8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 4, 2023

Natural Grocers by Vitamin Cottage, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-35608	45-5034161
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

12612 West Alameda Parkway

Lakewood, Colorado 80228

(Address of principal executive offices) (Zip Code)

(303) 986-4600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.001 par value	NGVC	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2023, Natural Grocers by Vitamin Cottage, Inc. issued a press release announcing its financial results for the three and six months ended March 31, 2023. A copy of the press release is furnished herewith as Exhibit 99.1.

The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Additionally, the information contained in this Item 2.02 or Exhibit 99.1 shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release of Natural Grocers by Vitamin Cottage, Inc. dated May 4, 2023 announcing financial results.
104	Cover Page Interactive Data File (formatted as Inline XBRL).

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 4, 2023

Natural Grocers by Vitamin Cottage, Inc.
By:	/s/ Kemper Isely
Name:	Kemper Isely
Title:	Co-President

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EX-99.1

Exhibit 99.1

Natural Grocers by Vitamin Cottage Announces Second Quarter Fiscal 2023 Results

Lakewood, Colorado, May 4, 2023. Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) today announced results for its second quarter of fiscal 2023 ended March 31, 2023.

Highlights for Second Quarter Fiscal 2023 Compared to Second Quarter Fiscal 2022

● Net sales increased 4.2% to $283.2 million;

● Daily average comparable store sales increased 2.7%, and increased 7.0% on a two-year basis;

● Net income was $5.9 million, with diluted earnings per share of $0.26, including a $0.03 per share impairment charge related to a store closure;

● Adjusted EBITDA was $16.8 million; and

● Opened one new store, resulting in a 3.1% new store growth rate for the twelve-month period ended March 31, 2023.

“We are pleased with our second quarter results. An increase in customer traffic drove the 2.7% increase in comparable store sales, which was ahead of expectations and is prompting us to raise our comparable store sales guidance for the year. On a two-year basis, daily average comparable store sales were up 7.0%, including a 4.5% increase in transaction count,” said Kemper Isely, Co-President. “Our diluted earnings per share for the second quarter was $0.26 including a $0.03 per share impairment charge related to a store closure, and compares to $0.28 in the same period last year. During the quarter we made the decision to close two underperforming stores as part of our ongoing efforts to drive higher store productivity.”

Mr. Isely continued “The strength of our sales trends, including minimal trade-down, indicates that we have a loyal and resilient customer base that prioritizes products with health and sustainability attributes. We believe that our high product quality standards, marketing emphasis on value and Always Affordable^SM prices, customer service and convenient shopping experience continue to resonate with consumers and make us a leading destination for natural and organic products in our communities.”

In addition to presenting the financial results of Natural Grocers by Vitamin Cottage, Inc. and its subsidiaries (collectively, the Company) in conformity with U.S. generally accepted accounting principles (GAAP), the Company is also presenting EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The reconciliation from GAAP to these non-GAAP financial measures is provided at the end of this earnings release.

Operating Results — Second Quarter Fiscal 2023 Compared to Second Quarter Fiscal 2022

During the second quarter of fiscal 2023, net sales increased $11.4 million, or 4.2%, to $283.2 million, compared to the second quarter of fiscal 2022, due to a $7.4 million increase in comparable store sales and a $4.9 million increase in new store sales, partially offset by a $0.9 million decrease in sales related to one store that closed in fiscal 2022. Daily average comparable store sales increased 2.7% in the second quarter of fiscal 2023, comprised of a 2.7% increase in daily average transaction count and no change in daily average transaction size. The increase in net sales was primarily driven by transaction count, new store sales and marketing initiatives, partially offset by a moderation of the pandemic trends we experienced in the second quarter of last year.

Gross profit during the second quarter of fiscal 2023 increased $5.7 million, or 7.4%, to $82.5 million, compared to $76.8 million in the second quarter of fiscal 2022. Gross profit reflects earnings after product and store occupancy costs. Gross margin increased 90 basis points to 29.1% during the second quarter of fiscal 2023, compared to 28.2% in the second quarter of fiscal 2022. The increase in gross margin was driven by higher product margin.

