Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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, $0.001 par value | |
Trading Symbol | NGVC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,676,827 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 28,889 | $ 23,678 |
Accounts receivable, net | 6,207 | 8,489 |
Merchandise inventory | 106,650 | 100,546 |
Prepaid expenses and other current assets | 3,462 | 2,914 |
Total current assets | 145,208 | 135,627 |
Property and equipment, net | 147,786 | 151,399 |
Other assets: | ||
Operating lease assets, net | 307,078 | 316,388 |
Finance lease assets, net | 41,508 | 39,367 |
Deposits and other assets | 475 | 530 |
Goodwill and other intangible assets, net | 13,045 | 11,768 |
Total other assets | 362,106 | 368,053 |
Total assets | 655,100 | 655,079 |
Current liabilities: | ||
Accounts payable | 68,028 | 68,949 |
Accrued expenses | 24,903 | 26,589 |
Term loan facility, current portion | 1,750 | 1,750 |
Operating lease obligations, current portion | 33,836 | 33,308 |
Finance lease obligations, current portion | 3,313 | 3,176 |
Total current liabilities | 131,830 | 133,772 |
Long-term liabilities: | ||
Term loan facility, net of current portion | 17,938 | 21,938 |
Operating lease obligations, net of current portion | 294,146 | 301,895 |
Finance lease obligations, net of current portion | 41,940 | 39,450 |
Deferred income tax liabilities, net | 15,401 | 15,293 |
Total long-term liabilities | 369,425 | 378,576 |
Total liabilities | 501,255 | 512,348 |
Commitments (Note 13) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 50,000,000 shares authorized, and 22,669,038 and 22,620,417 shares issued and outstanding at March 31, 2022 and September 30, 2021, respectively | 23 | 23 |
Additional paid-in capital | 57,661 | 57,289 |
Retained earnings | 96,161 | 85,419 |
Total stockholders’ equity | 153,845 | 142,731 |
Total liabilities and stockholders’ equity | $ 655,100 | $ 655,079 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Sep. 30, 2021 |
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) | 22,669,038 | 22,620,417 |
Common stock, shares outstanding (in shares) | 22,669,038 | 22,620,417 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 271,822 | $ 259,198 | $ 549,110 | $ 524,243 |
Cost of goods sold and occupancy costs | 195,040 | 187,371 | 393,591 | 379,391 |
Gross profit | 76,782 | 71,827 | 155,519 | 144,852 |
Store expenses | 59,605 | 58,422 | 118,941 | 118,752 |
Administrative expenses | 8,172 | 6,358 | 15,465 | 13,662 |
Pre-opening expenses | 141 | 341 | 225 | 530 |
Operating income | 8,864 | 6,706 | 20,888 | 11,908 |
Interest expense, net | (545) | (603) | (1,089) | (1,113) |
Income before income taxes | 8,319 | 6,103 | 19,799 | 10,795 |
Provision for income taxes | (1,962) | (1,399) | (4,527) | (2,459) |
Net income | $ 6,357 | $ 4,704 | $ 15,272 | $ 8,336 |
Net income per share of common stock: | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.67 | $ 0.37 |
Diluted (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.67 | $ 0.37 |
Weighted average number of shares of common stock outstanding: | ||||
Basic (in shares) | 22,660,477 | 22,581,916 | 22,650,123 | 22,570,305 |
Diluted (in shares) | 22,819,526 | 22,737,646 | 22,790,114 | 22,715,098 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | ||
Net income | $ 15,272 | $ 8,336 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,020 | 15,057 |
Impairment of long-lived assets and store closing costs | 95 | 105 |
Loss on disposal of property and equipment | 85 | 0 |
Share-based compensation | 590 | 487 |
Deferred income tax expense | 107 | 1,089 |
Non-cash interest expense | 12 | 11 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 1,062 | (477) |
Merchandise inventory | (6,104) | 1,719 |
Prepaid expenses and other assets | (623) | (922) |
Income tax receivable | 0 | 3,004 |
Operating lease assets | 15,787 | 15,402 |
Operating lease liabilities | (12,748) | (15,861) |
Accounts payable | 1,712 | (7,142) |
Accrued expenses | (1,686) | (3,503) |
Net cash provided by operating activities | 27,581 | 17,305 |
Investing activities: | ||
Acquisition of property and equipment | (10,855) | (8,673) |
Acquisition of other intangibles | (1,586) | (926) |
