Natural Grocers by Vitamin Cottage Inc (NGVC) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Natural Grocers third-quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們、先生們，大家好。歡迎參加 Natural Grocers 2025 財年第三季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。

I'd now like to turn the conference over to Ms. Jessica Thiessen, Vice President, Treasurer for Natural Grocers. Ms. Thiessen, you may begin.

現在，我想將會議交給 Natural Grocers 副總裁兼財務主管 Jessica Thiessen 女士。蒂森女士，您可以開始。

Good afternoon, and thank you for joining us for the Natural Grocers by Vitamin Cottage third quarter fiscal year 2025 earnings conference call. On the call with me today are Kemper Isely, Co-President; and Richard Halle, Chief Financial Officer.

下午好，感謝您參加 Vitamin Cottage 旗下 Natural Grocers 2025 財年第三季財報電話會議。今天與我一起通話的還有共同總裁 Kemper Isely 和財務長 Richard Halle。

As a reminder, certain information provided during this conference call contains forward-looking statements based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially from those described in the forward-looking statements due to a variety of factors, including the risks and uncertainties detailed in the company's most recently filed Forms 10-Q and 10-K. The company undertakes no obligation to update forward-looking statements.

提醒一下，本次電話會議中提供的某些資訊包含基於當前預期和假設的前瞻性陳述，並受風險和不確定性的影響。由於多種因素，包括公司最近提交的 10-Q 和 10-K 表中詳述的風險和不確定性，實際結果可能與前瞻性陳述中描述的結果有重大差異。該公司不承擔更新前瞻性陳述的義務。

Our remarks today include references to adjusted EBITDA, which is a non-GAAP measure. Please see our earnings release for a reconciliation of adjusted EBITDA to net income. Today's earnings release is available on the company's website, and a recording of this call will be available on the website at investors.naturalgrocers.com.

我們今天的評論提到了調整後的 EBITDA，這是一個非 GAAP 指標。請參閱我們的收益報告，以了解調整後的 EBITDA 與淨收入的對帳。今天的收益報告可在公司網站上查閱，本次電話會議的錄音可在 investors.naturalgrocers.com 網站上查閱。

Now I will turn the call over to Kemper.

現在我將把電話轉給肯珀。

Thank you, Jessica, and good afternoon, everyone. Our third-quarter performance exceeded expectations, and we again delivered outstanding results across all key metrics. On today's call, I will highlight financial results, including drivers of our performance and provide an update on our initiatives. Then Rich will discuss our third-quarter results in greater detail and review our updated fiscal year 2025 guidance.

謝謝你，潔西卡，大家下午好。我們的第三季業績超出預期，我們在所有關鍵指標上再次取得了優異的成績。在今天的電話會議上，我將重點介紹財務業績，包括我們業績的驅動因素，並提供我們的最新舉措。然後，里奇將更詳細地討論我們的第三季業績，並回顧我們更新的 2025 財年指引。

Sales growth in the third quarter continued the strong trends of the previous two years. Third-quarter daily average comparable store sales increased 7.4%. This was our 10th consecutive quarter with positive transaction count comp and our sixth consecutive quarter with an increase in items per basket, driving transaction size comp growth. Sales performance was strong across geographies and vintages.

第三季的銷售成長延續了前兩年的強勁趨勢。第三季日均同店銷售額成長7.4%。這是我們連續第十個季度實現交易筆數正成長，也是連續第六個季度實現每購物籃商品數量增加，推動交易規模成長。各地區及各年份的銷售業績均表現強勁。

Furthermore, sales remained strong across product categories with our highest comparable store sales growth in our most differentiated offerings, including meat, dairy, and produce. We believe our strong sales performance over the past two years is evidence of the relevance of our offering for an increasing number of consumers, the overall strength of our business model, and productivity of our initiatives.