Store expenses during the second quarter of fiscal 2023 increased 9.4% to $65.2 million. Store expenses included an impairment charge of $0.9 million in the second quarter of fiscal 2023 related to a planned store closure in June 2023. Store expenses as a percentage of net sales were 23.0% during the second quarter of fiscal 2023, up from 21.9% in the second quarter of fiscal 2022. The increase in store expenses as a percentage of net sales was primarily driven by higher labor expense as a result of increased wage rates, and the impairment charge.

Administrative expenses during the second quarter of fiscal 2023 increased 5.3% to $8.6 million, primarily driven by higher compensation expense. Administrative expenses as a percentage of net sales were 3.0% in each of the second quarters of fiscal 2023 and 2022.

Operating income for the second quarter of fiscal 2023 was $8.4 million, compared to $8.9 million in the second quarter of fiscal 2022. Operating margin during the second quarter of fiscal 2023 was 3.0%, compared to 3.3% in the second quarter of fiscal 2022.

Net income for the second quarter of fiscal 2023 was $5.9 million, or $0.26 diluted earnings per share, compared to net income of $6.4 million, or $0.28 diluted earnings per share, for the second quarter of fiscal 2022.

Adjusted EBITDA for the second quarter of fiscal 2023 increased 4.6% to $16.8 million, compared to $16.1 million in the second quarter of fiscal 2022.

Operating Results — First Six Months Fiscal 2023 Compared to First Six Months Fiscal 2022

During the first six months of fiscal 2023, net sales increased $14.6 million, or 2.7%, to $563.7 million, compared to the first six months of fiscal 2022, due to an $8.7 million increase in comparable store sales and a $7.7 million increase in new store sales, partially offset by a $1.8 million decrease in sales related to one store that closed in fiscal 2022. Daily average comparable store sales increased 1.6% in the first six months of fiscal 2023, and was comprised of a 0.9% increase in daily average transaction size and a 0.7% increase in daily average transaction count. The increase in net sales was primarily driven by retail price inflation, new store sales and marketing initiatives, partially offset by a moderation of the pandemic trends we experienced in the first six months of fiscal 2022.

Gross profit during the first six months of fiscal 2023 increased 3.7% to $161.2 million, primarily driven by increased sales volume. Gross profit reflects earnings after product and occupancy expenses. Gross margin increased to 28.6% during the first six months of fiscal 2023, compared to 28.3% in the first six months of fiscal 2022. The increase in gross margin was driven by higher product margin.

Store expenses during the first six months of fiscal 2023 increased 8.3% to $128.8 million. Store expenses as a percentage of net sales were 22.8% during the first six months of fiscal 2023, up from 21.7% in the first six months of fiscal 2022. The increase in store expenses as a percentage of net sales reflects higher labor expense as a result of increased wage rates.

Administrative expenses during the first six months of fiscal 2023 increased 9.0% to $16.9 million. The increase in administrative expenses was primarily driven by higher technology amortization, legal expense and compensation expense. Administrative expenses as a percentage of net sales were 3.0% during the first six months of fiscal 2023, up from 2.8% in the first six months of fiscal 2022.

Operating income for the first six months of fiscal 2023 was $14.8 million, compared to $20.9 million in the first six months of fiscal 2022. Operating margin during the first six months of fiscal 2023 was 2.6%, compared to 3.8% in the first six months of fiscal 2022.

Net income for the first six months of fiscal 2023 was $10.3 million, or $0.45 diluted earnings per share, compared to net income of $15.3 million, or $0.67 diluted earnings per share for the first six months of fiscal 2022.

Adjusted EBITDA for the first six months of fiscal 2023 was $30.6 million, compared to $35.6 million in the first six months of fiscal 2022.

Balance Sheet and Cash Flow

As of March 31, 2023, the Company had $19.0 million in cash and cash equivalents, no outstanding borrowings on its $50.0 million revolving credit facility, and $11.7 million outstanding on its term loan facility.

During the first six months of fiscal 2023, the Company generated $34.9 million in cash from operations and invested $17.8 million in net capital expenditures, primarily for new and relocated stores.

