Assets Held Under Real Estate Leases for Build to Suit Stores [Member] | ||
Property, plant, and equipment, gross | $ 42,320 | 35,700 |
Useful life (Year) | 40 years | |
Assets Held under Capital Leases [Member] | ||
Property, plant, and equipment, gross | $ 7,241,000 | 5,735,000 |
Useful life (Year) | 15 years | |
Land [Member] | ||
Property, plant, and equipment, gross | $ 1,230,000 | 192,000 |
Building [Member] | ||
Property, plant, and equipment, gross | $ 23,571,000 | 19,262,000 |
Useful life (Year) | 40 years | |
Land Improvements [Member] | ||
Property, plant, and equipment, gross | $ 1,498,000 | 1,016,000 |
Land Improvements [Member] | Minimum [Member] | ||
Useful life (Year) | 5 years | |
Land Improvements [Member] | Maximum [Member] | ||
Useful life (Year) | 24 years | |
Leasehold and Building Improvements [Member] | ||
Property, plant, and equipment, gross | $ 144,318,000 | 131,474,000 |
Leasehold and Building Improvements [Member] | Minimum [Member] | ||
Useful life (Year) | 1 year | |
Leasehold and Building Improvements [Member] | Maximum [Member] | ||
Useful life (Year) | 25 years | |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | $ 131,491,000 | 122,984,000 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Useful life (Year) | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Useful life (Year) | 7 years | |
Computer Hardware and Software [Member] | ||
Property, plant, and equipment, gross | $ 21,672,000 | $ 21,181,000 |
Computer Hardware and Software [Member] | Minimum [Member] | ||
Useful life (Year) | 3 years | |
Computer Hardware and Software [Member] | Maximum [Member] | ||
Useful life (Year) | 5 years |
Note 6 - Property and Equipme_5
Note 6 - Property and Equipment - Schedule of Property and Equipment (Details) (Parentheticals) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Property, plant, and equipment, gross | $ 388,486,000 | $ 353,423,000 |
Unamortized Land [Member] | ||
Property, plant, and equipment, gross | $ 617,000 | $ 617,000 |
Note 6 - Property and Equipme_6
Note 6 - Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Depreciation and amortization expense | $ 28,977 | $ 29,430 | $ 29,511 |
Cost of Sales [Member] | |||
Depreciation and amortization expense | 736 | 768 | 1,063 |
Stores [Member] | |||
Depreciation and amortization expense | 27,150 | 27,174 | 27,022 |
General and Administrative Expense [Member] | |||
Depreciation and amortization expense | $ 1,091 | $ 1,488 | $ 1,426 |
Note 7 - Impairment of Long-l_2
Note 7 - Impairment of Long-lived Assets and Store Closing Costs (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Asset Impairment Charges, Total | $ 380 | $ 585 | $ 0 |
Severance Costs | $ 0 | $ 100 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization of Intangible Assets, Total | $ 0.5 | ||
Capitalized Computer Software, Period Increase (Decrease), Total | $ 2.3 | $ 0.6 | |
Maximum [Member] | |||
Amortization of Intangible Assets, Total | $ 0.1 | $ 0.1 |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Amortizable intangible assets | $ 2,677 | $ 138 |
Less accumulated amortization | (1,592) | (77) |
Amortizable intangible assets, net | 1,085 | 61 |
Other intangibles in process | 1,972 | |
Trademark | 389 | 389 |
Total other intangibles, net | 3,446 | 450 |
Goodwill | 5,198 | 5,198 |
Total goodwill and other intangibles, net | 8,644 | 5,648 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets | $ 2,677 | $ 138 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Intangible assets useful life (Year) | 182 days | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Intangible assets useful life (Year) | 3 years |
Note 9 - Accrued Expenses - Com
Note 9 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Payroll and employee-related expenses | $ 8,447 | $ 6,992 |
Accrued property, sales and use tax payable | 7,761 | 7,043 |
Accrued marketing expenses | 477 | 335 |
Deferred revenue related to gift card sales | 1,410 | 1,453 |
