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The No. 5 Indiana Hoosiers are no longer undefeated after the No. 2 Ohio State Buckeyes beat them on Saturday in Columbus. On Monday, Joel Klatt, on a recent episode of "The Joel Klatt Show," offered Indiana fans some hope. With the win, Ohio State extended its winning streak over Indiana to 29 games. The last time the Hoosiers beat the Buckeyes was 1998. Indiana scored on its first offensive possession after a two-yard touchdown from running back Ty Son Lawton. However, that would be Indiana's last touchdown until the fourth quarter. After the first-quarter score, the Buckeyes put up 31 unanswered points. The Hoosiers broke the scoring drought with another touchdown run from Lawton and converted the two-point conversion to make it 31-15. The Buckeyes scored another touchdown before the final whistle sounded. Klatt was on Indiana's side regarding the Hoosiers' College Football Playoff hopes. He compared the worst losses that some of the top CFP teams have on their resumes to Indiana's Ohio State loss. Klatt used the No. 8 Miami Hurricanes' loss to the Georgia Tech Yellow Jackets, the No. 13 SMU Mustangs' loss to the No. 14 BYU Cougars, and the No. 6 Notre Dame Fighting Irish's loss to Northern Illinois. He argued that the concern should be with Notre Dame, not Indiana. The Fighting Irish have the 78th-ranked strength of schedule and lost to a team from the MAC, whereas Indiana's worst loss is to the Buckeyes. Kyle Robertson/Columbus Dispatch / USA TODAY NETWORK via Imagn Images "...Miami lost to Georgia Tech," Klatt said. "SMU lost to BYU, and Notre Dame lost to Northern Illinois. If there's a question now, it should be about Notre Dame. They've played the 78th-ranked schedule,e and their loss is to Northern Illinois. It's not even close to a team like Indiana. ...This is why I'm telling you that Indiana is absolutely in." Indiana is ABSOLUTELY in – do you agree? 😤🤔 @joelklatt takes a look at how @IndianaFootball stacks up against other one-loss ranked teams. 👀 pic.twitter.com/GeC9I7NLUM Indiana fans will have to wait until Tuesday night for the updated CFP Rankings results. The rankings show starts at 8 p.m. ET on ESPN. Indiana closes out the regular season with the Purdue Boilermakers on Saturday. Kickoff is at 7 p.m. ET on FS1. Related: Joel Klatt Didn't Hesitate When Naming the Best SEC Team in College FootballCeltics center Kristaps Porzingis slated to make season debut on Monday night vs LA ClippersSAN DIEGO (AP) — Mark Few liked what he saw unfold at San Diego State's Viejas Arena when his No. 3 Gonzaga Bulldogs made their first foray outside of Spokane, Washington, this season. A double-digit victory in a packed, loud arena. Toughness from a deep, experienced lineup that once again is driven to win an elusive national championship. And, peeking a few seasons ahead, he saw an SDSU team that he views more as a future Pac-12 partner than rival. Behind big man Graham Ike and guard Ryan Nembhard, Gonzaga displayed its size, speed and strength in beating Brian Dutcher's young, hobbled squad 80-67 on Monday night. The Bulldogs returned the favor after SDSU won 84-74 last December at The Kennel in Spokane, which ended their 59-game nonconference winning streak. Both teams reached the Sweet Sixteen last season. Gonzaga is the only team in the nation to reach the Sweet Sixteen the last nine seasons as the Bulldogs extended their streak of NCAA Tournament appearances to 25 straight. Back in Spokane on Wednesday night, the Zags improved to 5-0 by routing Long Beach State 84-41, no doubt firing up expectations in the Lilac City and beyond. In a college sports climate dominated by NIL and the transfer portal, the Zags are stacked. Of the 12 possible players who could return from last year, 10 did, including all four starters. They returned 81% of last season's scoring and 71% of their rebounding. Six of its top seven scorers are back, along with 81.4% of minutes played. “We're tougher,” Few said. “We're physically tougher, we're mentally tougher, at least so far in the season. A lot of the same guys from last year. That's what happens when you stick around a couple of years. “You've got to have both to be able to go on the road in a place like this and dig out wins," Few added. "That's one thing San Diego State is going to bring. They're going to bring physicality, they're going to bring great athleticism, they're going to challenge you in every facet of the game.” Hoops powerhouse Gonzaga announced on Oct. 1 that it will move from the West