Proceeds from sale of property and equipment | 16 | 0 |
Proceeds from property insurance settlements | 130 | 58 |
Net cash used in investing activities | (12,295) | (9,541) |
Financing activities: | ||
Borrowings under revolving facility | 4,000 | 0 |
Repayments under revolving facility | (4,000) | 0 |
Borrowings under term loan facility | 0 | 35,000 |
Repayments under term loan facility | (4,000) | (438) |
Finance lease obligation payments | (1,327) | (1,369) |
Dividends to shareholders | (4,530) | (48,288) |
Loan fees paid | 0 | (52) |
Payments on withholding tax for restricted stock unit vesting | (218) | (174) |
Net cash used in financing activities | (10,075) | (15,321) |
Net increase (decrease) in cash and cash equivalents | 5,211 | (7,557) |
Cash and cash equivalents, beginning of period | 23,678 | 28,534 |
Cash and cash equivalents, end of period | 28,889 | 20,977 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 290 | 165 |
Cash paid for interest on finance lease obligations, net of capitalized interest of $146 and $83, respectively | 865 | 910 |
Income taxes paid | 3,721 | 4,777 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Acquisition of property and equipment not yet paid | 2,103 | 4,435 |
Acquisition of other intangibles not yet paid | 354 | 233 |
Property acquired through operating lease obligations | 6,571 | 7,287 |
Property acquired through finance lease obligations | $ 4,129 | $ 106 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Capitalized interest | $ 146 | $ 83 |
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] | Total |
Balance (in shares) at Sep. 30, 2020 | 22,546,765 | |||
Balance at Sep. 30, 2020 | $ 23 | $ 56,752 | $ 116,291 | $ 173,066 |
Net income | 0 | 0 | 3,632 | 3,632 |
Cash dividends | $ 0 | 0 | (46,706) | (46,706) |
Issuance of common stock (in shares) | 16,884 | |||
Issuance of common stock | $ 0 | 0 | 0 | 0 |
Share-based compensation | $ 0 | 166 | 0 | 166 |
Balance (in shares) at Dec. 31, 2020 | 22,563,649 | |||
Balance at Dec. 31, 2020 | $ 23 | 56,918 | 73,217 | 130,158 |
Balance (in shares) at Sep. 30, 2020 | 22,546,765 | |||
Balance at Sep. 30, 2020 | $ 23 | 56,752 | 116,291 | 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 | 133,427 |
Balance (in shares) at Dec. 31, 2020 | 22,563,649 | |||
Balance at Dec. 31, 2020 | $ 23 | 56,918 | 73,217 | 130,158 |
Net income | 0 | 0 | 4,704 | 4,704 |
Cash dividends | $ 0 | 0 | (1,582) | (1,582) |
Issuance of common stock (in shares) | 31,818 | |||
Issuance of common stock | $ 0 | 0 | 0 | 0 |
Share-based compensation | $ 0 | 147 | 0 | 147 |
Balance (in shares) at Mar. 31, 2021 | 22,595,467 | |||
Balance at Mar. 31, 2021 | $ 23 | 57,065 | 76,339 | 133,427 |
Balance (in shares) at Sep. 30, 2021 | 22,620,417 | |||
Balance at Sep. 30, 2021 | $ 23 | 57,289 | 85,419 | 142,731 |
Net income | 0 | 0 | 8,915 | 8,915 |
Cash dividends | $ 0 | 0 | (2,263) | (2,263) |
Issuance of common stock (in shares) | 23,473 | |||
Issuance of common stock | $ 0 | 0 | 0 | 0 |
Share-based compensation (in shares) | 0 | |||
Share-based compensation | $ 0 | 171 | 0 | 171 |
Balance (in shares) at Dec. 31, 2021 | 22,643,890 | |||
Balance at Dec. 31, 2021 | $ 23 | 57,460 | 92,071 | 149,554 |
Balance (in shares) at Sep. 30, 2021 | 22,620,417 | |||
Balance at Sep. 30, 2021 | $ 23 | 57,289 | 85,419 | 142,731 |
Net income | 15,272 | |||
Balance (in shares) at Mar. 31, 2022 | 22,669,038 | |||
Balance at Mar. 31, 2022 | $ 23 | 57,661 | 96,161 | 153,845 |
Balance (in shares) at Dec. 31, 2021 | 22,643,890 | |||
Balance at Dec. 31, 2021 | $ 23 | 57,460 | 92,071 | 149,554 |
Net income | 0 | 0 | 6,357 | 6,357 |
Cash dividends | $ 0 | 0 | (2,267) | (2,267) |
Issuance of common stock (in shares) | 25,148 | |||
Issuance of common stock | $ 0 | 0 | 0 | 0 |
Share-based compensation (in shares) | 0 | |||
Share-based compensation | $ 0 | 201 | 0 | 201 |
Balance (in shares) at Mar. 31, 2022 | 22,669,038 | |||
Balance at Mar. 31, 2022 | $ 23 | $ 57,661 | $ 96,161 | $ 153,845 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Mar. 31, 2022 | |
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, 2022 September 30, 2021. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2022 | |
