Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001547459 | |
Entity Registrant Name | Natural Grocers by Vitamin Cottage, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35608 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-5034161 | |
Entity Address, Address Line One | 12612 West Alameda Parkway | |
Entity Address, Postal Zip Code | 80228 | |
Entity Address, City or Town | Lakewood | |
Entity Address, State or Province | CO | |
City Area Code | 303 | |
Local Phone Number | 986-4600 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | NGVC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,606,670 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 20,977 | $ 28,534 | |
Accounts receivable, net | 8,996 | 8,519 | |
Merchandise inventory | 98,456 | 100,175 | |
Prepaid expenses and other current assets | 4,073 | 6,185 | |
Total current assets | 132,502 | 143,413 | |
Property and equipment, net | 146,364 | 147,929 | |
Other assets: | |||
Operating lease assets, net | 330,514 | 339,239 | |
Finance lease assets, net | 38,344 | 40,096 | |
Deposits and other assets | [1] | 611 | 647 |
Goodwill and other intangible assets, net | 10,988 | 10,468 | |
Total other assets | 380,457 | 390,450 | |
Total assets | 659,323 | 681,792 | |
Current liabilities: | |||
Accounts payable | 64,026 | 69,163 | |
Accrued expenses | 21,492 | 24,995 | |
Term loan facility, current portion | 1,750 | 0 | |
Operating lease obligations, current portion | 32,705 | 32,156 | |
Finance lease obligations, current portion | 2,996 | 2,836 | |
Total current liabilities | 122,969 | 129,150 | |
Long-term liabilities: | |||
Term loan facility, net of current portion | 32,813 | 0 | |
Operating lease obligations, net of current portion | 316,609 | 325,641 | |
Finance lease obligations, net of current portion | 37,987 | 39,506 | |
Deferred income tax liabilities, net | 15,518 | 14,429 | |
Total long-term liabilities | 402,927 | 379,576 | |
Total liabilities | 525,896 | 508,726 | |
Commitments (Note 13) | |||
Stockholders’ equity: | |||
Common stock, $0.001 par value, 50,000,000 shares authorized, and 22,595,467 and 22,546,765 shares issued and outstanding at March 31, 2021 and September 30, 2020, respectively | 23 | 23 | |
Additional paid-in capital | 57,065 | 56,752 | |
Retained earnings | 76,339 | 116,291 | |
Total stockholders’ equity | 133,427 | 173,066 | |
Total liabilities and stockholders’ equity | $ 659,323 | $ 681,792 | |
[1] | Certain prior year results have been combined for combined for consistency with current year presentation. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Sep. 30, 2020 |
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) | 22,595,467 | 22,546,765 |
Common stock, shares outstanding (in shares) | 22,595,467 | 22,546,765 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 259,198 | $ 277,524 | $ 524,243 | $ 507,554 |
Cost of goods sold and occupancy costs | 187,371 | 199,701 | 379,391 | 369,207 |
Gross profit | 71,827 | 77,823 | 144,852 | 138,347 |
Store expenses | 58,422 | 56,878 | 118,752 | 108,305 |
Administrative expenses | 6,358 | 7,038 | 13,662 | 12,857 |
Pre-opening and relocation expenses | 341 | 650 | 530 | 1,080 |
Operating income | 6,706 | 13,257 | 11,908 | 16,105 |
Interest expense, net | (603) | (516) | (1,113) | (1,052) |
Income before income taxes | 6,103 | 12,741 | 10,795 | 15,053 |
Provision for income taxes | (1,399) | (3,023) | (2,459) | (3,467) |
Net income | $ 4,704 | $ 9,718 | $ 8,336 | $ 11,586 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.21 | $ 0.43 | $ 0.37 | $ 0.52 |
Diluted (in dollars per share) | $ 0.21 | $ 0.43 | $ 0.37 | $ 0.51 |
Weighted average number of shares of common stock outstanding: | ||||
Basic (in shares) | 22,581,916 | 22,493,341 | 22,570,305 | 22,482,285 |
Diluted (in shares) | 22,737,646 | 22,543,429 | 22,715,098 | 22,542,319 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net income | $ 8,336 | $ 11,586 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,057 | 15,595 |
Impairment and store closing costs | 105 | 0 |
Share-based compensation | 487 | 552 |
Deferred income tax expense | 1,089 | 475 |
Non-cash interest expense | 11 | 6 |
Changes in operating assets and liabilities | ||
Accounts receivable, net | (477) | (535) |
Merchandise inventory | 1,719 | 7,768 |
Prepaid expenses and other assets | (922) | (483) |
Income tax receivable | 3,004 | 4,960 |
Operating lease asset | 15,402 | 14,973 |
Operating lease liability | (15,861) | (15,285) |
Accounts payable | (7,142) | 10,146 |
Accrued expenses | (3,503) | 3,602 |
Net cash provided by operating activities | 17,305 | 53,360 |
Investing activities: | ||
Acquisition of property and equipment | (8,673) | (18,759) |
Acquisition of other intangibles | (926) | (1,399) |
Proceeds from sale of property and equipment | 0 | 0 |
Proceeds from property insurance settlements | 58 | 27 |
Net cash used in investing activities | (9,541) | (20,131) |
Financing activities: | ||
Borrowings under revolving facility | 0 | 226,000 |
Repayments under revolving facility | 0 | (231,692) |
Borrowings under term loan facility | 35,000 | 0 |
Repayments under term loan facility | (438) | 0 |