Coast Conference, where it has dominated for most of the last quarter-century, into a Pac-12 conference being rebuilt around football. Beginning with the 2026-27 academic year, Gonzaga will become the eighth member along with holdovers Washington State and Oregon State, and fellow newcomers Boise State, San Diego State, Fresno State, Utah State and Colorado State from the Mountain West. While not as dominant as the Zags, the Aztecs have been one of the West Coast's best programs for several years, first under Steve Fisher and then Dutcher, his longtime assistant who is in his eighth season as head coach. “They're just going to be such a great partner, because they value basketball and they support basketball,” said Few, who's in his 26th season as head coach. “They understand, when you have a national program like we both have, it pays unbelievable dividends to the university, to the community, to the city and the state, like the Northwest and down here. They get that. We're looking for other like-minded places to partner with us.” Few said he would often chat with Fisher about the possibility of the Zags and Aztecs playing in the same conference. Fisher watches Aztecs games with his wife, Angie, from the second row above Steve Fisher Court. “We talked about it forever,” Few said. “I'm happy for Dutch. He's doing a great job." San Diego State reached its first Final Four in 2023, when Lamont Butler's thrilling buzzer-beater against Florida Atlantic lifted the Aztecs into the national championship game, where they lost 76-59 to UConn. SDSU was routed again by UConn, 82-52, in last season's Sweet Sixteen, while Gonzaga lost to Purdue. Gonzaga opened this season with a 101-63 win against then-No. 8 Baylor at the Spokane Arena. It was Gonzaga’s biggest victory margin over a top-10 opponent, over a team it lost to in the 2021 national title game in Indianapolis. Nembhard, who had 19 points and 10 assists against the Aztecs, said the Zags “did a really good job, actually,” of handling the pressure of playing at Viejas Arena. "Every time they went on a little run and the crowd got loud, we did a good job staying composed and trusting our offensive sets.” Nembhard will be gone when the Bulldogs and Aztecs are in the Pac-12 together, but thinks "the rivalry will be great. This is a great program. I played them a couple of times at Creighton, and they always gave us a tough game. They have a great fan base, a great coach over there, and they play really hard. I think it’ll be a great rivalry to come.” ___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college basketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketball
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NHL insider Elliotte Friedman suggests that the Chicago Blackhawks are interested in Philadelphia Flyers forward Morgan Frost . Frost, 25, was once thought to be a key player for the Flyers after being drafted in 2017. However, he has struggled to turn into that top-six forward that they had hoped he would be. During his time with the Flyers, he showed flashes of skill. Unfortunately not enough to be a consistent top-six forward at the NHL level. Friedman reports that the Blackhawks are looking to add young talent around their star forward Connor Bedard . He writes: Player-team that seem a match: Morgan Frost and Chicago. Frost didn’t play Wednesday against Carolina, the fourth game of the last five he’s watched from the press box. He’s not a complainer, prefers to keep any displeasure behind closed doors, but players want to play. Obviously, any dance needs partners who deal, but the Blackhawks, in dire need of centres, are one team that makes sense for him. With their surplus of cap space and draft picks, it gives them the flexibility to make a move for a player like Frost. Would This Be a Smart Move for the Flyers? On the Flyers’ side, trading Frost would allow another young player to have an everyday spot in the NHL. Philadelphia has made a lot of changes in recent years. GM Daniel Briere may be looking to retool and move players who haven’t yet reached their full potential. Frost’s uncertain role with the Flyers makes him more expendable in the eyes of the front office. At this point, it is all speculation. However, the link between Frost and the Blackhawks makes sense for both teams. Frost may not be the biggest name on the block, but it is definitely one that NHL fans should keep an eye on from now until the 2025 NHL Trade Deadline. This article first appeared on NHL Trade Talk and was syndicated with permission.
