Based on the provided financial report article, the title of the article is likely: "10-Q Quarterly Report for the period ended March 31, 2025" This is a standard title for a quarterly report filed with the Securities and Exchange Commission (SEC) by publicly traded companies. The report provides an overview of the company's financial performance and operations for the quarter ended March 31, 2025.

Company Overview

We operate natural and organic grocery and dietary supplement stores that are focused on providing high-quality products at affordable prices, exceptional customer service, nutrition education and community outreach. We offer a variety of natural and organic groceries, dietary supplements and body care products that meet our strict quality standards. We believe we have been at the forefront of the natural and organic foods movement since our founding.

As of March 31, 2025, we operated 169 stores in 21 states, including Colorado, Arizona, Arkansas, Idaho, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington and Wyoming. We also operate a bulk food repackaging facility and distribution center in Golden, Colorado.

The growth in the organic and natural foods industry and growing consumer interest in health and nutrition have enabled us to continue to open new stores and enter new markets. During the five fiscal years ended September 30, 2024, we increased our store count at a compound annual growth rate of 2.0%. In fiscal year 2024, we opened four new stores and relocated/remodeled four existing stores. We plan to open three to four new stores and relocate/remodel two to four existing stores in fiscal year 2025.

Performance Highlights

Key highlights of our performance for the three and six months ended March 31, 2025 include:

Net sales:

• Net sales were $335.8 million for the three months ended March 31, 2025, an increase of 9.0% compared to the prior year period.
• Net sales were $666.0 million for the six months ended March 31, 2025, an increase of 9.2% compared to the prior year period.

Daily average comparable store sales:

• Increased 8.9% for both the three and six months ended March 31, 2025 compared to the prior year periods.

Net income:

• Net income was $13.1 million for the three months ended March 31, 2025, an increase of 64.6% compared to the prior year period.
• Net income was $23.0 million for the six months ended March 31, 2025, an increase of 46.6% compared to the prior year period.

EBITDA and Adjusted EBITDA:

• EBITDA was $25.4 million for the three months ended March 31, 2025, an increase of 34.2% compared to the prior year period.
• Adjusted EBITDA was $26.3 million for the three months ended March 31, 2025, an increase of 33.3% compared to the prior year period.
• EBITDA was $46.7 million for the six months ended March 31, 2025, an increase of 25.6% compared to the prior year period.
• Adjusted EBITDA was $49.1 million for the six months ended March 31, 2025, an increase of 27.6% compared to the prior year period.

Liquidity:

• As of March 31, 2025, cash and cash equivalents was $21.2 million, and there was $70.3 million available for borrowing under our Credit Facility.

Industry Trends and Economics

We have identified several key trends and factors that have impacted and may continue to impact our results:

Impact of broader economic trends and political environment:

• The grocery industry and our sales are affected by general economic conditions, including consumer spending, disposable income, inflation, tariffs, and the labor market.
• We have experienced labor shortages and supply chain disruptions that have impacted our operations.
• Inflation has increased the costs of certain goods we sell, though levels moderated in fiscal year 2024.

Opportunities in the growing natural and organic grocery and dietary supplements industry:

• The organic and natural foods industry continues to experience growth driven by increased consumer interest in health and nutrition.
• We continue to open new stores and enter new markets to capitalize on this opportunity.

Competition:

• The grocery and dietary supplement retail business is highly competitive, with few barriers to entry.
• We face competition from a variety of grocery, specialty, and online retailers on the basis of price, selection, quality, service, and convenience.
• Our focus on high-quality, affordable natural and organic products and nutrition education helps differentiate us.

Consumer preferences:

• Our performance is impacted by trends in natural and organic products, dietary supplements, and at-home meal preparation.
• A shift in consumer preferences away from our offerings could have a material adverse effect.

Outlook

We believe several key factors will enable us to increase comparable store sales and continue to profitably expand, including our loyal customer base, growing consumer interest in nutrition and wellness, our differentiated shopping experience, and our focus on high-quality, affordable natural and organic products.

We expect the rate of new store growth to be dependent on economic and business conditions, including construction and labor availability. We believe there are opportunities to continue expanding our store base, increase profitability, and grow comparable store sales. However, future growth and profitability could be impacted by increasing competition and economic conditions.

Key Financial Metrics in Our Business

The key financial metrics we monitor include:

Net sales:

• Change in daily average comparable store sales
• Transaction count
• Average transaction size

Cost of goods sold and occupancy costs:

• Includes inventory, shipping, distribution, buying, shrink, and store occupancy costs

Gross profit and gross margin:

• Gross profit is net sales less cost of goods sold and occupancy costs
• Gross margin is gross profit as a percentage of net sales

Store expenses:

• Includes salaries, supplies, utilities, depreciation, advertising, and other store-related costs

Administrative expenses:

• Includes home office-related costs such as salaries, occupancy, and professional services

Pre-opening expenses:

• Costs incurred prior to new store openings and relocations/remodels

Interest expense, net

Income tax expense

Results of Operations

For the three months ended March 31, 2025 compared to the prior year period:

• Net sales increased 9.0% to $335.8 million
• Gross profit increased 12.6% to $101.7 million, with gross margin expanding to 30.3%
• Store expenses increased 5.1% to $72.8 million, but decreased as a percentage of net sales
• Administrative expenses increased 15.8% to $11.0 million
• Net income increased 64.6% to $13.1 million

For the six months ended March 31, 2025 compared to the prior year period:

• Net sales increased 9.2% to $666.0 million
• Gross profit increased 12.0% to $200.6 million, with gross margin expanding to 30.1%
• Store expenses increased 6.6% to $146.3 million, but decreased as a percentage of net sales
• Administrative expenses increased 19.1% to $22.5 million
• Net income increased 46.6% to $23.0 million

Non-GAAP Financial Measures

We use EBITDA and Adjusted EBITDA as supplemental measures of our operating performance. EBITDA is net income before interest, taxes, depreciation and amortization. Adjusted EBITDA also excludes the effects of certain other income and expense items.

EBITDA and Adjusted EBITDA increased significantly in both the three and six month periods, reflecting the growth in our business. We believe these non-GAAP measures provide additional information about our operating performance and are useful for investors to evaluate the overall financial performance of the company.

Liquidity and Capital Resources

Our primary sources of liquidity are cash from operations, cash and cash equivalents, and our $72.5 million Credit Facility. Our main uses of cash are for inventory, operating expenses, capital expenditures, debt service, dividends, and share repurchases.

As of March 31, 2025, we had $21.2 million in cash and $70.3 million available under the Credit Facility. We plan to continue opening new stores and relocating/remodeling existing stores, which may require additional borrowings under the Credit Facility.

We believe our cash, cash flow from operations, and availability under the Credit Facility will be sufficient to meet our working capital, capital expenditure, and other cash needs for at least the next 12 months.

In summary, our strong financial performance in the first half of fiscal 2025, with double-digit growth in sales, profitability, and cash flow, positions us well to continue executing on our strategic initiatives and growth plans. Our focus on providing high-quality natural and organic products, exceptional customer service, and nutrition education continues to resonate with consumers and drive our success.