Finance lease obligation payments | (1,369) | (1,082) |
Dividend to shareholders | (48,288) | (3,148) |
Loan fees paid | (52) | (25) |
Payments on withholding tax for restricted stock unit vesting | (174) | (122) |
Net cash used in financing activities | (15,321) | (10,069) |
Net (decrease) increase in cash and cash equivalents | (7,557) | 23,160 |
Cash and cash equivalents, beginning of period | 28,534 | 6,214 |
Cash and cash equivalents, end of period | 20,977 | 29,374 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 165 | 328 |
Cash paid for interest on finance lease obligations, net of capitalized interest of $83 and $68, respectively | 910 | 781 |
Income taxes paid | 4,777 | 10 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Acquisition of property and equipment not yet paid | 4,435 | 3,748 |
Acquisition of other intangibles not yet paid | 233 | 179 |
Property acquired through operating lease obligations | 7,287 | 8,170 |
Property acquired through finance lease obligations | $ 106 | $ 5,232 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capitalized interest | $ 83 | $ 68 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Sep. 30, 2019 | 22,463,057 | ||||
Balance at Sep. 30, 2019 | $ 23 | $ 56,319 | $ 100,923 | $ (359) | $ 156,906 |
Net income | 0 | 0 | 1,868 | 0 | 1,868 |
Cash dividends | $ 0 | 0 | (1,573) | 0 | (1,573) |
Share-based compensation (in shares) | 12,661 | ||||
Share-based compensation | $ 0 | 135 | 0 | 96 | 231 |
Topic 842 transition impact | $ 0 | 0 | 1,660 | 0 | 1,660 |
Balance (in shares) at Dec. 31, 2019 | 22,475,718 | ||||
Balance at Dec. 31, 2019 | $ 23 | 56,454 | 102,878 | (263) | 159,092 |
Balance (in shares) at Sep. 30, 2019 | 22,463,057 | ||||
Balance at Sep. 30, 2019 | $ 23 | 56,319 | 100,923 | (359) | 156,906 |
Net income | 11,586 | ||||
Balance (in shares) at Mar. 31, 2020 | 22,503,810 | ||||
Balance at Mar. 31, 2020 | $ 23 | 56,439 | 111,022 | (49) | 167,435 |
Balance (in shares) at Dec. 31, 2019 | 22,475,718 | ||||
Balance at Dec. 31, 2019 | $ 23 | 56,454 | 102,878 | (263) | 159,092 |
Net income | 0 | 0 | 9,718 | 0 | 9,718 |
Cash dividends | $ 0 | 0 | (1,574) | 0 | (1,574) |
Share-based compensation (in shares) | 28,092 | ||||
Share-based compensation | $ 0 | (15) | 0 | 214 | 199 |
Balance (in shares) at Mar. 31, 2020 | 22,503,810 | ||||
Balance at Mar. 31, 2020 | $ 23 | 56,439 | 111,022 | (49) | 167,435 |
Balance (in shares) at Sep. 30, 2020 | 22,546,765 | ||||
Balance at Sep. 30, 2020 | $ 23 | 56,752 | 116,291 | 0 | 173,066 |
Net income | 0 | 0 | 3,632 | 0 | 3,632 |
Cash dividends | $ 0 | 0 | (46,706) | 0 | (46,706) |
Share-based compensation (in shares) | 16,884 | ||||
Share-based compensation | $ 0 | 166 | 0 | 0 | 166 |
Balance (in shares) at Dec. 31, 2020 | 22,563,649 | ||||
Balance at Dec. 31, 2020 | $ 23 | 56,918 | 73,217 | 0 | 130,158 |
Balance (in shares) at Sep. 30, 2020 | 22,546,765 | ||||
Balance at Sep. 30, 2020 | $ 23 | 56,752 | 116,291 | 0 | 173,066 |
Net income | 8,336 | ||||
Balance (in shares) at Mar. 31, 2021 | 22,595,467 | ||||
Balance at Mar. 31, 2021 | $ 23 | 57,065 | 76,339 | 0 | 133,427 |
Balance (in shares) at Dec. 31, 2020 | 22,563,649 | ||||
Balance at Dec. 31, 2020 | $ 23 | 56,918 | 73,217 | 0 | 130,158 |
Net income | 0 | 0 | 4,704 | 0 | 4,704 |
Cash dividends | $ 0 | 0 | (1,582) | 0 | (1,582) |
Share-based compensation (in shares) | 31,818 | ||||
Share-based compensation | $ 0 | 147 | 0 | 0 | 147 |
Balance (in shares) at Mar. 31, 2021 | 22,595,467 | ||||
Balance at Mar. 31, 2021 | $ 23 | $ 57,065 | $ 76,339 | $ 0 | $ 133,427 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Mar. 31, 2021 | |
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, body care products and dietary supplements. The Company operates its retail stores under its trademark Natural Grocers by Vitamin Cottage March 31, 2021, September 30, 2020. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by Article 10 X. not 10 7 10 not September 30. The accompanying unaudited 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 The Company has one reporting segment: natural and organic retail stores. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including the fair value of assets acquired and liabilities assumed in a business combination), 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: allowances for self-insurance reserves; valuation of inventories; useful lives of property and equipment for depreciation and amortization; impairment of finite-lived intangible assets, long-lived assets, and goodwill; lease assumptions; accounting for income taxes; and litigation based on currently available information. Changes in facts and circumstances may Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 02, 842 February 2016 2018 2019 842” 842 12 842, The Company adopted ASC 842 October 1, 2019, first 2020, not not The adoption of ASC 842 October 1, 2019. Additionally, the Company recognized a cumulative effect adjustment, which increased retained earnings by $1.7 million for the year ended September 30, 2020. October 1, 2019, In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020, not three six March 31, 2021. In January 2017, 2017 04, 350, 2017 04 2017 04 first two not 2019 10 2016 13 2017 04 first September 30, 2024. September 30, 2020. 2017 04 not three six March 31, 2021. Recent Accounting Pronouncements In June 2016, 2016 13, 326, 2016 13 2016 13 2016 13 2019 10, November 2019, 2016 13 2016 13 first September 30, 2024. In December 2019, 2019 12, 740, 2019 12 2019 12 first September 30, 2022 not In March 2020, 2020 04, 848, 2020 04 not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Mar. 31, 2021 | |
