Natural Grocers by Vitamin Cottage Inc (NGVC) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Natural Grocers second-quarter fiscal year 2026 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn the conference over to Ms. Jessica Thiessen, Vice President, Treasurer for Natural Grocers. Ms. Thiessen, you may begin.

各位女士、先生，大家好。歡迎參加 Natural Grocers 2026 會計年度第二季財報電話會議。（接線員指示）提醒各位，今天的電話會議將被錄音。現在我想把會議交給 Natural Grocers 副總裁兼財務主管 Jessica Thiessen 女士。Thiessen 女士，請開始。

Good afternoon, thank you for joining us for the Natural Grocers by Vitamin Cottage second-quarter fiscal year 2026 earnings conference call. On the call with me today are Kemper Isely, Co-President; and Richard Hallé, Chief Financial Officer.

各位下午好，感謝各位參加 Natural Grocers by Vitamin Cottage 2026 會計年度第二季財報電話會議。今天與我一同出席的有共同總裁 Kemper Isely，以及財務長 Richard Hallé。

As a reminder, certain information provided during this conference call, including the company's outlook for fiscal 2026, 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. 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 will be available on the company's website, and a recording of this call will be available on the website at investors.naturalgrocers.com.

提醒各位，本次電話會議中提供的某些資訊，包括公司對 2026 會計年度的展望，包含以前瞻性陳述為基礎，係依據目前的預期與假設，並受風險與不確定性影響。由於多項因素，實際結果可能與前瞻性陳述所述內容存在重大差異，包括公司最近提交之 10-Q 與 10-K 表格中詳述的風險與不確定性。公司不承擔更新前瞻性陳述之義務。我們今天的發言包含對調整後 EBITDA 的引用，該指標為非 GAAP 衡量。請參閱我們的財報新聞稿，以取得調整後 EBITDA 與淨利之調節表。今日的財報新聞稿將公布於公司網站，本次電話會議的錄音亦將於 investors.naturalgrocers.com 提供。

Now, I will turn the call over to Kemper.

現在，我將把電話會議交給 Kemper。

Thank you, Jessica, and good afternoon, everyone. During today's call, I will provide an overview of our financial results and highlight progress on initiatives driving long-term value creation. Rich will discuss the second quarter results in greater detail and review our fiscal year guidance.

謝謝你，Jessica，各位下午好。在今天的電話會議中，我將概述我們的財務表現，並重點說明推動長期價值創造之各項計畫的進展。Rich 將更詳細地說明第二季業績，並回顧我們的會計年度財測指引。

We performed well in a challenging environment driven by strong store-level execution and disciplined expense management, delivering diluted earnings per share growth of 3.6%. There are a few underlying trends I want to highlight. In the second quarter, comparable store sales increased 0.5% while cycling an 8.9% comp last year.

在充滿挑戰的環境下，我們憑藉門店端強勁的執行力與嚴謹的費用管理，表現良好，稀釋後每股盈餘成長 3.6%。我想強調幾個潛在趨勢。第二季同店銷售成長 0.5%，而去年同期同店基期為 8.9%。

On a two-year basis, comps of 9.4% continue to demonstrate solid growth relative to the broader grocery retail industry. We believe the second quarter sales trends reflected continued economic uncertainty and value-seeking consumer spending behaviors observed broadly across the grocery retail sector.

以兩年期來看，同店成長 9.4%，相較於更廣泛的雜貨零售產業，仍展現穩健成長。我們認為第二季的銷售趨勢反映了持續的經濟不確定性，以及在整體雜貨零售領域普遍可見、消費者偏向追求性價比的支出行為。

Furthermore, in the second quarter, we continued to see strong membership gains in our {N}power Rewards program. Net sales penetration increased 3 percentage points to 84%, highlighting our customers appreciation for the program's value and benefits. {N}power remains an effective tool for optimizing promotional activity and strengthening customer engagement. Natural Grocers is the value option in natural and organic grocery retail.

此外，第二季我們在 {N}power Rewards 會員獎勵計畫方面持續看到強勁的會員成長。淨銷售滲透率提高 3 個百分點至 84%，凸顯顧客對該計畫價值與福利的肯定。{N}power 仍是優化促銷活動並強化顧客互動的有效工具。Natural Grocers 是天然與有機雜貨零售中的高性價比選擇。

Our marketing and communications continue to feature our always affordable prices, including the Even More Affordable campaign, which highlights a rotating assortment of staples, including our Natural Grocers brand products. We believe the consumer prioritization of health and wellness, including food and nutrition, is growing and enduring. Our differentiated natural and organic offering, supported by rigorous standards and our always affordable pricing strategy, continues to deliver strong value and reinforce our competitive positioning.