此外，各產品類別的銷售依然強勁，其中我們最具差異化的產品（包括肉類、乳製品和農產品）的同店銷售額增幅最高。我們相信，過去兩年強勁的銷售業績證明了我們的產品與越來越多的消費者息息相關、我們的商業模式的整體實力以及我們各項舉措的成效。

For the third quarter, our ongoing focus on operational execution, including effective promotions and store productivity initiatives, combined with expense leverage from higher sales, resulted in an operating margin improvement of 50 basis points and a 25% increase in diluted earnings per share. Based on our strong third-quarter results, we are raising our fiscal 2025 outlook for daily average comparable store sales growth and diluted earnings per share.

第三季度，我們持續專注於營運執行，包括有效的促銷和門市生產力計劃，加上銷售額增加帶來的費用槓桿，使營業利潤率提高了 50 個基點，每股攤薄收益增加了 25%。根據我們強勁的第三季業績，我們上調了 2025 財年日均同店銷售額成長和每股攤薄收益的預期。

In June, our primary distributor, UNFI, experienced a cybersecurity incident that temporarily impacted UNFI's ability to fulfill orders and distribute products to our stores, resulting in product shortages in June and July. In the weeks following the incident, we collaborated with UNFI to minimize disruptions and restore normalized levels of product distribution to our stores.

6 月份，我們的主要經銷商 UNFI 遭遇了網路安全事件，暫時影響了 UNFI 履行訂單和向我們的商店分銷產品的能力，導致 6 月和 7 月出現產品短缺。事件發生後的幾週內，我們與 UNFI 合作，盡量減少干擾，並恢復商店的正常產品分銷水準。

We estimate that the disruption to our operations adversely impacted our third quarter net sales by $3.5 million to $4 million, daily average comparable store sales by 1 to 1.5 percentage points, and diluted earnings per share by $0.04 to $0.05. Our operations have substantially normalized, and we do not expect the disruption to materially impact our operations or financial performance in the future.

我們估計，此次營運中斷對我們第三季的淨銷售額造成了350萬至400萬美元的不利影響，日均同店銷售額下降1至1.5個百分點，每股攤薄收益下降0.04至0.05美元。我們的營運已基本恢復正常，預計此次中斷不會對我們的未來營運或財務表現造成重大影響。

I will now highlight the third-quarter performance of key initiatives, which continue to contribute to our growth. During the third quarter, net sales penetration of our Npower Rewards program was 82%, up from 80% a year ago, reflecting continued positive trends in customer loyalty and engagement.

現在，我將重點介紹第三季主要舉措的績效，這些舉措將繼續為我們的成長做出貢獻。第三季度，我們的 Npower Rewards 計畫的淨銷售滲透率為 82%，高於去年同期的 80%，反映出客戶忠誠度和參與度持續呈現正面趨勢。

To date, during fiscal 2025, we have opened two new stores, relocated two stores, and remodeled one store. Store unit growth and development is a company priority. I am pleased to announce that we are accelerating store unit growth and plan to open six to eight new stores in fiscal 2026. With a consistent track record of strong financial and operating performance over the past several years, we are well positioned to execute this plan. We have already signed leases for five future new stores and are in negotiations on another five sites.

到目前為止，在 2025 財年，我們已開設了兩家新店，搬遷了兩家店，並改造了一家店。門市單位的成長和發展是公司的首要任務。我很高興地宣布，我們正在加速門市數量成長，並計劃在 2026 財年開設 6 至 8 家新店。憑藉過去幾年強勁的財務和營運業績記錄，我們完全有能力執行這項計劃。我們已經簽署了未來五家新店的租約，並且正在就另外五家店址進行談判。

Moreover, our new store pipeline includes approximately 75 vetted and approved communities in which we are actively pursuing real estate opportunities.

此外，我們的新店管道包括大約 75 個經過審查和批准的社區，我們正在積極尋求房地產機會。

In closing, I would like to thank our good4u crew for their ongoing commitment to our operational execution and exceptional customer service that have been instrumental in driving our results in the third quarter and over the past several years.