Dividend Announcement

Today, the Company announced the declaration of a quarterly cash dividend of $0.10 per common share. The dividend will be paid on June 14, 2023 to stockholders of record at the close of business on May 30, 2023.

2

Growth and Development

During the second quarter of fiscal 2023, the Company opened one store, ending the quarter with a total of 166 stores in 21 states. As of May 4, 2023, the Company has signed leases for an additional five new stores planned to open in fiscal years 2023 and beyond.

Fiscal 2023 Outlook

The Company is raising its fiscal 2023 outlook for comparable store sales based upon year-to-date performance and current trends. The Company is also increasing its outlook for the number of relocations/remodels. The Company is otherwise confirming its previously announced outlook for fiscal 2023. The Company plans to close two stores in June 2023 and all related costs are incorporated into its outlook. The outlook reflects recent results, current operating trends, consumer trends, and the uncertainty of the economic environment, including inflationary factors.

The Company expects:

	Fiscal 2023 Outlook
Number of new stores	4-6
Number of relocations/remodels	2-3
Daily average comparable store sales growth	1.0% to 2.0%
Diluted earnings per share	$0.70 to $0.90
Capital expenditures (in millions)	$28 to $35

Earnings Conference Call

The Company will host a conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time) to discuss this earnings release. The dial-in number is 1-888-347-6606 (US) or 1-412-902-4289 (International). The conference ID is “Natural Grocers Q2 FY 2023 Earnings Call.” A simultaneous audio webcast will be available at http://Investors.NaturalGrocers.com and archived for a minimum of 20 days.

About Natural Grocers by Vitamin Cottage

Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care products and dietary supplements. The products sold by Natural Grocers must meet strict quality guidelines and may not contain artificial colors, flavors, preservatives or sweeteners, or partially hydrogenated or hydrogenated oils. The Company sells only USDA certified organic produce and exclusively pasture-raised, non-confinement dairy products, and free-range eggs. Natural Grocers’ flexible smaller-store format allows it to offer affordable prices in a shopper-friendly, clean and convenient retail environment. The Company also provides extensive free science-based nutrition education programs to help customers make informed health and nutrition choices. The Company, founded in 1955, has 166 stores in 21 states.

Visit www.NaturalGrocers.com for more information and store locations.

Forward-Looking Statements

The following constitutes a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Except for the historical information contained herein, statements in this release are "forward-looking statements" and are based on management’s current expectations and are subject to uncertainty and changes in circumstances. All statements that are not statements of historical fact are forward-looking statements. Actual results could differ materially from these expectations due to changes in global, national, regional or local political, economic, inflationary, deflationary, recessionary, business, interest rate, labor market, competitive, market, regulatory and other factors, and other risks detailed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2022 (the Form 10-K) and the Company's subsequent quarterly reports on Form 10-Q. The information contained herein speaks only as of the date of this release and the Company undertakes no obligation to publicly update forward-looking statements, except as may be required by the securities laws.

For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Form 10-K and the Company's subsequent quarterly reports on Form 10-Q, copies of which may be obtained by contacting Investor Relations at 303-986-4600 or by visiting the Company's website at http://Investors.NaturalGrocers.com.

Investor Contact:

Reed Anderson, ICR, 646-277-1260, reed.anderson@icrinc.com

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NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Statements of Income

(Unaudited)

(Dollars in thousands, except per share data)

	Three months ended March 31,						Six months ended March 31,
	2023			2022			2023			2022
Net sales	$	283,245			271,822			563,702			549,110
Cost of goods sold and occupancy costs		200,768			195,040			402,506			393,591
Gross profit		82,477			76,782			161,196			155,519
Store expenses		65,192			59,605			128,788			118,941
Administrative expenses		8,605			8,172			16,858			15,465
Pre-opening expenses		249			141			702			225
Operating income		8,431			8,864			14,848			20,888
Interest expense, net		(834	)		(545	)		(1,630	)		(1,089	)
Income before income taxes		7,597			8,319			13,218			19,799
Provision for income taxes		(1,713	)		(1,962	)		(2,927	)		(4,527	)
Net income	$	5,884			6,357			10,291			15,272
Net income per share of common stock:
Basic	$	0.26			0.28			0.45			0.67
Diluted	$	0.26			0.28			0.45			0.67
Weighted average number of shares of common stock outstanding:
Basic		22,725,462			22,660,477			22,716,880			22,650,123
Diluted		22,824,673			22,819,526			22,809,189			22,790,114