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 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, 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 assets, 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 Recently Adopted Accounting Pronouncements In December 2019, 2019 12, 740, 2019 12 2019 12 first September 30, 2022. not three six March 31, 2022. 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. not In March 2020, 2020 04, 848, 2020 04 December 31, 2022. not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Mar. 31, 2022 | |
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 the Company’s 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 as of each of March 31, 2022 September 30, 2021. three March 31, 2022 2021 September 30, 2021 2020, six March 31, 2022 2021 September 30, 2021 2020, The following table disaggregates our revenue by product category for the three six March 31, 2022 2021, Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Grocery $ 188,814 70 % 180,457 70 380,843 69 366,072 70 Dietary supplements 58,135 21 53,901 21 116,207 21 107,125 20 Other 24,873 9 24,840 9 52,060 10 51,046 10 $ 271,822 100 % 259,198 100 549,110 100 524,243 100 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 6 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021, Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Net income $ 6,357 4,704 15,272 8,336 Weighted average number of shares of common stock outstanding 22,660,477 22,581,916 22,650,123 22,570,305 Effect of dilutive securities 159,049 155,730 139,991 144,793 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,819,526 22,737,646 22,790,114 22,715,098 Basic earnings per share $ 0.28 0.21 0.67 0.37 Diluted earnings per share $ 0.28 0.21 0.67 0.37 There were 11,466 and 11,866 non-vested RSUs for the three six March 31, 2022, three six March 31, 2021, |
Note 5 - Debt
Note 5 - Debt | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 5. Credit Facility The Company is party to a Credit Facility, entered into on January 28, 2016 VC2. 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 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 On November 18, 2020, one no December 31, 2020. The Company had no amounts outstanding under the Revolving Facility as of each of March 31, 2022 September 30, 2021. March 31, 2022 September 30, 2021, March 31, 2022 September 30, 2021. March 31, 2022. As of March 31, 2022 September 30, 2021, Lease Obligations As of March 31, 2022 September 30, 2021, No Interest The Company incurred gross interest expense of approximately $0.6 million and $0.7 million for the three March 31, 2022 2021, six March 31, 2022 2021. three six March 31, 2022 2021 three March 31, 2022 2021, $0.1 six March 31, 2022 2021. |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Equity Share Repurchases In May 2016, two may May 2022, May 31, 2024. may 10b 18 1934, may 10b5 1 not may The Company did not three six March 31, 2022 2021. may During the three six March 31, 2022 2021, March 31, 2022 September 30, 2021, Dividends The Company paid quarterly cash dividends of $0.10 and $0.07 per share of common stock in each of the first two 2022 2021, first 2021. |
Note 7 - Lease Obligations
Note 7 - Lease Obligations | 6 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, three March 31, 2022 2021 six March 31, 2022 2021. The components of total lease cost for the three six March 31, 2022 2021 Three months ended March 31, Six months ended March 31, Lease cost Classification 2022 2021 2022 2021 Operating lease cost: Cost of goods sold and occupancy costs $ 10,720 10,603 21,450 21,239 Store expenses 98 79 178 159 Administrative expenses 71 76 147 152 Pre-opening expenses — 128 — 154 Finance lease cost: Depreciation of right-of-use assets Store expenses 973 926 1,947 1,809 Pre-opening expenses (2) 40 — 40 22 Interest on lease liabilities Store expenses 482 506 972 993 Pre-opening expenses (2) 39 — 39 — Short-term lease cost Store expenses 601 621 1,210 1,158 Variable lease cost Cost of goods sold and occupancy costs (1) 1,470 891 2,868 2,707 Sublease income Store expenses (46 ) (70 ) (154 ) (163 ) Total lease cost $ 14,448 13,760 28,697 28,230 1 2 Additional information related to the Company’s leases for