Other | 966 | 2,028 |
Total accrued expenses | $ 19,061 | $ 17,851 |
Note 10 - Long-term Debt (Detai
Note 10 - Long-term Debt (Details Textual) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Capital and Financing Lease Obligations Number of Leases | 23 | 20 | |
Interest Expense, Debt, Excluding Amortization | $ 5.2 | $ 4.7 | $ 4.3 |
Interest Costs Capitalized | 0.3 | 0.2 | $ 0.5 |
Letter of Credit [Member] | |||
Letters of Credit Outstanding, Amount | 1 | 1 | |
The New Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 50 | ||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | 10 | ||
Long-term Line of Credit, Total | 5.7 | 13.2 | |
Line of Credit Facility, Remaining Borrowing Capacity | 43.3 | $ 35.8 | |
The New Credit Facility [Member] | Standby Letters of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 |
Note 11 - Lease Commitments (De
Note 11 - Lease Commitments (Details Textual) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Deferred Rent Credit, Noncurrent | $ 11,393 | $ 11,038 | |
Incentive from Lessor | 7,960 | 8,895 | |
Operating Leases, Income Statement, Sublease Revenue | 400 | 400 | $ 300 |
Operating Leases, Rent Expense, Net, Total | 51,600 | 48,800 | 43,800 |
Pre-Opening Costs and Relocation Expenses for Stores Not Yet Opened Rent Expense | 300 | 600 | $ 1,400 |
Capital Lease Finance Obligations | 39,600 | 32,500 | |
Capital Lease Obligations, Total | 6,000 | 4,800 | |
Build to Suit Lease in Process [Member] | |||
Construction in Progress, Gross | 2,400 | 2,400 | |
Assets Held under Capital Leases [Member] | |||
Construction in Progress, Gross | $ 4,600 | $ 1,500 | |
Chalet [Member] | |||
Number of Properties Leased | 4 | ||
Isely Family Land Trust LLC [Member] | |||
Number of Properties Leased | 1 | ||
FTVC, LLC [Member] | |||
Number of Properties Leased | 1 | ||
Related Parties [Member] | |||
Operating Leases Future Minimum Payments Due Per Lease Agreement Low End of Range | $ 100 | ||
Operating Leases Future Minimum Payments Due Per Lease Agreement High End of Range | $ 300 |
Note 11 - Lease Commitments - F
Note 11 - Lease Commitments - Future Minimum Annual Payments Under Operating Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Sublease rental income, 2020 | $ (422) |
Total operating leases, 2020 | 42,305 |
Sublease rental income, 2021 | (418) |
Total operating leases, 2021 | 42,124 |
Sublease rental income, 2022 | (424) |
Total operating leases, 2022 | 41,713 |
Sublease rental income, 2023 | (413) |
Total operating leases, 2023 | 40,818 |
Sublease rental income, 2024 | (257) |
Total operating leases, 2024 | 38,811 |
Sublease rental income, thereafter | (772) |
Total operating leases, thereafter | 263,376 |
Sublease rental income, total payments | (2,706) |
Total operating leases, total payments | 469,147 |
Related Parties [Member] | |
2020 | 1,081 |
2021 | 1,058 |
2022 | 1,056 |
2023 | 1,056 |
2024 | 1,056 |
Thereafter | 2,062 |
Total payments | 7,369 |
Third Parties [Member] | |
2020 | 41,646 |
2021 | 41,484 |
2022 | 41,081 |
2023 | 40,175 |
2024 | 38,012 |
Thereafter | 262,086 |
Total payments | $ 464,484 |
Note 11 - Lease Commitments - C
Note 11 - Lease Commitments - Capital and Financing Lease Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Capital lease finance obligations | $ 6,000 | $ 4,800 |
Total capital and financing lease obligations | 52,520 | 41,142 |
Less current portion | (1,045) | (736) |
Total capital and financing lease obligations, net of current portion | 51,475 | 40,406 |
Due in Monthly Installments Through Fiscal Year 2033 [Member] | ||
Capital lease finance obligations | 39,558 | 32,523 |
Asset not under Construction, Due in Monthly Installments Through Fiscal Year 2041 [Member] | ||
Capital lease finance obligations | 5,972 | 4,763 |
Asset under Construction Due in Monthly Installments Through Fiscal Year 2033 [Member] | ||
Capital lease finance obligations | 2,350 | 2,350 |
Asset under Construction Due in Monthly Installments Through Fiscal Year 2034 [Member] | ||