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NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except per share data)

	March 31, 2023		September 30, 2022
Assets
Current assets:
Cash and cash equivalents	$	18,965		12,039
Accounts receivable, net		6,923		10,496
Merchandise inventory		116,053		113,756
Prepaid expenses and other current assets		3,837		4,369
Total current assets		145,778		140,660
Property and equipment, net		157,707		157,179
Other assets:
Operating lease assets, net		290,611		307,132
Finance lease assets, net		43,191		43,554
Deposits and other assets		422		452
Goodwill and other intangible assets, net		14,337		14,131
Total other assets		348,561		365,269
Total assets	$	652,046		663,108
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	75,714		71,283
Accrued expenses		25,006		26,737
Term loan facility, current portion		1,750		1,750
Operating lease obligations, current portion		34,917		34,735
Finance lease obligations, current portion		3,365		3,223
Total current liabilities		140,752		137,728
Long-term liabilities:
Term loan facility, net of current portion		9,938		13,938
Operating lease obligations, net of current portion		278,482		295,064
Finance lease obligations, net of current portion		44,816		44,664
Deferred income tax liabilities, net		16,051		15,902
Total long-term liabilities		349,287		369,568
Total liabilities		490,039		507,296
Stockholders’ equity:
Common stock, $0.001 par value, 50,000,000 shares authorized, and 22,726,979 and 22,690,188 shares issued and outstanding at March 31, 2023 and September 30, 2022, respectively		23		23
Additional paid-in capital		58,519		58,072
Retained earnings		103,465		97,717
Total stockholders’ equity		162,007		155,812
Total liabilities and stockholders’ equity	$	652,046		663,108

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NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

	Six months ended March 31,
	2023			2022
Operating activities:
Net income	$	10,291			15,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		14,216			14,020
Impairment of long-lived assets		871			95
Loss on disposal of property and equipment		3			85
Share-based compensation		713			590
Deferred income tax expense		149			107
Non-cash interest expense		9			12
Changes in operating assets and liabilities:
Decrease (increase) in:
Accounts receivable, net		3,358			1,062
Merchandise inventory		(2,297	)		(6,104	)
Prepaid expenses and other assets		373			(623	)
Income tax receivable		166			—
Operating lease assets		16,406			15,787
(Decrease) increase in:
Operating lease liabilities		(16,940	)		(12,748	)
Accounts payable		9,270			1,712
Accrued expenses		(1,731	)		(1,686	)
Net cash provided by operating activities		34,857			27,581
Investing activities:
Acquisition of property and equipment		(16,978	)		(10,855	)
Acquisition of other intangibles		(859	)		(1,586	)
Proceeds from sale of property and equipment		72			16
Proceeds from property insurance settlements		—			130
Net cash used in investing activities		(17,765	)		(12,295	)
Financing activities:
Borrowings under revolving facility		246,500			4,000
Repayments under revolving facility		(246,500	)		(4,000	)
Repayments under term loan facility		(4,000	)		(4,000	)
Finance lease obligation payments		(1,357	)		(1,327	)
Dividends to shareholders		(4,543	)		(4,530	)
Repurchase of common stock		(86	)		—
Payments on withholding tax for restricted stock unit vesting		(180	)		(218	)
Net cash used in financing activities		(10,166	)		(10,075	)
Net increase in cash and cash equivalents		6,926			5,211
Cash and cash equivalents, beginning of period		12,039			23,678
Cash and cash equivalents, end of period	$	18,965			28,889
Supplemental disclosures of cash flow information:
Cash paid for interest	$	639			290
Cash paid for interest on finance lease obligations, net of capitalized interest of $122 and $146, respectively		1,005			865
Income taxes paid		2,625			3,721
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid	$	2,033			2,103
Acquisition of other intangibles not yet paid		103			354
Property acquired through operating lease obligations		756			6,571
Property acquired through finance lease obligations		1,652			4,129

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NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Non-GAAP Financial Measures

(Unaudited)

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. We define EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA as adjusted to exclude the effects of certain income and expense items that management believes make it more difficult to assess the Company’s actual operating performance, including certain items such as impairment charges, store closing costs, share-based compensation and non-recurring items.

