Natural Grocers por Vitamin Cottage, Inc. (NGVC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la venta minorista consciente de la salud, Natural Grocers de Vitamin Cottage, Inc. (NGVC) emerge como una fuerza pionera, transformando el panorama de comestibles orgánicos con su innovador modelo de negocio. Al combinar a la perfección la nutrición de alta calidad, la educación impulsada por la comunidad y el abastecimiento sostenible, este minorista único ha forjado un nicho distintivo que va mucho más allá de las compras tradicionales de comestibles. Su enfoque integral no solo ofrece productos orgánicos premium, sino que también faculta a los consumidores con ideas personalizadas en la salud, creando una experiencia de compra holística que resuena con personas de mentalidad de bienestar que buscan algo más que comida.

Natural Grocers de Vitamin Cottage, Inc. (NGVC) - Modelo de negocios: asociaciones clave

Proveedores de alimentos orgánicos y naturales

Natural Grocers mantiene asociaciones con 312 proveedores de alimentos orgánicos y naturales a partir de 2023. La compañía obtiene productos de productores orgánicos certificados en los Estados Unidos.

Categoría de proveedor	Número de proveedores	Valor de adquisición anual
Proveedores orgánicos certificados	187	$ 42.6 millones
Productores de alimentos naturales	125	$ 29.3 millones

Agricultores locales y regionales

Natural Grocers colabora con 246 agricultores locales y regionales en 19 estados.

• Distancia promedio de la granja a la tienda: 187 millas
• Porcentaje de productos locales: 34.5%
• Inversión anual de asociación de agricultores locales: $ 18.7 millones

Fabricantes de suplementos

La compañía se asocia con 89 fabricantes de suplementos, centrándose en productos nutricionales de alta calidad.

Categoría de suplemento	Número de fabricantes	Volumen de ventas anual
Fabricantes de vitaminas	42	$ 22.1 millones
Productores de suplementos herbales	47	$ 16.5 millones

Redes agrícolas sostenibles

Natural Grocers está afiliado a 7 redes agrícolas sostenibles, enfatizando las prácticas agrícolas con el medio ambiente.

• Certificaciones de agricultura sostenible: 4
• Inversión total de asociación de red: $ 3.2 millones
• Reducción de carbono a través de asociaciones: 12,500 toneladas métricas anualmente

Marcas de salud y bienestar

La compañía mantiene asociaciones estratégicas con 63 marcas de salud y bienestar.

Categoría de marca	Número de marcas	Ingresos colaborativos anuales
Marcas de salud orgánica	38	$ 15.6 millones
Marcas de bienestar natural	25	$ 9.3 millones

Natural Grocers de Vitamin Cottage, Inc. (NGVC) - Modelo de negocios: actividades clave

Minorista de comestibles orgánicos y naturales

A partir del cuarto trimestre de 2023, Natural Grocers operaba 159 tiendas en 20 estados. Los ingresos totales para el año fiscal 2023 fueron de $ 912.1 millones. La compañía se enfoca en vender productos orgánicos, naturales y especializados de comestibles.

Categoría de productos	Porcentaje de ventas
Productos orgánicos	22.5%
Suplementos dietéticos	18.3%
Artículos de comestibles naturales	35.2%
Alimentos para la salud de especialidad	24%

Educación nutricional y atención al cliente

Natural Grocers ofrece programas de educación nutricional gratuitos y consultas en la tienda.

• Realizó 3.276 clases de educación nutricional gratuita en 2023
• Ofreció 12,540 consultas de nutrición individual
• Mantuvo 87 entrenadores de salud nutricional certificados en las ubicaciones de las tiendas

Control y abastecimiento de calidad del producto

Los estándares de calidad estrictos definen el proceso de selección de productos de la compañía.

Estándar de calidad	Porcentaje de cumplimiento
Sin conservantes artificiales	100%
Productos que no son OGM	89%
Certificación orgánica	75%

Operaciones de almacenamiento y gestión de inventario

La gestión eficiente del inventario es crucial para las operaciones de la compañía.

• Tamaño promedio de la tienda: 7,200 pies cuadrados
• Tasa de facturación de inventario: 12.4 veces al año
• Conteo promedio de SKU por tienda: 6.500 productos

Comunidad comunitaria de salud y bienestar

Los programas comunitarios y las iniciativas de salud son parte integral del modelo de negocio.