我們的行銷與溝通持續強調我們一貫的親民價格，包括「Even More Affordable」活動，該活動主打輪替的日常必需品組合，其中包含我們的 Natural Grocers 自有品牌產品。我們認為消費者對健康與福祉（包括飲食與營養）的重視正在提升且具有長期性。我們差異化的天然與有機產品組合，在嚴格標準與一貫親民的定價策略支持下，持續提供強勁價值並鞏固我們的競爭定位。

Next, I will highlight an important milestone which is consistent with management's long-term focus. During the second quarter, we successfully completed a major upgrade to our enterprise resource planning system. The ERP platform supports the majority of our functional areas, making this the most comprehensive systems implementation the company has undertaken to date. The successful execution reflects the dedication and cross-functional collaboration of our teams.

接下來，我要強調一項與管理層長期聚焦一致的重要里程碑。第二季期間，我們成功完成企業資源規劃（ERP）系統的重大升級。該 ERP 平台支援我們多數的功能領域，使其成為公司迄今最全面的系統導入專案。此次成功執行反映了團隊的投入與跨部門協作。

The upgraded system enhances operational efficiency, improves data visibility, and provides a scalable foundation to support future growth and expand functionality, including data analytics and operational efficiencies, leveraging business intelligence tools. We've also made progress on store development as another lever driving our long-term value.

升級後的系統提升營運效率、改善資料可視性，並提供可擴充的基礎以支援未來成長與功能擴展，包括運用商業智慧工具強化資料分析與營運效率。我們也在門店開發方面取得進展，這是推動長期價值的另一項槓桿。

During the second quarter, we opened one new store, and subsequent to the quarter, we relocated one store and opened an additional store. We're encouraged by the productivity of our new stores and relocations. We are on track to open six to eight new stores in fiscal 2026. We believe we have significant opportunities to expand our store footprint and are targeting a 4% to 5% annual new store unit growth rate for the foreseeable future.

第二季我們新開一家門店；在季後，我們搬遷一家門店並另外新開一家門店。我們對新店與搬遷店的生產力表現感到鼓舞。我們正按計畫在 2026 會計年度新開 6 至 8 家門店。我們相信擴大門店版圖仍有顯著機會，並在可預見的未來以每年 4% 至 5% 的新店單位成長率為目標。

Finally, I would like to express my appreciation to our crew for their continued commitment to delivering an exceptional shopping experience. The best-in-class customer service provided by our good4u Crew is a key element of our differentiated offering.

最後，我要對我們的團隊致上謝意，感謝大家持續致力於提供卓越的購物體驗。我們 good4u Crew 所提供的同級最佳顧客服務，是我們差異化產品與服務的重要要素。

Now I will turn our call over to Rich to discuss our financial results in greater detail and our fiscal 2026 guidance.

現在我將把電話會議交給 Rich，請他更詳細說明我們的財務表現以及 2026 會計年度財測指引。

Thank you, Kemper. Good afternoon. Second quarter net sales increased 0.5% from the prior year period to $337.4 million. Daily average comparable store sales increased 0.5%, comprised of a 1.6% increase in basket size and a 1.1% decrease in transaction count. The basket comp included a decline of less than a half an item per basket. We continued to see the highest sales growth in dairy, produce and meat, which are some of our most differentiated offerings. Our Natural Grocers brand penetration was 9.8% of total sales, up 120 basis points from a year ago.

謝謝你，Kemper。各位下午好。第二季淨銷售較去年同期成長 0.5%，至 3.374 億美元。日均同店銷售成長 0.5%，其中客單價成長 1.6%，交易筆數下降 1.1%。客單價同店變動包含每筆購物籃商品數量減少不到半件。我們持續看到乳製品、生鮮蔬果與肉品的銷售成長最高，這些是我們最具差異化的品類之一。Natural Grocers 自有品牌滲透率占總銷售 9.8%，較一年前提高 120 個基點。

Gross margin increased 10 basis points to 30.4%, driven by lower store occupancy costs as a percentage of net sales and stable product margin, including inventory shrink. Store expenses decreased 1.6%, primarily driven by expense management. Administrative expenses increased 10%, primarily driven by higher technology expenses, including expenses related to the completion of the ERP upgrade project. Net income increased 2.5% to $13.4 million, and diluted earnings per share increased 3.6% to $0.58 in the second quarter. Adjusted EBITDA increased 4% to $27.4 million.