Capital lease finance obligations | $ 4,640 | $ 1,506 |
Note 11 - Lease Commitments - S
Note 11 - Lease Commitments - Schedule of Future Payments Under the Terms of the Leases (Details) (Assets Held Under Real Estate Leases for Build to Suit Stores (Details) $ in Thousands | Sep. 30, 2019USD ($) |
2024, Interest expense on capital lease finance obligations | $ 3,578 |
2024, Principle payments on capital lease finance obligations | 1,095 |
2024, Interest expense on capital lease obligations | 439 |
2024, Principal payments on capital lease obligations | 515 |
2024, Future payments on capital lease finance and capital lease obligations | 5,627 |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital Lease Finance Obligations [Member] | |
2020, Interest expense on capital lease finance obligations | 3,871 |
2020, Principle payments on capital lease finance obligations | 569 |
2021, Interest expense on capital lease finance obligations | 3,816 |
2021, Principle payments on capital lease finance obligations | 656 |
2022, Interest expense on capital lease finance obligations | 3,751 |
2022, Principle payments on capital lease finance obligations | 747 |
2023, Interest expense on capital lease finance obligations | 3,675 |
2023, Principle payments on capital lease finance obligations | 880 |
2023, Interest expense on capital lease obligations | 488 |
2023, Principal payments on capital lease obligations | 460 |
2023, Future payments on capital lease finance and capital lease obligations | 5,503 |
Thereafter, Interest expense on capital lease finance obligations | 15,088 |
Thereafter, Principle payments on capital lease finance obligations | 8,244 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 27,367 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 27,367 |
Total future payments, interest expense on capital lease finance obligations | 33,779 |
Total future payments, future payments on capital lease finance and capital lease obligations | 84,085 |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital Lease Obligations [Member] | |
2020, Interest expense on capital lease obligations | 605 |
2020, Principal payments on capital lease obligations | 333 |
2021, Interest expense on capital lease obligations | 570 |
2021, Principal payments on capital lease obligations | 368 |
2022, Interest expense on capital lease obligations | 532 |
2022, Principal payments on capital lease obligations | 407 |
Thereafter, Interest expense on capital lease obligations | 2,142 |
Thereafter, Principal payments on capital lease obligations | 3,889 |
Total future payments, principle payments on capital lease finance obligations | 39,558 |
Total future payments, interest expense on capital lease obligations | 4,776 |
Asset Held under Real Estate Leases for Build-to-suit Stores, Capital and Financing Lease Obligations [Member] | |
2020, Future payments on capital lease finance and capital lease obligations | 5,378 |
2021, Future payments on capital lease finance and capital lease obligations | 5,410 |
2022, Future payments on capital lease finance and capital lease obligations | 5,437 |
Thereafter, Future payments on capital lease finance and capital lease obligations | 29,363 |
Total future payments, principal payments on capital lease obligations | $ 5,972 |
Note 11 - Lease Commitments -_2
Note 11 - Lease Commitments - Future Minimum Lease Payments for Stores Under Construction (Details) $ in Thousands | Sep. 30, 2019USD ($) |
2024, Interest expense on capital lease finance obligations | $ 3,578 |
2024, Principle payments on capital lease finance obligations | 1,095 |
2024, Total future payments on capital lease obligations for assets under construction | 5,627 |
Asset under Construction, Capital Lease Finance Obligations [Member] | |
2020, Interest expense on capital lease finance obligations | 118 |
2020, Principle payments on capital lease finance obligations | 18 |