the three six March 31, 2022 2021 Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,576 11,052 18,735 22,189 Operating cash flows from finance leases 521 493 1,011 993 Financing cash flows from finance leases 588 694 1,327 1,369 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 1,519 4,518 6,571 7,287 Finance leases 4,129 — 4,129 106 Additional information related to the Company’s leases as of March 31, 2022 2021 March 31, 2022 March 31, 2021 Weighted-average remaining lease term (in years): Operating leases 10.8 11.4 Finance leases 12.8 12.0 Weighted-average discount rate: Operating leases 3.6 % 3.6 Finance leases 4.9 % 5.1 In the six March 31, 2022, six March 31, 2021, one first 2019. Future lease payments under non-cancellable leases as of March 31, 2022 Fiscal Year Operating leases Finance leases Total Remainder of 2022 $ 22,629 2,579 25,208 2023 44,655 5,423 50,078 2024 43,057 5,489 48,546 2025 41,406 5,499 46,905 2026 38,197 5,542 43,739 Thereafter 209,633 35,789 245,422 Total future undiscounted lease payments 399,577 60,321 459,898 Less imputed interest (71,595 ) (15,068 ) (86,663 ) Total reported lease liability 327,982 45,253 373,235 Less current portion (33,836 ) (3,313 ) (37,149 ) Noncurrent lease liability $ 294,146 41,940 336,086 The table above excludes $29.9 million of legally binding minimum lease payments for leases that had been executed as of March 31, 2022 not |
Note 8 - Property and Equipment
Note 8 - Property and Equipment | 6 Months Ended |
Mar. 31, 2022 | |
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, 2022 September 30, 2021, As of Useful lives (in years) March 31, 2022 September 30, 2021 Construction in process n/a $ 6,009 2,268 Land n/a 6,272 6,062 Buildings 16 – 40 34,481 34,531 Land improvements 1 – 24 1,792 1,782 Leasehold and building improvements 1 – 25 160,199 159,800 Fixtures and equipment 5 – 7 147,695 145,754 Computer hardware and software 3 – 5 25,297 25,068 381,745 375,265 Less accumulated depreciation and amortization (233,959 ) (223,866 ) Property and equipment, net $ 147,786 151,399 Depreciation and amortization expense for the three six March 31, 2022 2021 Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 242 213 481 428 Depreciation and amortization expense included in store expenses 6,278 6,913 12,805 14,019 Depreciation and amortization expense included in administrative expenses 347 294 694 588 Depreciation and amortization expense included in pre-opening expenses (1) 40 — 40 22 Total depreciation and amortization expense $ 6,907 7,420 14,020 15,057 1 |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 6 Months Ended |
Mar. 31, 2022 | |
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, 2022 September 30, 2021, As of Useful lives (in years) March 31, 2022 September 30, 2021 Amortizable intangible assets: Other intangibles 0.5 – 3 $ 4,200 3,754 Less accumulated amortization (3,446 ) (3,139 ) Amortizable intangible assets, net 754 615 Other intangibles in process 6,657 5,507 Trademark Indefinite 389 389 Deferred financing costs, net 47 59 Total other intangibles, net 7,847 6,570 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 13,045 11,768 |
Note 10 - Accrued Expenses
Note 10 - Accrued Expenses | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. The composition of accrued expenses as of March 31, 2022 September 30, 2021 As of March 31, September 30, 2022 2021 Payroll and employee-related expenses $ 12,323 13,243 Accrued property, sales, and use tax payable 6,949 8,322 Accrued marketing expenses 746 713 Deferred revenue related to gift card sales 1,772 2,157 Other 3,113 2,154 Total accrued expenses $ 24,903 26,589 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Mar. 31, 2022 | |
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, 2022 | |
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, 2022 2021, six March 31, 2022 2021. Isely Family Land Trust LLC: one three March 31, 2022 2021 six March 31, 2022 2021. FTVC LLC: one four three March 31, 2022 2021 six March 31, 2022 2021. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. In January 2020, November 2020, September 2021, may 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 Events