毛利率提高 10 個基點至 30.4%，主要受惠於門店占用成本占淨銷售比率下降，以及產品毛利（含存貨耗損）保持穩定。門店費用下降 1.6%，主要來自費用管理。管理費用增加 10%，主要由較高的科技費用所致，包括與完成 ERP 升級專案相關的費用。淨利成長 2.5% 至 1,340 萬美元，第二季稀釋後每股盈餘成長 3.6% 至 0.58 美元。調整後 EBITDA 成長 4% 至 2,740 萬美元。

Turning to the balance sheet and cash flow. We ended the second quarter in a strong liquidity position, including $20.7 million in cash and cash equivalents, no outstanding borrowings, and $67.6 million available for borrowing on our revolving credit facility. During the first six-months of fiscal 2026, we generated cash from operations of $43.8 million and invested $30.3 million in net capital expenditures, primarily for new and relocated stores and real property acquisitions, resulting in free cash flow of $13.5 million.

接著談資產負債表與現金流。第二季末我們的流動性狀況強勁，包括 2,070 萬美元的現金及約當現金、無任何未償借款，且在循環信用額度下仍有 6,760 萬美元可供借款。在 2026 會計年度前六個月，我們營運活動產生現金 4,380 萬美元，並投入 3,030 萬美元的淨資本支出，主要用於新店與搬遷店以及不動產收購，因而自由現金流為 1,350 萬美元。

Subsequent to the second quarter, we received a $2 million recovery from our insurance carrier for business interruption related to the June 2025 cybersecurity incident that temporarily impacted our main distributor's ability to fulfill orders and distribute products to our stores, resulting in product shortages and lost sales in June and July.

在第二季之後，我們就 2025 年 6 月資安事件所造成的營運中斷，向保險公司取得 200 萬美元理賠；該事件曾短暫影響我們主要配送商的接單履約與向門店配送產品的能力，導致 6 月與 7 月出現缺貨與銷售流失。

The $2 million recovery equates to approximately $6.5 of diluted earnings per share, impacting our expectations for Q3, and that's been incorporated into our updated guidance that follows. Today, we are refining the company's fiscal year outlook to reflect our second quarter results and the significant opportunities we see in our differentiated market position while remaining thoughtful about the evolving consumer environment.

這筆 200 萬美元理賠約相當於稀釋後每股盈餘 6.5 美元，將影響我們對第三季的預期，且已納入我們接下來更新後的指引之中。今天，我們正在調整公司對本會計年度的展望，以反映第二季業績，以及我們在差異化市場定位中所看到的重大機會，同時也審慎看待持續演變的消費者環境。

Our outlook includes the following: Open six to eight new stores and relocate or remodel two to three existing stores. Achieve daily average comparable store sales growth between 1.5% and 2.5% compared to our prior outlook of between 1.5% and 4%. Diluted earnings per share between $2.07 and $2.15 compared to our prior outlook of between $2.00 and $2.15.

我們的展望包括以下內容：新開六至八家門市，並遷址或改裝兩至三家現有門市。可比門市日均銷售成長率介於 1.5% 至 2.5%，相較於先前展望的 1.5% 至 4%。稀釋後每股盈餘介於 2.07 美元至 2.15 美元，相較於先前展望的 2.00 美元至 2.15 美元。

Capital expenditures of $45 million to $50 million compared to our prior outlook of $50 million to $55 million. Capital expenditures primarily support growth initiatives such as new and relocated stores and include maintenance CapEx of approximately 75 basis points of net sales. In addition, our current expectation is that sales comps will be 2% to 4% in the second half of fiscal 2026 at the lower end of our outlook range in the third quarter as we cycle strong comps in the prior year and increasing slightly in the fourth quarter as we cycle moderated comps.

