Lakewood, Colo. -- Natural Grocers by Vitamin Cottage, Inc. had a strong first quarter of fiscal 2014, reporting increases in both net income and net sales. Net income rose 31.6% to $2.9 million from about $2.2 million and net sales grew 25.8% to $120.6 million from $95.8 million.
A $14.6 million increase in sales from new stores and a 10.6%, increase in same-store sales drove Natural Grocers’ net sales growth. Looking ahead, the company plans to open a total 15 stores in fiscal year 2014 and expects to remodel two existing stores.
As of this release, Natural Grocers has signed leases for 10 of the remaining 11 stores it plans to open in fiscal year 2014 for locations in Colorado, Idaho, Kansas, New Mexico, Oklahoma, Oregon, Utah, and Washington.