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 balance of contract liabilities related to unredeemed gift cards was $1.5 million and $1.3 million as of March 31, 2021 September 30, 2020, three March 31, 2021 2020 September 30, 2020 2019, six March 31, 2021 2020 September 30, 2020 2019, The following table disaggregates our revenue by product category for the three six March 31, 2021 2020, Three months ended March 31, Six months ended March 31, 2021 2020 2021 2020 Grocery $ 180,457 70 % 186,171 67 366,072 70 344,106 68 Dietary supplements 53,901 21 63,969 23 107,125 20 111,870 22 Other 24,840 9 27,384 10 51,046 10 51,578 10 $ 259,198 100 % 277,524 100 524,243 100 507,554 100 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units (RSUs) were to vest, resulting in the issuance of common stock that would then share in the Company’s earnings. Presented below are basic and diluted EPS for the three six March 31, 2021 2020, Three months ended March 31, Six months ended March 31, 2021 2020 2021 2020 Net income $ 4,704 9,718 8,336 11,586 Weighted average number of shares of common stock outstanding 22,581,916 22,493,341 22,570,305 22,482,285 Effect of dilutive securities 155,730 50,088 144,793 60,034 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,737,646 22,543,429 22,715,098 22,542,319 Basic earnings per share $ 0.21 0.43 0.37 0.52 Diluted earnings per share $ 0.21 0.43 0.37 0.51 There were 4,296 and 2,973 non-vested RSUs for the three six March 31, 2021, three six March 31, 2020, The Company paid a cash dividend of $0.07 per share of common stock in each of the first two 2021 2020. first 2021. |
Note 5 - Debt
Note 5 - Debt | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 5. Credit Facility The Company is party to a credit facility consisting of a $50.0 million revolving loan facility (the Revolving Facility) and a fully drawn $35.0 million term loan facility (the Term Loan Facility, and together with the Revolving Facility, the Credit Facility). The operating company is the borrower under the Credit Facility and its obligations under the Credit Facility are guaranteed by the holding company and VC2. March 31, 2021, December 2020 November 13, 2024. March 31, 2021 September 30, 2024, may not The Credit Facility requires compliance with certain customary operational and financial covenants, including a consolidated 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 required lenders’ consent, provided that so long as no may not On November 13, 2019, November 13, 2024 not November 18, 2020, one no December 31, 2020. The Company had no amounts outstanding under the Revolving Facility as of March 31, 2021 September 30, 2020. March 31, 2021 September 30, 2020, March 31, 2021 September 30, 2020. March 31, 2021. As of March 31, 2021 September 30, 2020, Lease Obligations As of March 31, 2021 September 30, 2020, No Interest The Company incurred gross interest expense of approximately $0.7 million and $0.5 million for the three March 31, 2021 2020, six March 31, 2021 2020, three six March 31, 2021 2020 three six March 31, 2021 2020. |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Equity Share Repurchases In May 2016, two may May 31, 2022. may 10b 18 1934, may 10b5 1 not may The dollar value of the shares of the Company’s common stock that may Prior to October 1, 2020, three six March 31, 2021, three six March 31, 2020, March 31, 2021 September 30, 2020, |
Note 7 - Lease Obligations
Note 7 - Lease Obligations | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 7. The Company leases most of its stores, a bulk food repackaging facility and distribution center and its administrative offices. The Company determines if an arrangement is a lease or contains a lease at inception. Lease terms generally range from 10 to 25 years, with scheduled increases in minimum rent payments. Operating lease liabilities represent the present value of lease payments not Most leases include one five Variable payments related to pass-through costs for maintenance, taxes and insurance or adjustments based on an index such as Consumer Price Index are not As most of the Company’s lease agreements do not third Leases are recorded at the commencement date (the date the underlying asset becomes available for use) for the present value of lease payments, less tenant improvement allowances received or receivable. Leases with a term of 12 not The Company’s lease agreements do not The Company subleases certain real estate or portions thereof to third 2030. The Company has four operating leases and one finance lease with Chalet Properties, LLC (Chalet), one operating lease with the Isely Family Land Trust LLC (Land Trust) and one operating lease with FTVC, LLC (FTVC), each