資本支出為 4,500 萬美元至 5,000 萬美元，相較於先前展望的 5,000 萬美元至 5,500 萬美元。資本支出主要用於支持成長計畫，例如新店與遷址門市，並包含約占淨銷售額 75 個基點的維護性資本支出（maintenance CapEx）。此外，我們目前預期 2026 會計年度下半年可比銷售將為 2% 至 4%；其中第三季位於展望區間的較低端，因為將與前一年強勁的可比基期相比；第四季則因為將與較為溫和的可比基期相比而略有上升。

Additionally, the comp range reflects consumer uncertainty in the current macro environment. We expect modest inflation throughout the year in line with current trends. Our outlook anticipates that year-over-year gross margin will be relatively flat, primarily depending on the level of promotional activity.

此外，可比區間也反映了在當前總體經濟環境下消費者的不確定性。我們預期全年將出現溫和通膨，與目前趨勢一致。我們的展望預期年對年毛利率將大致持平，主要取決於促銷活動的強度。

We expect that year-over-year store expenses as a percentage of net sales will be relatively flat to slightly lower. Our outlook anticipates that year-over-year administrative expenses as a percentage of net sales will be relatively flat in the second half, excluding the impact of the insurance recovery. Lastly, in fiscal 2026, we have incremental investment of approximately $0.09 of diluted earnings per share in new store openings, primarily through higher pre-opening expenses and store expenses.

我們預期年對年門市費用占淨銷售額的比率將大致持平至略為下降。我們的展望預期下半年年對年管理費用占淨銷售額的比率將大致持平（不含保險理賠回收的影響）。最後，在 2026 會計年度，我們在新店開幕方面有約 0.09 美元稀釋後每股盈餘的增量投資，主要來自較高的開店前費用與門市費用。

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

我們想開放提問。謝謝。

(Operator Instructions)

（接線員指示）

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

The first question I wanna ask about is the margin profile, which was good for you guys this quarter. I wanna think about how that is going forward, particularly given utilizing the ERP to drive some cost savings. You know, you seem to have had, you know, one of the higher gross margins in a couple years. As we think about efficiencies going forward, do you reinvest those back into the business, given the softer consumer environment, let that drop to the bottom line? Just how we think about the profit versus sales growth as we reinvest potentially those cost savings. Thanks.

我第一個問題想問的是毛利率結構，本季你們表現不錯。我想了解未來的走勢，特別是考量你們運用 ERP 來推動一些成本節省。你們似乎創下近幾年較高的毛利率之一。展望未來的效率提升，你們會在較疲弱的消費環境下把這些節省再投資回業務，還是讓它直接反映在獲利上？我們該如何看待在可能再投資這些成本節省時，獲利與銷售成長之間的取捨？謝謝。

I would say that the cost savings immediately from our investment in ERP are going to be minimal. It'll take a little while to get efficiencies from the new system and to work out bugs in the new system. Any cost savings that we do see, we usually reinvest in competitive pricing. You know, we look at every item that we sell and compare it to our competitors and decide where we should be in pricing, and we like to be on the leading edge of affordable pricing.

我會說，我們投資 ERP 所帶來的即時成本節省會很有限。要從新系統取得效率並排除新系統的問題，需要一些時間。我們若看到任何成本節省，通常會再投資在具競爭力的定價上。你知道，我們會檢視每一個銷售品項並與競爭對手比較，決定我們的定價應該落在哪裡；我們也希望在平價定價方面保持領先。

Appreciate that commentary. Second question for me, as we think about the comps, I know a lot of the commentary in terms of the trends has been based off, you know, the two-year stack and some of the softer comps you're gonna see in the back half of the year. You know, maybe outside of just thinking of a two-year stack, you know, anything that you're seeing to get more comfortability in terms of that stack starting to improve in the back half of the year as you know, as you go into fiscal year 2027?

感謝這些說明。我的第二個問題是，談到可比銷售（comps），我知道很多趨勢的評論是基於兩年疊加（two-year stack），以及你們在今年下半年會看到較疲弱的可比。除了只用兩年疊加來看之外，你們是否看到任何跡象，能讓我們更有信心認為這個疊加在下半年會開始改善，並延續到 2027 會計年度？

Yeah. I mean, the, the first two quarters of this year were particularly difficult to comp well against last year because they were we had such strong comps last year. Starting in June of this year, our comps were substantially softer for the last four-months of the year of our fiscal year. We're pretty confident that we will see sales similar to what we have been seeing currently through those months, which gives us confidence that we will have substantially better comps from June through September of this year.