最後，我要感謝 good4u 團隊對我們的營運執行和卓越客戶服務的持續承諾，這對推動我們第三季和過去幾年的業績起到了重要作用。

With that, I will turn our call over to Rich to discuss our financial results and outlook.

接下來，我將把電話轉給里奇，討論我們的財務表現和前景。

Thank you, Kemper, and good afternoon. We are very pleased with the continuation of our strong performance through the third quarter. Net sales increased 6.3% from the prior-year period to $328.7 million. Note, the third quarter of fiscal 2025 had one less selling day than the third quarter of fiscal 2024 due to the Easter shift.

謝謝你，肯珀，下午好。我們對第三季持續保持強勁表現感到非常高興。淨銷售額較去年同期成長 6.3% 至 3.287 億美元。請注意，由於復活節的影響，2025 財年第三季的銷售日比 2024 財年第三季少一天。

Daily average comparable store sales increased 7.4%, and on a two-year basis, increased 14.6%. Our daily average comparable transaction count increased 4.8%. Our daily average comparable transaction size increased 2.4%, composed mostly of modest product cost inflation of an estimated 2 percentage points on an annualized basis and a slight increase in items per basket.

日均同店銷售額成長 7.4%，兩年內成長 14.6%。我們的每日平均可比交易筆數增加了4.8%。我們的每日平均可比交易規模增加了 2.4%，主要由年化產品成本適度上漲（估計為 2 個百分點）和每籃商品數量略有增加組成。

In light of the broader macroenvironment, we continue to monitor consumer trends closely. To date, we have not observed any indicators of softer demand for our products, trade down or fewer items per basket.

鑑於更廣泛的宏觀環境，我們將繼續密切關註消費者趨勢。到目前為止，我們還沒有觀察到任何跡象表明我們的產品需求減弱、消費減少或每個購物籃中的商品數量減少。

Gross margin increased 70 basis points to 29.9%, driven by higher product margin primarily attributed to effective promotions. Store expenses as a percentage of net sales decreased 10 basis points, reflecting expense leverage. Administrative expenses as a percentage of net sales increased 20 basis points, primarily driven by higher technology expenses. Operating income increased 21.3% to $15.6 million. Operating margin increased 50 basis points.

毛利率增加 70 個基點至 29.9%，主要因為有效的促銷活動導致產品利潤率上升。門市支出佔淨銷售額的百分比下降了 10 個基點，反映了支出槓桿。管理費用佔淨銷售額的百分比增加了 20 個基點，主要原因是技術費用增加。營業收入成長 21.3% 至 1,560 萬美元。營業利益率增加50個基點。

Net income increased 26% to $11.6 million, and diluted earnings per share increased 25% to $0.50. Adjusted EBITDA increased 10.1% to $24.4 million.

淨收入成長26%，至1,160萬美元；每股攤薄收益成長25%，至0.50美元。調整後EBITDA成長10.1%，至2,440萬美元。

Turning to the balance sheet and cash flow. We ended the third quarter in a strong liquidity position, including $13.2 million in cash and cash equivalents, no outstanding borrowings, and $69.5 million available to borrow on our revolving credit facility.

轉向資產負債表和現金流。我們在第三季結束時擁有強大的流動性狀況，包括 1,320 萬美元的現金和現金等價物、沒有未償還借款以及 6,950 萬美元的循環信貸額度可供借入。

During the first nine months of fiscal 2025, we generated cash from operations of $39.7 million and invested $22.9 million in net capital expenditures, primarily for new and relocated stores, resulting in free cash flow of $16.8 million.

在 2025 財年的前九個月，我們從營運中產生了 3,970 萬美元的現金，並投資了 2,290 萬美元的淨資本支出，主要用於新店和搬遷門市，從而產生了 1,680 萬美元的自由現金流。

We are raising our fiscal 2025 outlook for daily average comparable store sales growth and diluted earnings per share.