2020, Total future payments on capital lease obligations for assets under construction | 136 |
2021, Interest expense on capital lease finance obligations | 161 |
2021, Principle payments on capital lease finance obligations | 26 |
2021, Total future payments on capital lease obligations for assets under construction | 187 |
2022, Interest expense on capital lease finance obligations | 160 |
2022, Principle payments on capital lease finance obligations | 28 |
2022, Total future payments on capital lease obligations for assets under construction | 188 |
2023, Interest expense on capital lease finance obligations | 158 |
2023, Principle payments on capital lease finance obligations | 30 |
2023, Total future payments on capital lease obligations for assets under construction | 188 |
2024, Interest expense on capital lease finance obligations | 155 |
2024, Principle payments on capital lease finance obligations | 33 |
2024, Total future payments on capital lease obligations for assets under construction | 188 |
Thereafter, Interest expense on capital lease finance obligations | 1,368 |
Thereafter, Principle payments on capital lease finance obligations | 756 |
Thereafter, Total future payments on capital lease obligations for assets under construction | 2,124 |
Non-cash derecognition of capital lease finance obligations at end of lease term | 1,459 |
Total future payments, interest expense on capital lease finance obligations | 2,120 |
Total future payments, principle payments on capital lease finance obligations | 2,350 |
Total future payments of capital lease obligations for assets under construction | 4,470 |
Asset under Construction, Capital Lease Obligations [Member] | |
2020, Interest expense on capital lease finance obligations | 237 |
2020, Principle payments on capital lease finance obligations | 123 |
2020, Total future payments on capital lease obligations for assets under construction | 360 |
2021, Interest expense on capital lease finance obligations | 236 |
2021, Principle payments on capital lease finance obligations | 132 |
2021, Total future payments on capital lease obligations for assets under construction | 368 |
2022, Interest expense on capital lease finance obligations | 228 |
2022, Principle payments on capital lease finance obligations | 139 |
2022, Total future payments on capital lease obligations for assets under construction | 367 |
2023, Interest expense on capital lease finance obligations | 221 |
2023, Principle payments on capital lease finance obligations | 147 |
2023, Total future payments on capital lease obligations for assets under construction | 368 |
2024, Interest expense on capital lease finance obligations | 213 |
2024, Principle payments on capital lease finance obligations | 155 |
2024, Total future payments on capital lease obligations for assets under construction | 368 |
Thereafter, Interest expense on capital lease finance obligations | 1,827 |
Thereafter, Principle payments on capital lease finance obligations | 3,944 |
Thereafter, Total future payments on capital lease obligations for assets under construction | 5,771 |
Total future payments, interest expense on capital lease finance obligations | 2,962 |
Total future payments, principle payments on capital lease finance obligations | 4,640 |
Total future payments of capital lease obligations for assets under construction | $ 7,602 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Jul. 17, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,090,151 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 600,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 757,645 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 8,300 | |||
Share-based Payment Arrangement, Expense | $ 1,200,000 | $ 800,000 | $ 800,000 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 0 | 0 | 0 | |
Certain Employees [Member] | ||||
Share-based Payment Arrangement, Expense | 800,000 | 500,000 | 600,000 | |
Executive Officer [Member] | ||||