The following table reconciles net income to EBITDA and Adjusted EBITDA, dollars in thousands:

	Three months ended March 31,				Six months ended March 31,
	2023		2022		2023		2022
Net income	$	5,884		6,357		10,291		15,272
Interest expense, net		834		545		1,630		1,089
Provision for income taxes		1,713		1,962		2,927		4,527
Depreciation and amortization		7,154		6,907		14,216		14,020
EBITDA		15,585		15,771		29,064		34,908
Impairment of long-lived assets		871		—		871		95
Share-based compensation		356		296		713		590
Adjusted EBITDA	$	16,812		16,067		30,648		35,593

EBITDA decreased 1.2% to $15.6 million for the three months ended March 31, 2023 compared to $15.8 million for the three months ended March 31, 2022. EBITDA decreased 16.7% to $29.1 million for the six months ended March 31, 2023 compared to $34.9 million for the six months ended March 31, 2022. EBITDA as a percentage of net sales was 5.5% and 5.8% for the three months ended March 31, 2023 and 2022, respectively. EBITDA as a percentage of net sales was 5.2% and 6.4% for the six months ended March 31, 2023 and 2022, respectively.

Adjusted EBITDA increased 4.6% to $16.8 million for the three months ended March 31, 2023 compared to $16.1 million for the three months ended March 31, 2022. Adjusted EBITDA decreased 13.9% to $30.6 million for the six months ended March 31, 2023 compared to $35.6 million for the six months ended March 31, 2022. Adjusted EBITDA as a percentage of net sales was 5.9% for each of the three months ended March 31, 2023 and 2022. Adjusted EBITDA as a percentage of net sales was 5.4% and 6.5% for the six months ended March 31, 2023 and 2022, respectively.

Management believes some investors’ understanding of our performance is enhanced by including EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. We believe EBITDA and Adjusted EBITDA provide additional information about: (i) our operating performance, because they assist us in comparing the operating performance of our stores on a consistent basis, as they remove the impact of non-cash depreciation and amortization expense as well as items not directly resulting from our core operations, such as interest expense and income taxes and (ii) our performance and the effectiveness of our operational strategies. Additionally, EBITDA is a component of a measure in our financial covenants under our credit facility.

Furthermore, management believes some investors use EBITDA and Adjusted EBITDA as supplemental measures to evaluate the overall operating performance of companies in our industry. Management believes that some investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. By providing these non-GAAP financial measures, together with a reconciliation from net income, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

7

Our competitors may define EBITDA and Adjusted EBITDA differently, and as a result, our measures of EBITDA and Adjusted EBITDA may not be directly comparable to EBITDA and Adjusted EBITDA of other companies. Items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing financial performance. EBITDA and Adjusted EBITDA are supplemental measures of operating performance that do not represent and should not be considered in isolation or as an alternative to, or substitute for, net income or other financial statement data presented in the consolidated financial statements as indicators of financial performance. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:

● EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;

● EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;

● EBITDA and Adjusted EBITDA do not reflect any depreciation or interest expense for leases classified as finance leases;

● EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt;

● Adjusted EBITDA does not reflect share-based compensation, impairment charges, and store closing costs;

● EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and

● although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.

Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA as supplemental information.

8

XML

Document And Entity Information	May 04, 2023
Document Information [Line Items]
Entity, Registrant Name	Natural Grocers by Vitamin Cottage, Inc.
Document, Type	8-K
Document, Period End Date	May 04, 2023
Entity, Incorporation, State or Country Code	DE
Entity, File Number	001-35608
Entity, Tax Identification Number	45-5034161
Entity, Address, Address Line One	12612 West Alameda Parkway
Entity, Address, City or Town	Lakewood
Entity, Address, State or Province	CO
Entity, Address, Postal Zip Code	80228
City Area Code	303
Local Phone Number	986-4600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	NGVC
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001547459