of which is a related party (see Note 12 November 1999, July 2040 three March 31, 2021 2020, six March 31, 2021 2020. The components of total lease cost for the three six March 31, 2021 2020 Three months ended March 31, Six months ended March 31, Lease cost Classification 2021 2020 2021 2020 Operating lease cost: Cost of goods sold and occupancy costs $ 10,603 10,586 21,239 21,252 Store expenses 79 79 159 159 Administrative expenses 76 77 152 159 Pre-opening and relocation expenses 128 122 154 122 Finance lease cost: Depreciation of right-of-use assets Store expenses (1) 926 726 1,831 1,487 Interest on lease liabilities Interest expense, net (1) 506 385 993 803 Short-term lease cost Store expenses 621 443 1,158 528 Variable lease cost Cost of goods sold and occupancy costs (2) 891 1,367 2,707 2,605 Sublease income Store expenses (70 ) (92 ) (163 ) (185 ) Total lease cost $ 13,760 13,693 28,230 26,930 1 not 2 Additional information related to the Company’s leases for the three six March 31, 2021 2020 Three months ended March 31, Six months ended March 31, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,052 11,003 22,189 22,004 Operating cash flows from finance leases 493 431 993 849 Financing cash flows from finance leases 694 564 1,369 1,082 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,518 1,792 7,287 7,230 Finance leases — 3,910 106 5,232 Additional information related to the Company’s leases as of March 31, 2021 2020 March 31, 2021 March 31, 2020 Weighted-average remaining lease term (in years): Operating leases 11.4 12.0 Finance leases 12.0 12.0 Weighted-average discount rate: Operating leases 3.6 % 3.6 Finance leases 5.1 % 4.9 In the six March 31, 2021, one first 2019. In addition, during the six March 31, 2020, one Future lease payments under non-cancellable leases as of March 31, 2021 Fiscal Year Operating leases Finance leases Total Remainder of 2021 $ 22,299 2,437 24,736 2022 44,589 4,893 49,482 2023 43,789 4,937 48,726 2024 41,964 5,002 46,966 2025 40,261 5,012 45,273 Thereafter 236,959 32,453 269,412 Total future undiscounted lease payments 429,861 54,734 484,595 Less imputed interest (80,547 ) (13,751 ) (94,298 ) Total reported lease liability 349,314 40,983 390,297 Less current portion (32,705 ) (2,996 ) (35,701 ) Noncurrent lease liability $ 316,609 37,987 354,596 The table above excludes $30.8 million of legally binding minimum lease payments for leases that had been executed as of March 31, 2021 not |
Note 8 - Property and Equipment
Note 8 - Property and Equipment | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. The Company had the following property and equipment balances as of March 31, 2021 September 30, 2020, As of Useful lives (in years) March 31, 2021 September 30, 2020 Construction in process n/a $ 3,942 6,717 Land n/a 2,445 1,390 Buildings 16 - 40 31,433 26,732 Land improvements 1 – 24 1,738 1,575 Leasehold and building improvements 1 – 25 156,269 153,438 Fixtures and equipment 5 – 7 142,897 139,965 Computer hardware and software 3 – 5 24,196 23,628 362,920 353,445 Less accumulated depreciation and amortization (216,556 ) (205,516 ) Property and equipment, net $ 146,364 147,929 Depreciation and amortization expense for the three six March 31, 2021 2020 Three months ended March 31, Six months ended March 31, 2021 2020 2021 2020 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 213 194 428 383 Depreciation and amortization expense included in store expenses 6,913 7,393 14,041 14,633 Depreciation and amortization expense included in administrative expenses 294 301 588 579 Total depreciation and amortization expense $ 7,420 7,888 15,057 15,595 |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. The Company had the following goodwill and other intangible asset balances as of March 31, 2021 September 30, 2020, As of Useful lives (in years) March 31, 2021 September 30, 2020 Amortizable intangible assets: Other intangibles 0.5 - 3 $ 3,693 3,634 Less accumulated amortization (2,764 ) (2,378 ) Amortizable intangible assets, net 929 1,256 Other intangibles in process 4,472 3,625 Trademark Indefinite 389 389 Total other intangibles, net 5,790 5,270 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 10,988 10,468 |
Note 10 - Accrued Expenses
Note 10 - Accrued Expenses | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. The composition of accrued expenses as of March 31, 2021 September 30, 2020 As of March 31, September 30, 2021 2020 Payroll and employee-related expenses $ 10,736 13,569 Accrued property, sales and use tax payable 6,793 7,912 Accrued marketing expenses 608 407 Deferred revenue related to gift card sales 2,012 1,819 Income tax payable (1) 17 210 Other (1) 1,326 1,078 Total accrued expenses $ 21,492 24,995 ( 1 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Income taxes are accounted for in accordance with the provisions of ASC 740. |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. The Company has ongoing relationships with related entities as noted below: Chalet Properties, LLC: four one four three March 31, 2021 2020. six March 31, 2021 2020. Isely Family Land Trust LLC: one three March 31, 2021 2020. six March 31, 2021 2020. FTVC LLC: one four three March 31, 2021 2020. six March 31, 2021 2020. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. The Company is periodically involved in various legal proceedings that are incidental to the conduct of its business, including but not may not |
