Lakewood, Colo.-based natural and organic chain Natural Grocers has shared its Q3 financial results, highlighted by small increases in net and comparable store sales.
In the third quarter of 2022, net sales increased $7.7 million, or 3.0%, to $266.3 million, compared to the third quarter of fiscal 2021, due to a $6.4 million increase in comparable store sales and a $2.1 million increase in new store sales. This was partially offset by a $0.8 million decrease in sales from one store that closed at the beginning of the quarter.
Daily average comparable store sales increased 2.5% in the third quarter of fiscal 2022, and consisted of a 2.7% increase in daily average transaction size, partially offset by a 0.2% decrease in daily average transaction count.
Gross profit during the quarter increased 2.8% to $73.6 million, driven by increased sales volume. Net income for the third quarter of fiscal 2022 was $3.9 million.
"We are pleased with our results in the third quarter, which were in-line with our expectations," said Kemper Isely, Co-President of the chain. "Consumers continue to be drawn to the quality and value of our offering, along with our convenient shopping experience, making us a leading destination for natural and organic products in our markets. Since the third quarter of fiscal 2019 our daily average comparable store sales have increased 14.1% and diluted earnings per share have grown 88.9%, underscoring the strength of our differentiated model as well as our emphasis on operational excellence.”
Founded in 1955, Natural Grocers currently operates 163 stores in 21 states.