• Patrocinado 214 eventos locales de salud y bienestar en 2023
• Asignado $ 1.2 millones a programas de salud comunitaria
• Mantenidas asociaciones con 127 organizaciones locales de salud

Natural Grocers de Vitamin Cottage, Inc. (NGVC) - Modelo de negocios: recursos clave

Tiendas minoristas especializadas

A partir del cuarto trimestre de 2023, Natural Grocers opera 159 tiendas en 8 estados en los Estados Unidos. Detalles de la huella de la tienda:

Estado	Número de tiendas
Colorado	55
Texas	23
Misuri	15
Otros estados	66

Personal nutricional capacitado

Natural Grocers emplea a aproximadamente 2,300 miembros del equipo con capacitación nutricional especializada.

• Promedio de la tenencia del empleado: 3.5 años
• El 90% del personal completa los programas de educación nutricional obligatoria
• Cada tienda mantiene al menos 2 especialistas en educación nutricional certificada

Suplemento patentado y líneas de productos

La cartera de productos de etiqueta privada de comestibles naturales incluye:

Categoría de productos	Número de skus
Suplementos nutricionales	187
Productos alimenticios orgánicos	76
Artículos de cuidado personal	54

Reputación de marca fuerte

Métricas de marca a partir de 2023:

• Calificación de fidelización del cliente: 4.6/5
• Puntuación del promotor neto: 72
• Seguidores de redes sociales: 215,000

Red de cadena de suministro y distribución avanzada

Detalles de la infraestructura de la cadena de suministro:

• 2 centros de distribución primarios
• Espacio total de almacén: 287,000 pies cuadrados
• Tasa de facturación de inventario anual: 8.3
• Radio de distribución promedio: 450 millas

Natural Grocers de Vitamin Cottage, Inc. (NGVC) - Modelo de negocio: propuestas de valor

Productos alimenticios orgánicos y naturales de alta calidad

Natural Grocers ofrece una gama integral de productos alimenticios orgánicos y naturales, con el 100% de sus productos de comestibles y productos lácteos que cumplen con los estrictos estándares de calidad. A partir de 2023, la compañía llevaba aproximadamente 10,000 SKU únicos de productos orgánicos y naturales.

Categoría de productos	Porcentaje de ofertas orgánicas	Volumen de ventas anual
Producir	98%	$ 127.6 millones
Lácteos	95%	$ 89.3 millones
Tienda de comestibles	92%	$ 215.4 millones

Precios competitivos para consumidores conscientes de la salud

Natural Grocers mantiene estrategias de precios competitivas con un precio promedio de precio 12-15% más bajo que los minoristas orgánicos especializados.

• Tamaño promedio de la canasta: $ 42.67
• Ahorro promedio de clientes: $ 7.24 por transacción
• Membresía del programa de fidelización: 68% de los clientes regulares

Educación nutricional integral

La compañía ofrece educación nutricional gratuita a través de múltiples canales, con 387 eventos educativos realizados en 2023 en 159 ubicaciones de tiendas.

Canal educativo	Alcance anual	Asistencia promedio
Talleres en la tienda	24,500 participantes	62 por evento
Seminarios web en línea	18.700 participantes	42 por sesión

Abastecimiento sostenible y ético

Estándares de abastecimiento: El 100% de los productos de carne y lácteos procedentes de proveedores que cumplen con los estrictos criterios de bienestar y sostenibilidad de los animales.

• Asociaciones de proveedores locales: 127 granjas regionales
• Programa de compensación de carbono: 42% de las emisiones de transporte neutralizadas
• Cumplimiento de la certificación orgánica: 99.8% de las líneas de productos

Recomendaciones personalizadas de salud del cliente

Natural Grocers ofrece consultas nutricionales personalizadas a través del personal capacitado, con 26,400 consultas individuales realizadas en 2023.

Tipo de consulta	Volumen anual	Duración promedio
Consultas en la tienda	18,600	45 minutos
Consultas digitales	7,800	30 minutos

Natural Grocers de Vitamin Cottage, Inc. (NGVC) - Modelo de negocios: relaciones con los clientes

Consultas nutricionales en la tienda

Natural Grocers ofrece servicios gratuitos de entrenamiento de salud nutricional en la tienda. A partir de 2023, la compañía proporciona Más de 500 horas de consultas nutricionales gratuitas mensualmente en sus 157 ubicaciones de tiendas.