Note 14 - Subsequent Events | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. On May 4, 2022, May 31, 2024. On May 4, 2022, June 15, 2022 May 31, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2022 | |
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 |
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, 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 assets, 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In December 2019, 2019 12, 740, 2019 12 2019 12 first September 30, 2022. not three six March 31, 2022. 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. not In March 2020, 2020 04, 848, 2020 04 December 31, 2022. not |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Grocery $ 188,814 70 % 180,457 70 380,843 69 366,072 70 Dietary supplements 58,135 21 53,901 21 116,207 21 107,125 20 Other 24,873 9 24,840 9 52,060 10 51,046 10 $ 271,822 100 % 259,198 100 549,110 100 524,243 100 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Net income $ 6,357 4,704 15,272 8,336 Weighted average number of shares of common stock outstanding 22,660,477 22,581,916 22,650,123 22,570,305 Effect of dilutive securities 159,049 155,730 139,991 144,793 Weighted average number of shares of common stock outstanding including effect of dilutive securities 22,819,526 22,737,646 22,790,114 22,715,098 Basic earnings per share $ 0.28 0.21 0.67 0.37 Diluted earnings per share $ 0.28 0.21 0.67 0.37 |
Note 7 - Lease Obligations (Tab
Note 7 - Lease Obligations (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended March 31, Six months ended March 31, Lease cost Classification 2022 2021 2022 2021 Operating lease cost: Cost of goods sold and occupancy costs $ 10,720 10,603 21,450 21,239 Store expenses 98 79 178 159 Administrative expenses 71 76 147 152 Pre-opening expenses — 128 — 154 Finance lease cost: Depreciation of right-of-use assets Store expenses 973 926 1,947 1,809 Pre-opening expenses (2) 40 — 40 22 Interest on lease liabilities Store expenses 482 506 972 993 Pre-opening expenses (2) 39 — 39 — Short-term lease cost Store expenses 601 621 1,210 1,158 Variable lease cost Cost of goods sold and occupancy costs (1) 1,470 891 2,868 2,707 Sublease income Store expenses (46 ) (70 ) (154 ) (163 ) Total lease cost $ 14,448 13,760 28,697 28,230 |
Additional Information Related to Leases [Table Text Block] | Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,576 11,052 18,735 22,189 Operating cash flows from finance leases 521 493 1,011 993 Financing cash flows from finance leases 588 694 1,327 1,369 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 1,519 4,518 6,571 7,287 Finance leases 4,129 — 4,129 106 March 31, 2022 March 31, 2021 Weighted-average remaining lease term (in years): Operating leases 10.8 11.4 Finance leases 12.8 12.0 Weighted-average discount rate: Operating leases 3.6 % 3.6 Finance leases 4.9 % 5.1 |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Fiscal Year Operating leases Finance leases Total Remainder of 2022 $ 22,629 2,579 25,208 2023 44,655 5,423 50,078 2024 43,057 5,489 48,546 2025 41,406 5,499 46,905 2026 38,197 5,542 43,739 Thereafter 209,633 35,789 245,422 Total future undiscounted lease payments 399,577 60,321 459,898 Less imputed interest (71,595 ) (15,068 ) (86,663 ) Total reported lease liability 327,982 45,253 373,235 Less current portion (33,836 ) (3,313 ) (37,149 ) Noncurrent lease liability $ 294,146 41,940 336,086 |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of Useful lives (in years) March 31, 2022 September 30, 2021 Construction in process n/a $ 6,009 2,268 Land n/a 6,272 6,062 Buildings 16 – 40 34,481 34,531 Land improvements 1 – 24 1,792 1,782 Leasehold and building improvements 1 – 25 160,199 159,800 Fixtures and equipment 5 – 7 147,695 145,754 Computer hardware and software 3 – 5 25,297 25,068 381,745 375,265 Less accumulated depreciation and amortization (233,959 ) (223,866 ) Property and equipment, net $ 147,786 151,399 |