Note 14 - Subsequent Event
Note 14 - Subsequent Event | 6 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. On May 5, 2021, June 16, 2021 June 1, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial statements and are in the form prescribed by Article 10 X. not 10 7 10 not September 30. The accompanying unaudited 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 The Company has one reporting segment: natural and organic retail stores. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including the fair value of assets acquired and liabilities assumed in a business combination), 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: allowances for self-insurance reserves; valuation of inventories; useful lives of property and equipment for depreciation and amortization; impairment of finite-lived intangible assets, long-lived assets, and goodwill; lease assumptions; accounting for income taxes; and litigation based on currently available information. Changes in facts and circumstances may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 02, 842 February 2016 2018 2019 842” 842 12 842, The Company adopted ASC 842 October 1, 2019, first 2020, not not The adoption of ASC 842 October 1, 2019. Additionally, the Company recognized a cumulative effect adjustment, which increased retained earnings by $1.7 million for the year ended September 30, 2020. October 1, 2019, In June 2018, 2018 07, 718, 2018 07 2018 07 718 2018 07 first September 30, 2020, not three six March 31, 2021. In January 2017, 2017 04, 350, 2017 04 2017 04 first two not 2019 10 2016 13 2017 04 first September 30, 2024. September 30, 2020. 2017 04 not three six March 31, 2021. Recent Accounting Pronouncements In June 2016, 2016 13, 326, 2016 13 2016 13 2016 13 2019 10, November 2019, 2016 13 2016 13 first September 30, 2024. In December 2019, 2019 12, 740, 2019 12 2019 12 first September 30, 2022 not In March 2020, 2020 04, 848, 2020 04 not |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, Six months ended March 31, 2021 2020 2021 2020 Grocery $ 180,457 70 % 186,171 67 366,072 70 344,106 68 Dietary supplements 53,901 21 63,969 23 107,125 20 111,870 22 Other 24,840 9 27,384 10 51,046 10 51,578 10 $ 259,198 100 % 277,524 100 524,243 100 507,554 100 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, Six months ended March 31, 2021 2020 2021 2020 Net income $ 4,704 9,718 8,336 11,586 Weighted average number of shares of common stock outstanding 22,581,916 22,493,341 22,570,305 22,482,285 Effect of dilutive securities 155,730 50,088 144,793 60,034 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,737,646 22,543,429 22,715,098 22,542,319 Basic earnings per share $ 0.21 0.43 0.37 0.52 Diluted earnings per share $ 0.21 0.43 0.37 0.51 |
Note 7 - Lease Obligations (Tab
Note 7 - Lease Obligations (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended March 31, Six months ended March 31, Lease cost Classification 2021 2020 2021 2020 Operating lease cost: Cost of goods sold and occupancy costs $ 10,603 10,586 21,239 21,252 Store expenses 79 79 159 159 Administrative expenses 76 77 152 159 Pre-opening and relocation expenses 128 122 154 122 Finance lease cost: Depreciation of right-of-use assets Store expenses (1) 926 726 1,831 1,487 Interest on lease liabilities Interest expense, net (1) 506 385 993 803 Short-term lease cost Store expenses 621 443 1,158 528 Variable lease cost Cost of goods sold and occupancy costs (2) 891 1,367 2,707 2,605 Sublease income Store expenses (70 ) (92 ) (163 ) (185 ) Total lease cost $ 13,760 13,693 28,230 26,930 |
Additional Information Related to Leases [Table Text Block] | Three months ended March 31, Six months ended March 31, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,052 11,003 22,189 22,004 Operating cash flows from finance leases 493 431 993 849 Financing cash flows from finance leases 694 564 1,369 1,082 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,518 1,792 7,287 7,230 Finance leases — 3,910 106 5,232 March 31, 2021 March 31, 2020 Weighted-average remaining lease term (in years): Operating leases 11.4 12.0 Finance leases 12.0 12.0 Weighted-average discount rate: Operating leases 3.6 % 3.6 Finance leases 5.1 % 4.9 |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Fiscal Year Operating leases Finance leases Total Remainder of 2021 $ 22,299 2,437 24,736 2022 44,589 4,893 49,482 2023 43,789 4,937 48,726 2024 41,964 5,002 46,966 2025 40,261 5,012 45,273 Thereafter 236,959 32,453 269,412 Total future undiscounted lease payments 429,861 54,734 484,595 Less imputed interest (80,547 ) (13,751 ) (94,298 ) Total reported lease liability 349,314 40,983 390,297 Less current portion (32,705 ) (2,996 ) (35,701 ) Noncurrent lease liability $ 316,609 37,987 354,596 |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of Useful lives (in years) March 31, 2021 September 30, 2020 Construction in process n/a $ 3,942 6,717 Land n/a 2,445 1,390 Buildings 16 - 40 31,433 26,732 Land improvements 1 – 24 1,738 1,575 Leasehold and building improvements 1 – 25 156,269 153,438 Fixtures and equipment 5 – 7 142,897 139,965 Computer hardware and software 3 – 5 24,196 23,628 362,920 353,445 Less accumulated depreciation and amortization (216,556 ) (205,516 ) Property and equipment, net $ 146,364 147,929 |