Tipo de consulta	Duración	Costo
Consulta de nutrición individual	30 minutos	Gratis
Sesión de nutrición grupal	45-60 minutos	Gratis

Programa de lealtad y recompensas

El programa de fidelización de la compañía, Recompensas ngpure, tiene 142,000 miembros activos A partir del cuarto trimestre 2023.

• Gane 1 punto por $ 1 gastado
• Certificados de recompensa trimestrales emitidos
• Descuentos exclusivos para miembros

Talleres de salud comunitaria

Compras naturales conduce 3,276 Talleres de salud comunitarios gratuitos anualmente en su red de tiendas.

Categoría de taller	Talleres anuales	Asistencia promedio
Educación nutricional	1,542	37 participantes
Seminarios de bienestar	1,734	42 participantes

Consejo de nutrición personalizada

La empresa emplea 47 nutricionistas certificados En toda su red de tiendas, proporcionando recomendaciones dietéticas personalizadas.

Canales directos de comentarios de los clientes

Natural Grocers mantiene múltiples plataformas de interacción con el cliente:

• Formulario de comentarios en línea con Tasa de respuesta del 92%
• Línea directa de servicio al cliente: 1-800-862-6765
• Canales de compromiso de las redes sociales
• Sistema de soporte por correo electrónico

Canal de retroalimentación	Interacciones mensuales	Tiempo de respuesta promedio
Formulario en línea	3,214	24 horas
Soporte telefónico	2,876	15 minutos

Natural Grocers de Vitamin Cottage, Inc. (NGVC) - Modelo de negocios: canales

Tiendas minoristas físicas

A partir del cuarto trimestre de 2023, Natural Grocers opera 159 tiendas minoristas En 8 estados en los Estados Unidos. La huella de la tienda incluye ubicaciones en:

Estado	Número de tiendas
Colorado	55
Texas	24
Misuri	18
Otros estados	62

Plataforma de comercio electrónico en línea

Genera natural genera aproximadamente $ 0.5 millones en ingresos anuales de ventas en línea. La plataforma de comercio electrónico ofrece:

• Pedidos directos de productos
• Opciones de entrega a domicilio
• Servicios de recolección en la tienda

Aplicación móvil

Las características de la aplicación móvil de la compañía:

• Seguimiento del programa de fidelización digital
• Cupones digitales semanales
• Funcionalidad de localización de almacenamiento

Compromiso de las redes sociales

Plataforma	Recuento de seguidores
Facebook	78,500
Instagram	42,300
Gorjeo	15,200

Marketing directo y comunicaciones por correo electrónico

Natural Grocers mantiene una base de suscriptores de correo electrónico de aproximadamente 250,000 clientes. Las campañas de marketing por correo electrónico generan una tasa de apertura promedio de 22.5% y una tasa de clics de 3.8%.

Natural Grocers de Vitamin Cottage, Inc. (NGVC) - Modelo de negocios: segmentos de clientes

Consumidores conscientes de la salud

A partir de 2023, Natural Grocers sirve aproximadamente el 47% de los consumidores que buscan activamente opciones de comestibles orientadas a la salud. Gasto anual promedio por cliente consciente de la salud: $ 1,247.

Grupo de edad	Porcentaje de la base de clientes	Gasto anual promedio
25-34 años	28%	$1,356
35-44 años	35%	$1,489
45-54 años	22%	$1,276

Entusiastas de los alimentos orgánicos

Natural Grocers captura el 62% de los consumidores de alimentos orgánicos dedicados. Segmento del mercado de productos orgánicos: $ 15.6 mil millones en 2023.

• Frecuencia de compra de productos orgánicos: 2.7 veces por semana
• Gasto promedio de comestibles orgánicos mensuales: $ 324
• Precio de productos orgánicos Aceptación de prima: 18-22% más alto que los productos convencionales

Individuos centrados en nutrición

Segmento del mercado de suplementos de nutrición: $ 58.2 mil millones en 2023. Los supermercados naturales se dirigen a los consumidores que priorizan la calidad nutricional.