Depreciation and Amortization Expense [Table Text Block] | Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Depreciation and amortization expense included in cost of goods sold and occupancy costs $ 242 213 481 428 Depreciation and amortization expense included in store expenses 6,278 6,913 12,805 14,019 Depreciation and amortization expense included in administrative expenses 347 294 694 588 Depreciation and amortization expense included in pre-opening expenses (1) 40 — 40 22 Total depreciation and amortization expense $ 6,907 7,420 14,020 15,057 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of Useful lives (in years) March 31, 2022 September 30, 2021 Amortizable intangible assets: Other intangibles 0.5 – 3 $ 4,200 3,754 Less accumulated amortization (3,446 ) (3,139 ) Amortizable intangible assets, net 754 615 Other intangibles in process 6,657 5,507 Trademark Indefinite 389 389 Deferred financing costs, net 47 59 Total other intangibles, net 7,847 6,570 Goodwill Indefinite 5,198 5,198 Total goodwill and other intangibles, net $ 13,045 11,768 |
Note 10 - Accrued Expenses (Tab
Note 10 - Accrued Expenses (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of March 31, September 30, 2022 2021 Payroll and employee-related expenses $ 12,323 13,243 Accrued property, sales, and use tax payable 6,949 8,322 Accrued marketing expenses 746 713 Deferred revenue related to gift card sales 1,772 2,157 Other 3,113 2,154 Total accrued expenses $ 24,903 26,589 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Mar. 31, 2022 | Sep. 30, 2021 |
Number of Stores | 162 | 162 |
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) | 6 Months Ended |
Mar. 31, 2022 | |
Number of Reportable Segments | 1 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - Gift Cards [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | |
Contract with Customer, Liability, Total | $ 1.5 | $ 1.5 | $ 1.5 | ||
Contract with Customer, Liability, Revenue Recognized | $ 0.2 | $ 0.1 | $ 0.7 | $ 0.4 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 271,822 | $ 259,198 | $ 549,110 | $ 524,243 |
Net Sales, percent | 100.00% | 100.00% | 100.00% | 100.00% |
Grocery [Member] | ||||
Net sales | $ 188,814 | $ 180,457 | $ 380,843 | $ 366,072 |
Net Sales, percent | 70.00% | 70.00% | 69.00% | 70.00% |
Dietary Supplements [Member] | ||||
Net sales | $ 58,135 | $ 53,901 | $ 116,207 | $ 107,125 |
Net Sales, percent | 21.00% | 21.00% | 21.00% | 20.00% |
Manufactured Product, Other [Member] | ||||
Net sales | $ 24,873 | $ 24,840 | $ 52,060 | $ 51,046 |
Net Sales, percent | 9.00% | 9.00% | 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, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 11,466 | 4,296 | 11,866 | 2,973 |
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, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 6,357 | $ 4,704 | $ 15,272 | $ 8,336 |
Weighted average number of shares of common stock outstanding (in shares) | 22,660,477 | 22,581,916 | 22,650,123 | 22,570,305 |
Effect of dilutive securities (in shares) | 159,049 | 155,730 | 139,991 | 144,793 |
Weighted average number of shares of common stock outstanding including effect of dilutive securities (in shares) | 22,819,526 | 22,737,646 | 22,790,114 | 22,715,098 |
Basic earnings per share (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.67 | $ 0.37 |
Diluted earnings per share (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.67 | $ 0.37 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) $ in Thousands | Nov. 18, 2020USD ($) | Jan. 28, 2016USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) |
Capital and Financing Lease Obligations Number of Leases | 21 | 21 | 20 | |||||
Interest Expense, Debt, Excluding Amortization | $ 600 | $ 700 | $ 1,200 | $ 1,200 | ||||
Interest Costs Capitalized | 100 | $ 100 | 100 | $ 100 | ||||
Letter of Credit [Member] | ||||||||
Letters of Credit Outstanding, Amount | 1,000 | 1,000 | $ 1,000 | |||||
The New Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||||
Line of Credit Facility, Dividend Restrictions, Maximum Amount | $ 10,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 49,000 | 49,000 | $ 49,000 | |||||
Long-Term Debt, Total | 19,700 | 19,700 | ||||||
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 | ||||||
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 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | May 04, 2016 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 |
Stock Repurchase Program, Period in Force (Year) | 2 years | |||||||