Depreciation and Amortization Expense [Table Text Block] | Three months ended March 31, Six months ended March 31, 2021 2020 2021 2020 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 213 194 428 383 Depreciation and amortization expense included in store expenses 6,913 7,393 14,041 14,633 Depreciation and amortization expense included in administrative expenses 294 301 588 579 Total depreciation and amortization expense $ 7,420 7,888 15,057 15,595 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of Useful lives (in years) March 31, 2021 September 30, 2020 Amortizable intangible assets: Other intangibles 0.5 - 3 $ 3,693 3,634 Less accumulated amortization (2,764 ) (2,378 ) Amortizable intangible assets, net 929 1,256 Other intangibles in process 4,472 3,625 Trademark Indefinite 389 389 Total other intangibles, net 5,790 5,270 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 10,988 10,468 |
Note 10 - Accrued Expenses (Tab
Note 10 - Accrued Expenses (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of March 31, September 30, 2021 2020 Payroll and employee-related expenses $ 10,736 13,569 Accrued property, sales and use tax payable 6,793 7,912 Accrued marketing expenses 608 407 Deferred revenue related to gift card sales 2,012 1,819 Income tax payable (1) 17 210 Other (1) 1,326 1,078 Total accrued expenses $ 21,492 24,995 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Mar. 31, 2021 | Sep. 30, 2020 |
Number of Stores | 161 | 159 |
Number of States in which Entity Operates | 20 | 20 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 6 Months Ended | ||
Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Oct. 01, 2019USD ($) | |
Number of Reportable Segments | 1 | ||
Operating Lease, Right-of-Use Asset | $ 330,514 | $ 339,239 | |
Operating Lease, Liability, Total | 349,314 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 76,339 | 116,291 | |
Accounting Standards Update 2016-01 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 359,600 | ||
Operating Lease, Liability, Total | $ 377,800 | ||
Capital Lease Obligations, Total | (41,900) | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | (40,200) | ||
Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,700 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - Gift Cards [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Contract with Customer, Liability, Total | $ 1,500 | $ 1,500 | $ 1,300 | ||
Contract with Customer, Liability, Revenue Recognized | $ 100 | $ 0 | $ 400 | $ 800 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 259,198 | $ 277,524 | $ 524,243 | $ 507,554 |
Net Sales, percent | 100.00% | 100.00% | 100.00% | 100.00% |
Grocery [Member] | ||||
Net sales | $ 180,457 | $ 186,171 | $ 366,072 | $ 344,106 |
Net Sales, percent | 70.00% | 67.00% | 70.00% | 68.00% |
Dietary Supplements [Member] | ||||
Net sales | $ 53,901 | $ 63,969 | $ 107,125 | $ 111,870 |
Net Sales, percent | 21.00% | 23.00% | 20.00% | 22.00% |
Manufactured Product, Other [Member] | ||||
Net sales | $ 24,840 | $ 27,384 | $ 51,046 | $ 51,578 |
Net Sales, percent | 9.00% | 10.00% | 10.00% | 10.00% |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Quarterly Cash dividend [Member] | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | ||
Special Cash Dividend [Member] | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 2 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 4,296 | 142,020 | 2,973 | 181,720 |
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 | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 4,704 | $ 9,718 | $ 8,336 | $ 11,586 |
Weighted average number of shares of common stock outstanding (in shares) | 22,581,916 | 22,493,341 | 22,570,305 | 22,482,285 |
Effect of dilutive securities (in shares) | 155,730 | 50,088 | 144,793 | 60,034 |
Weighted average number of shares of common stock outstanding including effect of dilutive securities (in shares) | 22,737,646 | 22,543,429 | 22,715,098 | 22,542,319 |
Basic earnings per share (in dollars per share) | $ 0.21 | $ 0.43 | $ 0.37 | $ 0.52 |
Diluted earnings per share (in dollars per share) | $ 0.21 | $ 0.43 | $ 0.37 | $ 0.51 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) $ / shares in Units, $ in Thousands | Nov. 18, 2020USD ($)$ / shares | Nov. 13, 2019USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) |
Proceeds from Issuance of Long-term Debt, Total | $ 35,000 | $ 0 | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 2 | |||||||
Capital and Financing Lease Obligations Number of Leases | 19 | 19 | 19 | |||||
Interest Expense, Debt, Excluding Amortization | $ 700 | $ 500 | $ 1,200 | 1,100 | ||||
Interest Costs Capitalized | 100 | $ 100 | 100 | $ 100 | ||||
Letter of Credit [Member] | ||||||||
Letters of Credit Outstanding, Amount | 1,300 | 1,300 | $ 1,300 | |||||