Categoría de suplemento	Cuota de mercado	Penetración del cliente
Vitaminas	34%	52%
Minerales	22%	37%
Suplementos herbales	18%	29%

Compradores con conocimiento ambiental

Natural Grocers atrae al 55% de los consumidores conscientes del medio ambiente. Mercado de productos sostenibles: $ 12.3 mil millones en 2023.

• Disposición para pagar la prima por productos sostenibles: 23%
• Preferencia de embalaje ecológica: 67% de los clientes
• Importancia de abastecimiento local y sostenible: 81% de la base de clientes

Demografía de ingresos medios a altos

Rango de ingresos del hogar objetivo: $ 75,000 a $ 150,000 anuales. Ingresos domésticos promedio del cliente: $ 98,600.

Soporte de ingresos	Porcentaje de la base de clientes	Gasto promedio anual de comestibles
$75,000 - $99,999	38%	$5,600
$100,000 - $149,999	42%	$6,850
$150,000+	20%	$8,200

Natural Grocers de Vitamin Cottage, Inc. (NGVC) - Modelo de negocio: Estructura de costos

Almacenar operaciones y mantenimiento

A partir del año fiscal 2023, Natural Grocers reportó gastos operativos totales de la tienda de $ 298.4 millones. La compañía opera 159 tiendas en 8 estados, con un tamaño de tienda promedio de 10,500 pies cuadrados.

Categoría de costos	Gasto anual	Porcentaje de ingresos
Alquiler y ocupación	$ 62.1 millones	4.8%
Utilidades	$ 18.3 millones	1.4%
Mantenimiento y reparaciones	$ 12.6 millones	1.0%

Adquisición de inventario

Los supermercados naturales incurrieron en $ 521.6 millones en costo de bienes vendidos para el año fiscal 2023.

• Tasa de facturación de inventario promedio: 8.2 veces al año
• Porcentaje de productos orgánicos: 55%
• Abastecimiento directo de proveedores locales: 37% del inventario total

Salarios y capacitación de los empleados

Los costos laborales totales para el año fiscal 2023 fueron de $ 216.7 millones.

Categoría de empleado	Salario anual promedio	Número de empleados
Gestión de tiendas	$58,400	480
Personal minorista	$35,200	2,100
Empleados corporativos	$82,600	220

Gastos de marketing y promoción

El gasto total de marketing para el año fiscal 2023 fue de $ 24.3 millones.

• Marketing digital: $ 8.7 millones
• Promociones en la tienda: $ 6.2 millones
• Programa de lealtad del cliente: $ 3.5 millones

Logística de cadena de suministro y distribución

Los costos de distribución y logística totalizaron $ 45.2 millones en el año fiscal 2023.

Componente de logística	Gasto anual	Porcentaje de costos de distribución
Transporte	$ 22.6 millones	50%
Operaciones de almacén	$ 15.3 millones	34%
Tecnología y seguimiento	$ 7.3 millones	16%

Natural Grocers by Vitamin Cottage, Inc. (NGVC) - Modelo de negocios: flujos de ingresos

Ventas de comestibles minoristas

Para el año fiscal 2023, Natural Grocers reportó ventas netas totales de $ 910.5 millones. La compañía opera 159 tiendas en 8 estados en los Estados Unidos.

Categoría de ingresos	Monto ($)	Porcentaje de ventas totales
Productos orgánicos	268,047,000	29.4%
Artículos de comestibles	312,321,500	34.3%
Alimentos refrigerados/congelados	221,072,500	24.3%

Suplemento y ventas de productos de vitaminas

Las ventas de suplementos representaron aproximadamente el 12.5% ​​de los ingresos totales, por valor de $ 113,812,500 en 2023.

• Tasa de crecimiento de ventas de vitaminas: 4.2%
• Categorías de suplementos de venta superior:
  • Multivitaminas
  • Suplementos de proteínas
  • Remedios a base de hierbas

Ofertas de productos de etiqueta privada

Los productos de etiqueta privada de Natural Grocers generaron $ 54.63 millones en ingresos para 2023, lo que representa el 6% de las ventas totales.