Share-based Payment Arrangement, Expense | 200,000 | 100,000 | ||
Board [Member] | ||||
Share-based Payment Arrangement, Expense | 200,000 | $ 200,000 | $ 200,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,300,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Board [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award Equivalent Value of Shares Authorized to Grant | $ 60,000 | |||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Changes in Non-vested RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Non-vested balance (in shares) | 418,982 | 70,346 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.19 | $ 21.56 |
Granted (in shares) | 28,534 | 396,949 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ 14.48 | $ 8.88 |
Forfeited (in shares) | (10,720) | (15,626) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.06 | $ 12.01 |
Vested (in shares) | (120,440) | (32,687) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.31 | $ 17.97 |
Non-vested balance (in shares) | 316,356 | 418,982 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.18 | $ 10.19 |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | May 02, 2018 | May 04, 2016 | Sep. 30, 2019 | Sep. 30, 2018 |
Stock Repurchase Program, Period in Force | 2 years | 2 years | ||
Stock Repurchase Program, Authorized Amount | $ 10,000 | |||
Stock Issued During Period, Shares, Treasury Stock Reissued for Equity-based Compensation Obligations | 89,675 | 26,899 | ||
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations | $ 700 | $ 200 | ||
Treasury Stock, Shares, Ending Balance | 47,222 | 136,897 | ||
Treasury Stock, Value, Ending Balance | $ 359 | $ 1,040 |
Note 13 - Stockholders' Equit_3
Note 13 - Stockholders' Equity - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total number of common shares acquired (in shares) | 101,573 | ||
Average price per common share acquired (including commissions) (in dollars per share) | $ 5.72 | ||
Total cost of common shares acquired (in thousands) | $ 581 | $ 262 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Chalet [Member] | |||
Number of Operating Leases | 4 | ||
Number of Capital Leases | 1 | ||
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity | 4 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1.2 | $ 1.2 | $ 1.2 |
Isely Family Land Trust LLC [Member] | |||
Number of Operating Leases | 1 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.3 | 0.3 | 0.3 |
FTVC, LLC [Member] | |||
Number of Operating Leases | 1 | ||
Related Party Transaction Number of Owners That Are Non-Independent Board Members of the Entity | 4 | ||
FTVC, LLC [Member] | Maximum [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.1 | $ 0.1 | $ 0.1 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.30% | (20.70%) | 33.10% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (4,300) | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | 0 | |
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Operating Loss Carryforwards Utilized | $ 100 | $ 100 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Current federal income tax (benefit) expense | $ (1,981) | $ 3,083 | $ 2,837 | ||||||||
Current state income tax expense | 406 | 721 | 336 | ||||||||
Total current income tax (benefit) expense | (1,575) | 3,804 | 3,173 | ||||||||
Deferred federal income tax expense (benefit) | 3,760 | (5,760) | 206 | ||||||||
Deferred state income tax expense (benefit) | 213 | (212) | 35 | ||||||||
Total deferred income tax expense (benefit) | 3,973 | (5,972) | 241 | ||||||||
Total provision for (benefit from) income taxes | $ 252 | $ 581 | $ 981 | $ 584 | $ 192 | $ 597 | $ 1,120 | $ (4,077) | $ 2,398 | $ (2,168) | $ 3,414 |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation Between the U.S. Federal Statutory Income Tax Rate and the Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statutory tax rate | 21.00% | 24.30% | 34.00% |
State income taxes, net of federal income tax expense | 3.70% | 3.30% | 2.70% |