是的。我的意思是，今年前兩季要相對去年做出好的可比特別困難，因為去年我們的可比非常強。從今年 6 月開始，我們在上一個會計年度最後四個月的可比明顯較弱。我們相當有信心，在那些月份我們會看到與目前相近的銷售表現，這也讓我們有信心今年 6 月到 9 月的可比會明顯更好。

Chuck Cerankosky, Northcoast Research.

Chuck Cerankosky，Northcoast Research。

Good afternoon, everyone. I was wondering how you would describe the consumer behavior in the most recently reported quarter to what you saw a year earlier, how things have changed since war in Iraq broke out and how it's been trending since then?

各位下午好。我想請問，你們會如何描述最近一季所觀察到的消費者行為，相較於一年前有何不同？自伊拉克戰爭爆發以來情況如何改變？之後的趨勢又是如何？

March was a particularly difficult month. I think that the conflict in Iran was not helpful to the consumer sentiment in March. April was much better than March. I think as we get further away from the conflict, the consumer sentiment will improve. As compared to last year, definitely there was more robust consumer enthusiasm last year at this time.

3 月特別困難。我認為 3 月伊朗的衝突對消費者信心沒有幫助。4 月比 3 月好很多。我認為隨著我們離衝突越來越遠，消費者信心會改善。與去年相比，去年此時消費者熱情確實更為強勁。

How did that, call it consumer distress, manifest itself? Was it, fewer items, fewer trips, more price sensitivity? Any insight on that?

那種（可稱為）消費者壓力是如何表現出來的？是購買品項變少、來店次數變少、對價格更敏感，還是其他？有任何洞見可以分享嗎？

As we reported, there was a 0.3%. Wasn't it 0.3%?

如我們所報告的，有 0.3%。不是 0.3% 嗎？

0.3% Items.

每筆購物的品項數（Items）下降 0.3%。

Yeah, 0.3% items per basket that we lost, which works out to about 3% of comp sales. There was definitely on the on our less loyal customers, definitely some pullback from those consumers. Our loyal customers shopped as normal.

是的，我們每個購物籃的品項數少了 0.3%，換算約占可比銷售的 3%。在我們較不忠誠的顧客族群中，確實看到這些消費者有些縮手。我們的忠誠顧客則照常購物。

We continue to see very good growth from that customer base. You know, as you know, our {N}power now makes up 84% of revenue, just continuing to see great success. We had really good numbers out of that. As Kemp said, our less loyal customers we're seeing really kind of a slowdown.

我們持續看到該顧客族群有非常好的成長。如你所知，我們的 {N}power 目前占營收的 84%，持續看到很大的成功。我們在那方面的數據非常好。如 Kemp 所說，我們在較不忠誠的顧客身上確實看到某種程度的放緩。

Great. Thank you.

很好。謝謝。

Just to add on, as we're starting a program where we're working on really getting the penetration of our {N}power sales higher and also the number of customers the 30% of customers that aren't currently {N}power members enrolled in {N}power. I think we'll have some really good results towards our goals in regards to that issue starting in June.

補充一下，我們正啟動一項計畫，致力於提高 {N}power 銷售的滲透率，同時也讓目前尚未成為 {N}power 會員的 30% 顧客加入 {N}power。我認為從 6 月開始，我們在達成該議題相關目標方面會看到一些很好的成果。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Kemper Isely for any closing remarks.

謝謝。問答環節到此結束。我想把電話會議交回給 Kemper Isely，請他做結語。

Thank you for joining us. We are committed to maximizing value for our stockholders. We believe that our offering of high quality, natural and organic products supported by rigorous product standard and always affordable prices is differentiated and will support growing consumer demand over the long term. Continued investment in store development, people, processes, and system supports, operational discipline, and long-term value creation. Thank you and have a great day. Good-bye.

感謝各位參與。我們致力於為股東創造最大價值。我們相信，我們提供高品質的天然與有機產品，並以嚴謹的產品標準與一貫的平價策略作為支撐，具備差異化優勢，將在長期支持不斷成長的消費者需求。持續投資於門市發展、人才、流程與系統支援、營運紀律，以及長期價值創造。謝謝，祝各位有美好的一天。再見。

Thank you. The conference call is now concluded. Thank you for attending the Natural Grocers second quarter fiscal year 2026 earnings conference call. You may now disconnect. Thank you.

謝謝。本次電話會議到此結束。感謝各位參加 Natural Grocers 2026 會計年度第二季財報電話會議。您現在可以掛線。謝謝。