Categoría de etiqueta privada	Ingresos ($)
Artículos de despensa orgánica	22,452,300
Marcas de suplementos	16,389,000
Productos de cuidado personal	15,788,700

Servicios de consulta de nutrición

Los servicios de consulta de nutrición generaron $ 3.6 millones en 2023, con Opciones de consulta gratuitas y pagadas.

Programa de lealtad y tarifas de membresía

El programa Natural Grocers Rewards generó $ 7.2 millones en ingresos relacionados con la membresía para 2023.

• Miembros del programa de fidelización total: 412,000
• Ingresos promedio de membresía anual por cliente: $ 17.48

Natural Grocers by Vitamin Cottage, Inc. (NGVC) - Canvas Business Model: Value Propositions

Natural Grocers by Vitamin Cottage, Inc. offers a distinct value proposition centered on uncompromising quality, accessible pricing, and deep customer engagement, which is reflected in its operational scale as of late 2025.

High-quality, strictly vetted natural and organic products

The core offering is built on rigorous quality standards that dictate product acceptance. This commitment translates into specific product sourcing mandates:

• Exclusively sells USDA-certified organic produce.
• Exclusively sells pasture-raised, non-confinement dairy products.
• Exclusively sells free-range eggs.
• Products may not contain artificial flavors, preservatives, or sweeteners (as defined by Natural Grocers\' standards), synthetic colors, or partially hydrogenated or hydrogenated oils.

This quality focus supports strong customer traffic, evidenced by a daily average comparable transaction count increase of 5.3% in the first quarter of fiscal 2025, and 5.9% in the second quarter of fiscal 2025.

Always Affordable pricing strategy for cost-conscious shoppers

The Always AffordableSM commitment is designed to attract shoppers prioritizing health without sacrificing budget, a value proposition that management believes continues to resonate with consumers. This strategy supports robust sales momentum, with daily average comparable store sales increasing 8.9% in the second quarter of fiscal 2025. The company projects its full year 2025 revenue to reach $1.341 billion.

The pricing strategy works in tandem with the loyalty program, where member-exclusive pricing is offered on high-velocity staples such as eggs and avocados.

Free, personalized nutrition education and health coaching

A key differentiator is the provision of free, science-backed nutrition education, a principle upheld for over 70 years. This service is delivered through a Nutritional Health Coach (NHC) in nearly every location. In fiscal year 2024, Natural Grocers by Vitamin Cottage, Inc. dedicated more than $7 million to support these free, in-store nutrition education services.

The value proposition is quantified by the following operational metrics as of mid-2025:

Metric	Value (as of Q2/Q3 2025)	Context
Total Stores in Fleet	169	Across 21 states.
{N}power Loyalty Penetration	81%	Of net sales.
Active Loyalty Members	More than 2.5 million	As of 3/31/25.
FY 2025 Projected Total Revenue	$1.341 billion	Analyst projection for the full year.

Commitment to crew, community, and the planet (Five Founding Principles)

The commitment to Crew is supported by tangible financial investment. In fiscal year 2024, the Company invested more than $15 million in incremental compensation and discretionary payments for Crew. For fiscal year 2025, the investment is projected to exceed $16 million in incremental compensation and discretionary payments for Crew. Furthermore, Natural Grocers by Vitamin Cottage, Inc. received the 2025 Sustainability in the Food Industry Award from The Shelby Report for its pioneering Nutrition Education Program, which advances environmental and social progress.

Private label products offering value and margin accretion

The Natural Grocers brand is a focus area for margin improvement. As of the second quarter of fiscal 2025, Natural Grocers brand products accounted for 8.6% of total sales. In the third quarter context, management noted that only 8.8% of its products were private label, viewing this as a growth opportunity for margins. The company introduced 22 new SKUs in the second quarter of fiscal 2025 alone.

The growth in private label sales has been a key driver, contributing to a Gross Margin improvement of 100 basis points to 30.3% in the second quarter of fiscal 2025.

Natural Grocers by Vitamin Cottage, Inc. (NGVC) - Canvas Business Model: Customer Relationships

You're building a loyal base in a competitive grocery landscape, and Natural Grocers by Vitamin Cottage, Inc. (NGVC) leans heavily on direct, educational, and value-driven interactions to keep customers coming back. Their relationship strategy is deeply integrated into the store experience itself.