The New Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | 50,000 | ||||||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | $ 10,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 48,700 | 48,700 | 48,700 | |||||
Long-term Debt, Total | 34,600 | $ 34,600 | ||||||
The New Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument, Maximum Dividend Payment Permitted | $ 50,000 | |||||||
The New Credit Facility [Member] | Prime Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
The New Credit Facility [Member] | Eurodollar [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
The New Credit Facility [Member] | Term Loan [Member] | ||||||||
Debt Instrument, Face Amount | 35,000 | $ 35,000 | ||||||
Proceeds from Issuance of Long-term Debt, Total | $ 35,000 | |||||||
Debt Instrument, Periodic Payment, Principal | 400 | |||||||
The New Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | 50,000 | ||||||
Long-term Line of Credit, Total | 0 | 0 | $ 0 | |||||
The New Credit Facility [Member] | Standby Letters of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | $ 5,000 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 31, 2016 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Stock Repurchase Program, Period in Force (Year) | 2 years | |||||
Stock Repurchase Program, Authorized Amount | $ 10 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 8.3 | $ 8.3 | ||||
Stock Issued During Period, Shares, Treasury Stock Reissued for Equity-based Compensation Obligations (in shares) | 0 | 28,092 | 0 | 40,753 | 199,543 | |
Stock Issued During Period, Value, Treasury Stock Reissued for Equity-based Compensation Obligations | $ 0.2 | $ 0.3 | $ 1.7 | |||
Treasury Stock, Shares, Ending Balance (in shares) | 0 | 0 | 0 |
Note 7 - Lease Obligations (Det
Note 7 - Lease Obligations (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years | |||
Operating Lease, Right-of-Use Asset | $ 330,514 | $ 330,514 | $ 339,239 | ||
Operating Lease, Liability, Total | 349,314 | 349,314 | |||
Operating Lease, Expense | 300 | $ 300 | 700 | $ 700 | |
Payments for Lease Termination Fee | 300 | ||||
Operating Lease, Right-of-Use Asset, Write Off | 600 | ||||
Operating Lease, Liability, Write Off | 800 | ||||
Increase (Decrease) in Operating Lease Liability for Purchase | 2,500 | ||||
Decrease in Operating Right-of-use Asset for Assets Transferred in Property and Equipment | $ 2,400 | ||||
Lessee, Operating Lease, Lease Not yet Commenced, Minimum Lease Payments | $ 30,800 | 30,800 | |||
Store Expenses [Member] | |||||
Gain (Loss) on Right of Use Assets and Lease Liabilities, Write-offs | $ 200 | ||||
Chalet [Member] | |||||
Number of Operating Leases | 4 | 4 | |||
Finance Lease, Number of Lease | 1 | 1 | |||
Isely Family Land Trust LLC [Member] | |||||
Number of Operating Leases | 1 | 1 | |||
FTVC, LLC [Member] | |||||
Number of Operating Leases | 1 | 1 | |||
Related Parties [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 8,200 | $ 8,200 | |||
Operating Lease, Liability, Total | $ 8,400 | $ 8,400 | |||
Minimum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | 10 years | |||
Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 25 years | 25 years |
Note 7 - Lease Obligations - Le
Note 7 - Lease Obligations - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Total lease cost | $ 13,760 | $ 13,693 | $ 28,230 | $ 26,930 | |
Cost of Sales [Member] | |||||
Operating lease cost | 10,603 | 10,586 | 21,239 | 21,252 | |
Variable lease cost | [1] | 891 | 1,367 | 2,707 | 2,605 |
Store Expenses [Member] | |||||
Operating lease cost | 79 | 79 | 159 | 159 | |
Depreciation of right-of-use assets | [2] | 926 | 726 | 1,831 | 1,487 |
Short-term lease cost | 621 | 443 | 1,158 | 528 | |
Sublease income | (70) | (92) | (163) | (185) | |
General and Administrative Expense [Member] | |||||
Operating lease cost | 76 | 77 | 152 | 159 | |
Pre-opening Costs and Relocation Expenses [Member] | |||||
Operating lease cost | 128 | 122 | 154 | 122 | |
Interest Expense [Member] | |||||
Interest on lease liabilities | [2] | $ 506 | $ 385 | $ 993 | $ 803 |
[1] | Immaterial balances related to corporate headquarters and distribution center are included in administrative expenses and store expenses, respectively. | ||||
[2] | Immaterial balances related to stores not yet open are included in pre-opening and relocation expenses. |
Note 7 - Lease Obligations - Ad
Note 7 - Lease Obligations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating cash flows from operating leases | $ 11,052 | $ 11,003 | $ 22,189 | $ 22,004 |
Operating cash flows from finance leases | 493 | 431 | 993 | 849 |
Financing cash flows from finance leases | 694 | 564 | 1,369 | 1,082 |
Operating leases | 4,518 | 1,792 | 7,287 | 7,230 |
Finance leases | $ 0 | $ 3,910 | $ 106 | $ 5,232 |
Operating leases (Year) | 11 years 4 months 24 days | 12 years | 11 years 4 months 24 days | 12 years |
Finance leases (Year) | 12 years | 12 years | 12 years | 12 years |
Operating leases | 3.60% | 3.60% | 3.60% | 3.60% |
Finance leases | 5.10% | 4.90% | 5.10% | 4.90% |
Note 7 - Lease Obligations - Fu
Note 7 - Lease Obligations - Future Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Remainder of 2021, Operating leases | $ 22,299 | |