Stock Repurchase Program, Authorized Amount | $ 10 | |||||||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | 0 | 0 | ||||
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 | 0 | 0 | 0 | ||||
Treasury Stock, Shares, Ending Balance (in shares) | 0 | 0 | 0 | |||||
Quarterly Cash dividend [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.07 | $ 0.07 | ||||
Special Cash Dividend [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 2 |
Note 7 - Lease Obligations (Det
Note 7 - Lease Obligations (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2021USD ($) | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years | |||
Operating Lease, Right-of-Use Asset | $ 307,078 | $ 307,078 | $ 316,388 | ||
Operating Lease, Liability, Total | 327,982 | 327,982 | |||
Operating Lease, Expense | 300 | $ 300 | 700 | $ 700 | |
Early Lease Relocation Expense | 100 | ||||
Payments for Lease Termination Fee | 300 | ||||
Operating Lease, Right-of-Use Asset, Write-off | 600 | ||||
Operating Lease, Liability, Write-off | 800 | ||||
Pre-Opening Costs and Relocation Expenses for Stores Not Yet Opened Rent Expense | $ 200 | ||||
Lessee, Operating Lease, Lease Not yet Commenced, Minimum Lease Payments | $ 29,900 | $ 29,900 | |||
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 | $ 7,100 | $ 7,100 | |||
Operating Lease, Liability, Total | $ 7,400 | $ 7,400 | |||
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, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Total lease cost | $ 14,448 | $ 13,760 | $ 28,697 | $ 28,230 | |
Cost of Sales [Member] | |||||
Operating lease cost | 10,720 | 10,603 | 21,450 | 21,239 | |
Variable lease cost | [1] | 1,470 | 891 | 2,868 | 2,707 |
Store Expenses [Member] | |||||
Operating lease cost | 98 | 79 | 178 | 159 | |
Depreciation of right-of-use assets | 973 | 926 | 1,947 | 1,809 | |
Short-term lease cost | 601 | 621 | 1,210 | 1,158 | |
Sublease income | (46) | (70) | (154) | (163) | |
General and Administrative Expense [Member] | |||||
Operating lease cost | 71 | 76 | 147 | 152 | |
Pre-opening Costs and Relocation Expenses [Member] | |||||
Operating lease cost | 0 | 128 | 0 | 154 | |
Depreciation of right-of-use assets | 40 | 0 | 40 | 22 | |
Interest on lease liabilities | 39 | 0 | 39 | 0 | |
Interest Expense [Member] | |||||
Interest on lease liabilities | $ 482 | $ 506 | $ 972 | $ 993 | |
[1] | Immaterial balances related to corporate headquarters and distribution center are included in administrative expenses and store expenses, respectively. |
Note 7 - Lease Obligations - Ad
Note 7 - Lease Obligations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating cash flows from operating leases | $ 7,576 | $ 11,052 | $ 18,735 | $ 22,189 |
Operating cash flows from finance leases | 521 | 493 | 1,011 | 993 |
Financing cash flows from finance leases | 588 | 694 | 1,327 | 1,369 |
Operating leases | 1,519 | 4,518 | 6,571 | 7,287 |
Finance leases | $ 4,129 | $ 0 | $ 4,129 | $ 106 |
Operating leases (Year) | 10 years 9 months 18 days | 11 years 4 months 24 days | 10 years 9 months 18 days | 11 years 4 months 24 days |
Finance leases (Year) | 12 years 9 months 18 days | 12 years | 12 years 9 months 18 days | 12 years |
Operating leases | 3.60% | 3.60% | 3.60% | 3.60% |
Finance leases | 4.90% | 5.10% | 4.90% | 5.10% |
Note 7 - Lease Obligations - Fu
Note 7 - Lease Obligations - Future Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Remainder of 2022, Operating leases | $ 22,629 | |
Remainder of 2022, Finance leases | 2,579 | |
Remainder of 2022 | 25,208 | |
2023, Operating leases | 44,655 | |
2023, Finance leases | 5,423 | |
2023 | 50,078 | |
2024, Operating leases | 43,057 | |
2024, Finance leases | 5,489 | |
2024 | 48,546 | |
2025, Operating leases | 41,406 | |
2025, Finance leases | 5,499 | |
2025 | 46,905 | |
2026, Operating leases | 38,197 | |
2026, Finance leases | 5,542 | |
2026 | 43,739 | |
Thereafter, Operating leases | 209,633 | |
Thereafter, Finance leases | 35,789 | |
Thereafter | 245,422 | |
Total future undiscounted lease payments, operating leases | 399,577 | |
Total future undiscounted lease payments, finance leases | 60,321 | |
Total future undiscounted lease payments | 459,898 | |
Less imputed interest, operating leases | (71,595) | |