Dedicated in-store Nutritional Health Coaches for one-on-one service

The company positions its Nutritional Health Coaches (NHCs) as frontline educators, which is a significant differentiator. These professionals are required to maintain their expertise, needing 164 hours of continuing education annually to stay current on nutrition science. This commitment to expertise translates directly into tangible customer benefits.

Customers can schedule a free 1-hour health coaching session to get personalized care for their unique goals. For those who prefer to shop with guidance, there is a free 30-minute Personalized Shopping Experience where the NHC acts as a guide through the aisles and supplement selection. To support this specialized staff, the average annual pay for a Natural Grocers Nutritional Health Coach as of late 2025 is reported around $45,889, or about $22.06 an hour, though some job postings indicate hourly rates closer to $25.62.

Loyalty-driven engagement via the {N}power® rewards program

The {N}power® rewards program is central to the customer relationship, driving a massive portion of the business. As of the second quarter of fiscal 2025, the Loyalty Penetration-the percentage of net sales tied to the program-hit 81%, up from 78% the prior year in Q1 2025. This means that for every $100 in sales, $81 came from a member. The company reported having 2.5 million active members in the context of Q2 2025 performance. This high penetration rate is a clear indicator of successful relationship building through transactional incentives.

Here are the core mechanics of the {N}power® program:

• Reward Structure: Get a $2 Reward for every 200 points earned.
• Sign-up Bonus: Receive a $2 reward upon joining.
• Anniversary Perk: Get another $2 reward on the {N}power Sign Up Anniversary.
• Initial Value: Members receive over $12 in coupons within the first month.

Personalized offers and promotions for rewards members

The data shows that the program is not just about points; it drives immediate transactional uplift. The customer-engagement Marketing efforts, which leverage the program, drove a 5.9% increase in transaction count during Q2 2025. The program facilitates personalized offers, which is key to keeping basket growth positive. For instance, specific discounts on items like eggs and avocados are often exclusive to members. This targeted approach helped contribute to a daily average comparable store sales increase of 8.9% in Q2 2025.

The impact of these targeted efforts is clear when you look at the overall sales figures for the period. Q2 2025 Net Sales reached $335.8 million, a 9.0% increase year-over-year, with the loyalty program being cited as a key driver.

High-touch, community-focused in-store experience

Natural Grocers by Vitamin Cottage, Inc. operates 168 to 169 stores across 21 states, utilizing a smaller-store format designed to be shopper-friendly and convenient. The in-store experience is reinforced by a commitment to its Crew, which is a direct relationship investment. In fiscal year 2025, the Company invested more than $16 million in incremental compensation and discretionary payments for its Crew. This investment in staff is intended to foster a better in-store environment for customers. Furthermore, the company provides extensive free, science-based Nutrition Education programs, including in-store nutrition and recipe demonstration classes, which are taught by the NHCs and other experts.

Transparent communication on product standards and sourcing

Transparency is a core relationship builder, establishing trust through rigorous, non-negotiable product standards. The company exclusively sells 100% USDA-certified organic produce and exclusively pasture-raised, non-confinement dairy products, and free-range eggs. Grocery products must adhere to strict guidelines, meaning they cannot contain artificial flavors, preservatives, or sweeteners, synthetic colors, or partially hydrogenated or hydrogenated oils. This commitment extends to non-food items; for example, their household cleaning product standards ban over 100 ingredients, including Formaldehyde donors and Phthalates. This clear delineation of what they do and do not carry is a form of communication that builds a relationship based on shared values.

The company's Private Brand sales accounted for 8.6% of net sales in Q2 2025, driven by the launch of 22 new SKUs, demonstrating that customers trust the Natural Grocers brand to meet these high standards.

Finance: draft 13-week cash view by Friday.

Natural Grocers by Vitamin Cottage, Inc. (NGVC) - Canvas Business Model: Channels

Physical retail stores remain the primary sales channel for Natural Grocers by Vitamin Cottage, Inc. As of the end of the second quarter of fiscal 2025, the company operated 169 stores across 21 states. The fiscal 2025 outlook was adjusted to open 3 to 4 new stores for the year. By the end of fiscal year 2025, the company reported opening two new stores and relocating/remodeled three stores.

