Natural Grocers expansion to continue with 23 new stores
Natural Grocers expansion to continue with 23 new stores
Natural Grocers by Vitamin Cottage Inc., a specialty retailer of natural and organic groceries and dietary supplements, is looking to add 23 new stores in fiscal 2016. The company, founded in 1955, currently has 106 stores in 18 states.
In 2015 the rapidly expanding smaller-store format specialty retailer continued its five-year annual unit growth rate of approximately 20 percent by opening 16 new stores, compared to 15 new stores in fiscal 2014, resulting in unit growth rates of 18.4 percent and 20.8 percent, respectively. The new stores in 2016 would boost the company's footprint by 22.3 percent.
In fiscal 2015, net sales increased $104.0 million, or 20 percent, over fiscal 2014 to $624.7 million, primarily due to a $73.3 million increase in sales from new stores and a $30.7 million, or 5.9 percent, increase in comparable store sales. Gross profit in fiscal 2015 increased 20.2 percent over fiscal 2014 to $182.1 million, primarily driven by positive comparable store sales and an increase in the comparable store base.
"We are pleased to report another year of strong financial results while continuing our annual unit growth rate of approximately 20 percent. We are encouraged by the acceleration of our comparable store sales trends this past quarter. The key drivers of our strengthening comparable store sales include our focused sales initiatives, outstanding customer service and continued operational excellence," Kemper Isely, co-president, said in a press release. "As we move into fiscal 2016, we expect to open 23 new stores, resulting in a unit growth of 22.3 percent, and to relocate four existing stores. We believe we have a strong foundation of staffing and systems to support our disciplined growth."