Remeasurement | (41.30%) | ||
Enhanced food deduction | (1.30%) | (1.80%) | (2.70%) |
Deferred tax liability adjustment | (0.50%) | (6.30%) | |
Other, net | (2.60%) | 1.10% | (0.90%) |
Effective tax rate | 20.30% | (20.70%) | 33.10% |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Long-term assets | ||
Long-term liabilities | (10,420) | (6,447) |
Net deferred tax liabilities | $ (10,420) | $ (6,447) |
Note 15 - Income Taxes - Tax Ef
Note 15 - Income Taxes - Tax Effects of Temporary Differences That Give Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Capital and financing lease obligations | $ 12,951 | $ 10,022 |
Goodwill | 724 | 955 |
Leasehold incentives | 1,963 | 2,180 |
Deferred rent | 2,809 | 2,706 |
Trademarks | 662 | 658 |
Accrued employee benefits | 678 | 642 |
Deferred compensation | 169 | |
Other | 508 | 339 |
Gross deferred tax assets | 20,295 | 17,671 |
Property and equipment | (28,380) | (21,489) |
Leasehold improvements | (2,088) | (2,407) |
Subleases | (203) | (214) |
Other | (44) | (8) |
Gross deferred tax liabilities | (30,715) | (24,118) |
Net deferred tax liabilities | $ (10,420) | $ (6,447) |
Note 16 - Defined Contributio_2
Note 16 - Defined Contribution Plan (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | |
Defined Contribution Plan Employer Maximum Discretionary Contribution Amount per Employee | $ 2,500 | |
Defined Contribution Plan, Cost | $ 700,000 | $ 800,000 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 12 Months Ended |
Sep. 30, 2019 | |
Number of Reportable Segments | 1 |
Note 17 - Segment Reporting - S
Note 17 - Segment Reporting - Sales from Natural and Organic Retail Stores (Details) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Sales percentage | 100.00% | 100.00% | 100.00% |
Grocery [Member] | |||
Sales percentage | 69.00% | 68.00% | 67.00% |
Dietary Supplements [Member] | |||
Sales percentage | 21.00% | 21.00% | 22.00% |
Body Care, Pet Care, and Other [Member] | |||
Sales percentage | 10.00% | 11.00% | 11.00% |
Note 19 - Selected Quarterly _3
Note 19 - Selected Quarterly Financial Data (Unaudited) - Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues, Total | $ 227,209 | $ 224,411 | $ 230,447 | $ 221,515 | $ 217,521 | $ 213,130 | $ 215,911 | $ 202,480 | |||
Cost of goods sold and occupancy costs | 168,241 | 165,986 | 168,233 | 162,369 | 160,219 | 156,299 | 157,630 | 149,321 | $ 664,829 | $ 623,469 | $ 556,694 |
Gross profit | 58,968 | 58,425 | 62,214 | 59,146 | 57,302 | 56,831 | 58,281 | 53,159 | 238,753 | 225,573 | 212,336 |
Store expenses | 50,070 | 48,424 | 50,175 | 49,123 | 48,095 | 47,000 | 46,480 | 45,166 | 197,792 | 186,741 | 174,350 |
Administrative expenses | 5,808 | 5,953 | 5,761 | 5,315 | 5,161 | 5,630 | 5,458 | 5,257 | 22,837 | 21,506 | 20,089 |
Pre-opening and relocation expenses | 316 | 213 | 157 | 672 | 590 | 443 | 697 | 543 | 1,358 | 2,273 | 3,799 |
Operating income | 2,774 | 3,835 | 6,121 | 4,036 | 3,456 | 3,758 | 5,646 | 2,193 | 16,766 | 15,053 | 14,098 |
Interest expense, net | (1,161) | (1,256) | (1,280) | (1,255) | (1,179) | (1,170) | (1,122) | (1,089) | (4,952) | (4,560) | (3,793) |
Income before income taxes | 1,613 | 2,579 | 4,841 | 2,781 | 2,277 | 2,588 | 4,524 | 1,104 | 11,814 | 10,493 | 10,305 |
Benefit from (provision for) income taxes | (252) | (581) | (981) | (584) | (192) | (597) | (1,120) | 4,077 | (2,398) | 2,168 | (3,414) |
Net income | $ 1,361 | $ 1,998 | $ 3,860 | $ 2,197 | $ 2,085 | $ 1,991 | $ 3,404 | $ 5,181 | $ 9,416 | $ 12,661 | $ 6,891 |
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.10 | $ 0.09 | $ 0.15 | $ 0.23 | $ 0.42 | $ 0.57 | $ 0.31 |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.09 | $ 0.09 | $ 0.15 | $ 0.23 | $ 0.42 | $ 0.56 | $ 0.31 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Nov. 13, 2019USD ($)$ / shares |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.07 |
Maximum Aggregate Amount of Dividends to be Paid on Common Stock | $ | $ 10 |