我們上調了 2025 財年日均同店銷售額成長及每股攤薄收益的預期。

We are also updating our outlook for the count of new stores and relocations and remodels and capital expenditures. Our revised outlook includes the following: two new store openings compared to our prior outlook of three to four; three store relocations or remodels compared to our prior outlook of two to four; daily average comparable store sales growth between 7.25% and 7.75%, an increase compared to our prior outlook of 6.5% and 7.5%; diluted earnings per share between $1.90 and $1.95, an increase compared to our prior outlook of $1.78 and $1.86; and capital expenditures of $30 million to $33 million to support our growth initiatives, a reduction from our prior outlook of $36 million to $44 million, primarily due to new store delays.

我們也正在更新新店數量、搬遷、改造和資本支出的展望。我們修改後的預期包括以下內容：開設兩家新店，而我們之前預期的是開設三到四家；搬遷或改造三家店，而我們之前預期的是開設兩到四家；日均同店銷售額增長率在 7.25% 至 7.75% 之間，高於我們之前預期的 6.5% 和 7.5% 至 7.75% 之間，高於我們之前預期的 6.5% 和 7.5%； 1.86 美元；資本支出為 3000 萬至 3300 萬美元，用於支持我們的增長計劃，低於我們之前預期的 3600 萬至 4400 萬美元，主要原因是新店開業延遲。

Finally, as Kemper mentioned in his prepared remarks, we are planning to accelerate store growth in fiscal 2026 and expect to open six to eight new stores. Please review our investor presentation on our company's Investor Relations website for more information about our store growth plans.

最後，正如 Kemper 在他的準備好的發言中提到的那樣，我們計劃在 2026 財年加速門市成長，並預計將開設 6 到 8 家新店。請查看我們公司投資者關係網站上的投資者介紹，以獲取有關我們商店增長計劃的更多資訊。

As we look to the remainder of fiscal 2025 and beyond, we will continue to focus on our key priorities to drive growth, including communicating our differentiated offering, further enhancing customer engagement through our Npower Rewards program, expanding our selection of Natural Grocers brand products, and driving new store development and existing store productivity.

展望 2025 財年剩餘時間及以後，我們將繼續專注於推動成長的關鍵優先事項，包括傳達我們的差異化產品、透過我們的 Npower Rewards 計劃進一步增強客戶參與度、擴大我們的 Natural Grocers 品牌產品選擇，以及推動新店開發和現有店鋪生產力。

Now we'd like to open the line for questions. Thank you.

現在我們開始回答問題。謝謝。

(Operator Instructions)

（操作員指示）

At this time, I'm showing no questions. So this concludes our question-and-answer session. I'd like to return the call to Kemper Isely for closing remarks.

目前，我沒有任何疑問。我們的問答環節到此結束。我想回電給 Kemper Isely，請他做最後發言。

Thank you very much for joining us to discuss our third-quarter results. This month marks our company's 70th year serving our communities. I encourage you to visit one of our locations between August 14 and August 16 to celebrate our anniversary with us. We look forward to updating you on our next call regarding the fourth quarter and full fiscal year 2025 results. Thank you. Goodbye.

非常感謝您加入我們討論我們的第三季業績。本月是我們公司服務社區的第 70 週年。我鼓勵您在 8 月 14 日至 8 月 16 日期間造訪我們的其中一個地點，與我們一起慶祝我們的周年紀念日。我們期待在下次電話會議上向您通報第四季和 2025 財年全年的業績。謝謝。再見。

The conference call has now concluded. Thank you for attending the Natural Grocers third quarter fiscal year 2025 earnings conference call. You may now (technical difficulty).

電話會議現已結束。感謝您參加 Natural Grocers 2025 財年第三季財報電話會議。您現在可以（技術困難）。