Remainder of 2021, Finance leases | 2,437 | |
Remainder of 2021 | 24,736 | |
2022, Operating leases | 44,589 | |
2022, Finance leases | 4,893 | |
2022 | 49,482 | |
2023, Operating leases | 43,789 | |
2023, Finance leases | 4,937 | |
2023 | 48,726 | |
2024, Operating leases | 41,964 | |
2024, Finance leases | 5,002 | |
2024 | 46,966 | |
2025, Operating leases | 40,261 | |
2025, Finance leases | 5,012 | |
2025 | 45,273 | |
Thereafter, Operating leases | 236,959 | |
Thereafter, Finance leases | 32,453 | |
Thereafter | 269,412 | |
Total future undiscounted lease payments, operating leases | 429,861 | |
Total future undiscounted lease payments, finance leases | 54,734 | |
Total future undiscounted lease payments | 484,595 | |
Less imputed interest, operating leases | (80,547) | |
Less imputed interest, finance leases | (13,751) | |
Less imputed interest | (94,298) | |
Total reported lease liability, operating leases | 349,314 | |
Total reported lease liability, finance leases | 40,983 | |
Total reported lease liability | 390,297 | |
Less current portion, operating leases | (32,705) | $ (32,156) |
Less current portion, finance leases | (2,996) | (2,836) |
Less current portion | (35,701) | |
Noncurrent lease liability, operating leases | 316,609 | 325,641 |
Noncurrent lease liability, finance leases | 37,987 | $ 39,506 |
Noncurrent lease liability | $ 354,596 |
Note 8 - Property and Equipme_3
Note 8 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
Property, plant, and equipment, gross | $ 362,920 | $ 353,445 |
Less accumulated depreciation and amortization | (216,556) | (205,516) |
Property and equipment, net | 146,364 | 147,929 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 3,942 | 6,717 |
Land [Member] | ||
Property, plant, and equipment, gross | 2,445 | 1,390 |
Building [Member] | ||
Property, plant, and equipment, gross | $ 31,433 | 26,732 |
Building [Member] | Minimum [Member] | ||
Useful life (Year) | 16 years | |
Building [Member] | Maximum [Member] | ||
Useful life (Year) | 40 years | |
Land Improvements [Member] | ||
Property, plant, and equipment, gross | $ 1,738 | 1,575 |
Land Improvements [Member] | Minimum [Member] | ||
Useful life (Year) | 1 year | |
Land Improvements [Member] | Maximum [Member] | ||
Useful life (Year) | 24 years | |
Leasehold and Building Improvements [Member] | ||
Property, plant, and equipment, gross | $ 156,269 | 153,438 |
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 | $ 142,897 | 139,965 |
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 | $ 24,196 | $ 23,628 |
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 8 - Property and Equipme_4
Note 8 - Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation and amortization expense | $ 7,420 | $ 7,888 | $ 15,057 | $ 15,595 |
Cost of Sales [Member] | ||||
Depreciation and amortization expense | 213 | 194 | 428 | 383 |
Stores [Member] | ||||
Depreciation and amortization expense | 6,913 | 7,393 | 14,041 | 14,633 |
General and Administrative Expense [Member] | ||||
Depreciation and amortization expense | $ 294 | $ 301 | $ 588 | $ 579 |
Note 9 - Goodwill and Other I_3
Note 9 - Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
Less accumulated amortization | $ (2,764) | $ (2,378) |
Amortizable intangible assets, net | 929 | 1,256 |
Other intangibles in process | 4,472 | 3,625 |
Trademark | 389 | 389 |
Total other intangibles, net | 5,790 | 5,270 |
Goodwill | 5,198 | 5,198 |
Total goodwill and other intangibles, net | 10,988 | 10,468 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets | $ 3,693 | $ 3,634 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Intangible assets useful life (Year) | 6 months | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Intangible assets useful life (Year) | 3 years |
Note 10 - Accrued Expenses - Co
Note 10 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | |
Payroll and employee-related expenses | $ 10,736 | $ 13,569 | |
Accrued property, sales and use tax payable | 6,793 | 7,912 | |
Accrued marketing expenses | 608 | 407 | |
Deferred revenue related to gift card sales | 2,012 | 1,819 | |
Income tax payable (1) | [1] | 17 | 210 |
Other (1) | [1] | 1,326 | 1,078 |
Total accrued expenses | $ 21,492 | $ 24,995 | |
[1] | Certain prior year amounts have been reclassified for consistency with current year presentation. |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Chalet [Member] | ||||
Number of Operating Leases | 4 | 4 | ||
Finance Lease, Number of Lease | 1 | 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 | $ 0.2 | $ 0.2 | $ 0.5 | $ 0.5 |
Isely Family Land Trust LLC [Member] | ||||
Number of Operating Leases | 1 | 1 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.1 | 0.1 | $ 0.2 | 0.2 |
FTVC, LLC [Member] | ||||
Number of Operating Leases | 1 | 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 | $ 0.1 |
Note 14 - Subsequent Event (Det
Note 14 - Subsequent Event (Details Textual) - Subsequent Event [Member] | May 05, 2021$ / shares |
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.07 |
Dividends Payable, Date to be Paid | Jun. 16, 2021 |
Dividends Payable, Date of Record | Jun. 1, 2021 |