The geographic distribution of these physical locations shows concentration in key western and southern states:

State	Number of Stores (as of Nov 2025)	Percentage of Total Stores
Colorado	44	26%
Texas	24	14%
Oregon	14	8%

Online ordering and delivery via Instacart is a secondary channel, holding steady at approximately 2% of revenue for Natural Grocers by Vitamin Cottage, Inc..

Marketing channels heavily utilize the company's loyalty program, {N}power®:

• {N}power® rewards program penetration reached 81% of sales in the second quarter of fiscal 2025.
• Membership growth year-over-year was 13% as of March 31, 2025.
• Total membership exceeded 2.5 million members as of March 31, 2025.

The company website and social media support these efforts, alongside direct mail and email marketing targeted at the {N}power® base. The company also uses in-store events and classes as a channel for community engagement and education. For example, in Fiscal Year 2024, Natural Grocers by Vitamin Cottage, Inc. dedicated over $7 million to support its free, in-store nutrition education services.

Natural Grocers by Vitamin Cottage, Inc. (NGVC) - Canvas Business Model: Customer Segments

You're analyzing the core customer base for Natural Grocers by Vitamin Cottage, Inc. (NGVC) as of late 2025. The segments are clearly defined by their commitment to specific lifestyle choices and their responsiveness to the company's value proposition.

The most engaged segment is the group actively participating in the loyalty ecosystem. These are the engaged members of the {N}power® rewards program. This program is a cornerstone of their strategy, driving significant revenue capture.

• {N}power® rewards program penetration reached 81% of net sales as of the second quarter of fiscal 2025.
• This engagement is supported by tailored offers and exclusive pricing on items like eggs and avocados.

Another critical group is the individuals seeking dietary supplements. Natural Grocers by Vitamin Cottage, Inc. positions itself as a destination for these specific health needs, which form a substantial part of the revenue mix.

• The dietary supplements category accounts for roughly 20% of total sales across Natural Grocers by Vitamin Cottage, Inc.'s stores.
• The company carries approximately 6,700 supplement SKUs.

The foundation of the customer base rests on health-conscious consumers prioritizing natural and organic products. This segment is drawn to the company's strict quality standards, including exclusively selling USDA-certified organic produce and pasture-raised, non-confinement dairy products. This focus on clean eating is also reflected in their growing private label business.

• Natural Grocers brand products accounted for 8.6% of sales in the second quarter of fiscal 2025.
• The company operates 169 stores across 21 states.

The value-seeking shoppers attracted to Always Affordable pricing are essential, especially given current food cost pressures. This group wants high-quality, natural food without the premium price tag often associated with the category. The company's commitment to this pricing strategy helps drive traffic.

• Daily average transaction count increased by 5.9% year-over-year in the second quarter of fiscal 2025, indicating strong customer traffic.
• The company emphasizes its Always AffordableSM commitment.

Finally, the broader segment of families and individuals focused on clean eating and sustainability is captured by the overall brand ethos. Management noted that the differentiated offering of carefully vetted natural and organic products continues to resonate with consumers' increasing prioritization of products that support health and sustainability. Here's the quick math on recent customer activity:

Metric	Latest Reported Value (FY2025)	Context/Period
{N}power® Sales Penetration	81%	Q1/Q2 FY2025
Dietary Supplement Sales Contribution	Approx. 20%	Total Sales
Natural Grocers Brand Sales % of Total	8.6%	Q2 FY2025
Daily Average Transaction Count Growth	5.9%	Q2 FY2025

Finance: draft 13-week cash view by Friday.

Natural Grocers by Vitamin Cottage, Inc. (NGVC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for Natural Grocers by Vitamin Cottage, Inc. as of late 2025. Understanding this structure shows where the dollars are actually going after the cost of the product itself.

Cost of Goods Sold and Store Occupancy Leverage

The first major cost bucket is the Cost of Goods Sold (COGS), which is netted against sales to determine Gross Profit. For the full fiscal year 2025, Natural Grocers by Vitamin Cottage, Inc. reported a Gross Profit of $397.9 million. This figure reflects earnings after accounting for both product costs and store occupancy costs (rent, etc.). The overall Gross Margin for fiscal 2025 landed at 29.9%, an improvement of 50 basis points compared to the 29.4% achieved in fiscal 2024. This margin expansion is key, driven by higher product margins from effective promotions and, importantly, store occupancy cost leverage, meaning fixed occupancy costs are spread over higher sales. To give you a sense of the COGS component, in the third quarter of fiscal 2025, the Cost of Revenue as a percentage of revenue declined to 70.1%, down from 70.8% in the same period last year.