Less imputed interest, finance leases | (15,068) | |
Less imputed interest | (86,663) | |
Total reported lease liability, operating leases | 327,982 | |
Total reported lease liability, finance leases | 45,253 | |
Total reported lease liability | 373,235 | |
Less current portion, operating leases | (33,836) | $ (33,308) |
Less current portion, finance leases | (3,313) | (3,176) |
Less current portion | (37,149) | |
Noncurrent lease liability, operating leases | 294,146 | 301,895 |
Noncurrent lease liability, finance leases | 41,940 | $ 39,450 |
Noncurrent lease liability | $ 336,086 |
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, 2022 | Sep. 30, 2021 | |
Property, plant, and equipment, gross | $ 381,745 | $ 375,265 |
Less accumulated depreciation and amortization | (233,959) | (223,866) |
Property and equipment, net | 147,786 | 151,399 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 6,009 | 2,268 |
Land [Member] | ||
Property, plant, and equipment, gross | 6,272 | 6,062 |
Building [Member] | ||
Property, plant, and equipment, gross | $ 34,481 | 34,531 |
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 | $ 1,792 | 1,782 |
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 | $ 160,199 | 159,800 |
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 | $ 147,695 | 145,754 |
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 | $ 25,297 | $ 25,068 |
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, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Depreciation and amortization expense | $ 6,907 | $ 7,420 | $ 14,020 | $ 15,057 | |
Cost of Sales [Member] | |||||
Depreciation and amortization expense | 242 | 213 | 481 | 428 | |
Stores [Member] | |||||
Depreciation and amortization expense | 6,278 | 6,913 | 12,805 | 14,019 | |
General and Administrative Expense [Member] | |||||
Depreciation and amortization expense | 347 | 294 | 694 | 588 | |
Pre-opening Costs and Relocation Expenses [Member] | |||||
Depreciation and amortization expense | [1] | $ 40 | $ 0 | $ 40 | $ 22 |
[1] | Pre-opening depreciation and amortization expenses for prior periods have been reclassified from store expenses to be consistent with the current period presentation. |
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, 2022 | Sep. 30, 2021 | ||
Less accumulated amortization | $ (3,446) | $ (3,139) | |
Amortizable intangible assets, net | 754 | 615 | |
Other intangibles in process | 6,657 | 5,507 | |
Trademark | 389 | 389 | |
Deferred financing costs, net | [1] | 47 | 59 |
Total other intangibles, net | 7,847 | 6,570 | |
Goodwill | 5,198 | 5,198 | |
Total goodwill and other intangibles, net | 13,045 | 11,768 | |
Other Intangible Assets [Member] | |||
Amortizable intangible assets | $ 4,200 | $ 3,754 | |
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 | ||
[1] | Certain prior year amounts have been reclassified for consistency with current year presentation. |
Note 10 - Accrued Expenses - Co
Note 10 - Accrued Expenses - Composition of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Payroll and employee-related expenses | $ 12,323 | $ 13,243 |
Accrued property, sales, and use tax payable | 6,949 | 8,322 |
Accrued marketing expenses | 746 | 713 |
Deferred revenue related to gift card sales | 1,772 | 2,157 |
Other | 3,113 | 2,154 |
Total accrued expenses | $ 24,903 | $ 26,589 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
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 | $ 0.3 | $ 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 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Individual Arbitration [Member] | ||
Loss Contingency, Number of Plaintiffs | 56 | |
FLSA Collective Action [Member] | ||
Loss Contingency, Number of Plaintiffs | 101 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - $ / shares | May 04, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Quarterly Cash dividend [Member] | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.07 | $ 0.07 | |
Subsequent Event [Member] | |||||
Dividends Payable, Date to be Paid | Jun. 15, 2022 | ||||
Dividends Payable, Date of Record | May 31, 2022 | ||||
Subsequent Event [Member] | Quarterly Cash dividend [Member] | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.10 |