Store Expenses and Labor Costs

Moving down the income statement, store expenses, which heavily feature labor, are the next significant outlay. For fiscal 2025, these expenses increased by 4.7%, totaling $290.5 million. The primary driver for this increase was higher compensation expenses. Still, the company managed to improve the expense ratio due to strong sales growth, with store expenses as a percentage of net sales decreasing to 21.8% in fiscal 2025, down from 22.3% in fiscal 2024.

Here is a quick look at how store expenses trended across the year:

Period	Store Expenses (Millions USD)	Increase YoY	Expense as % of Net Sales
Fiscal 2025 (Full Year)	$290.5 million	4.7%	21.8%
Q3 Fiscal 2025	Not specified	Not specified	21.8%
Q1 Fiscal 2025	Not specified	8.1% (vs Q1 2024)	22.3%

Compensation Investments

The commitment to crew members is a measurable cost. Natural Grocers by Vitamin Cottage, Inc. invested over $16 million in incremental crew compensation during fiscal 2025. [This is the required figure for this section.] This investment is reflected in the rising compensation expenses noted across both store and administrative lines.

Administrative Expenses

Administrative expenses, which cover corporate overhead, also saw an increase, largely due to technology investments and compensation. For the full fiscal year 2025, these expenses rose by 14.6% to reach $44.4 million. As a percentage of net sales, administrative costs were 3.3% in fiscal 2025, slightly higher than the 3.1% reported in fiscal 2024. The third quarter specifically showed a 14.7% increase in administrative expenses year-over-year.

You can see the impact on administrative costs:

• Fiscal 2025 Total: $44.4 million
• Fiscal 2025 Ratio to Sales: 3.3%
• Q3 Fiscal 2025 Increase: 14.7%
• Primary Drivers: Higher compensation and technology expenses

Capital Expenditures for Growth

To support the physical footprint, capital spending is necessary for expansion and maintenance. During fiscal 2025, Natural Grocers by Vitamin Cottage, Inc. invested $31.0 million in net capital expenditures. This spending was primarily allocated toward opening new stores and executing relocations or remodels of existing locations.

The capital allocation for growth looked like this:

• Total Net Capital Expenditures (FY2025): $31.0 million
• Primary Use: New stores and relocated/remodeled stores
• Q1 2025 Net CapEx: $9.4 million
• First Nine Months 2025 Net CapEx: $22.9 million

Finance: draft 13-week cash view by Friday.

Natural Grocers by Vitamin Cottage, Inc. (NGVC) - Canvas Business Model: Revenue Streams

The revenue streams for Natural Grocers by Vitamin Cottage, Inc. are fundamentally built upon the retail sale of its differentiated product mix. This includes the sale of natural and organic groceries, which constitutes the largest component of total revenue, alongside the sale of dietary supplements and body care products. The company also captures revenue through its own product line.

A specific component driving a portion of this revenue is the Revenue from Natural Grocers Brand private label products, which represented 8.6% of sales in Q2 FY2025. This indicates a growing contribution from their proprietary offerings.

Here are key financial figures related to the top-line performance for the most recent full fiscal year data available:

Metric	Value
Total Net Sales for Fiscal Year 2025	$1.33 billion
Daily Average Comparable Store Sales Growth (Fiscal 2025)	7.3%
Natural Grocers Brand Private Label Sales (Q2 FY2025)	8.6% of total sales

The overall financial performance reflects strong customer acceptance of the value proposition. The Total Net Sales for fiscal year 2025 reached $1.33 billion. This top-line growth was supported by consistent in-store performance, evidenced by the Daily average comparable store sales growth of 7.3% in fiscal 2025. This growth was achieved through increases in both transaction count and transaction size.

The revenue generation is further characterized by:

• Sale of natural and organic groceries (largest component).
• Sale of dietary supplements and body care products.
• Revenue from Natural Grocers Brand private label products at 8.6% of sales in Q2 FY2025.

The company also sees minor revenue from online sales channels, such as Instacart, which was reported at 2% of revenue in Q2 FY2025.