EL SEGUNDO, Calif. (AP) — Los Angeles Chargers running back J.K Dobbins is unlikely to play against the Atlanta Falcons this week because of a knee injury. Dobbins was hurt in the first half of the Chargers’ 30-23 loss to the Baltimore Ravens on Monday night. He had six carries for 40 yards and three catches for 19 yards before leaving the game. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.After withdrawing his nomination , former Rep. Matt Gaetz will not be President-elect Donald Trump's attorney general. For some, including fellow Republicans, this may not have been such a shock, considering he was a controversial pick from the beginning due to sexual misconduct allegations . Gaetz, who represented Florida's 1st congressional district from January 2017 until his resignation in November 2024, announced his withdrawal on Thursday. "It is clear that my confirmation was unfairly becoming a distraction to the critical work of the Trump/Vance Transition," Gaetz wrote on Thursday in a post on X, formerly Twitter. "There is no time to waste on a needlessly protracted Washington scuffle, thus I'll be withdrawing my name from consideration to serve as Attorney General." Trump commented on Gaetz's withdrawal on Truth Social , saying his fellow Republican "was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect." Trump's nomination of Gaetz came as the House Ethics Committee, a bipartisan panel equally divided between Democrats and Republicans, was concluding its three-year investigation into the former congressman concerning allegations of sexual misconduct with a 17-year-girl, illegal drug use and the acceptance of "improper gifts." Gaetz resigned before the committee announced the results of its investigation, and it is unclear if the group's findings will ever be released. They are scheduled to reconvene on Dec. 5 to discuss the matter further. Here's what to know about Gaetz and why many saw him as a questionable pick for attorney general. Who is Matt Gaetz? Gaetz grew up in Hollywood, Florida, and was introduced to politics by his father Don Gaetz, a businessman and current member of the Florida State Senate. Matt Gaetz would go on to serve in the Florida House of Representatives from 2010 until 2016, where he became nationally recognized for defending the state's "stand-your-ground law." The 42-year-old then got elected to the U.S. House of Representatives in 2016 and was re-elected in 2018, 2020, 2022, and 2024. In 2021, the Justice Department – which Gaetz would have led if he became attorney general – was investigating Gaetz for child sex trafficking and the statutory rape of a 17-year-old girl who the former congressman allegedly paid to travel across state lines for sexual favors. The DOJ ultimately dropped the probe into Gaetz and did not file any charges against him. Although the DOJ stopped its investigation, the House Ethics Committee continued theirs up until Gaetz's resignation this year. Why were Republicans skeptical about Gaetz's nomination? Despite the GOP controlling the U.S. Senate 53-47 next year, Gaetz's withdrawal signals there may not have been enough Republicans willing to support Trump's controversial nominee. Republican senators, including Lisa Murkowski (R-Alaska) and Susan Collins (R-Maine), questioned Gaetz's selection before his confirmation hearing. Murkowski called Trump's choice not "a serious nomination," while Collins said she was "shocked" to learn about Gaetz's selection and indicated that "there will be a lot of questions raised at his hearing." While speaking with CNN on Monday, Texas Sen. John Cornyn said, "Whether we get the ethics report or not, the facts are going to come out one way or the other, and I would think it would be in everybody’s best interest, including the president’s, not to be surprised by some information that might come out during the confirmation hearing and the background check." "So we're going to do our job and under the Constitution and in the process, I believe, provide the president some assurance that he knows exactly what the facts are about each of his nominees." What is next for Matt Gaetz? It is unclear whether Gaetz, who was reelected this year, will reclaim his seat in the House come January, which is when his next term was set to begin. The release of the House Ethics Committee's report on Gaetz remains uncertain, and the former congressman's political future could hang in the balance depending on the group's findings. Gaetz could also face further legal issues, as a Florida lawyer who represented two women in the House Ethics Committee investigation into the former congressman accused the politician of paying them for sex . One of the women said she witnessed Gaetz having sex with a 17-year-old, according to reports from the Washington Post and ABC News , both of which spoke with attorney Joel Leppard, who represented the two women. On Monday, Alex Pfeiffer, a spokesperson for Trump's transition, called the allegations against Gaetz a "baseless" attempt to derail the president-elect's upcoming administration. "The Biden Justice Department investigated Gaetz for years and cleared him of wrongdoing," Pfeiffer wrote in a statement obtained by USA TODAY. "Matt Gaetz will be the next Attorney General. He’s the right man for the job and will end the weaponization of our justice system." Contributing: Aysha Bagchi & Riley Beggin/ USA TODAY
No. 23 Texas A&M aims to hand Oregon first loss at Players EraDolby Laboratories (NYSE:DLB) Earns “Outperform” Rating from Barrington ResearchThe hot stove has been burning for roughly a month now, and the first free agent is off the board. The Los Angeles Angels, as they've done frequently this offseason, struck a deal with starting pitcher Yusei Kikuchi for three years and $63 million. Jake Mintz and Jordan Shusterman discuss the surprising signing and why this could be a positive move for the Angels, who may benefit from the third Wild Card spot. While Los Angeles might not be done making moves, this deal should be an encouraging sign for fans that the team intends to compete in 2025. Also on this episode of the Baseball Bar-B-Cast, the guys provide an update on the Juan Soto sweepstakes, including which teams they think are out of the running and whether this process could end up being meaningless if Steve Cohen is willing to offer a blank check. The guys also open up the BBQ Mailbag to answer listener questions, discuss the trade between the Cincinnati Reds and Kansas City Royals and remember 1970 National League batting champ Rico Carty. (1:47) - Angels sign Yusei Kikuchi (10:37) - Scott Boras scoreboard—Juan Soto update (25:18) - BBQ Mailbag (40:51) - Reds-Royals trade (46:48) - Non-tender roster updates (49:34) - Remembering Rico Carty
The average investor can easily find new investment ideas by following well-known asset managers. One of those managers is Cathie Wood , who heads up Ark Invest, an investment fund that focuses on disruptive and innovative businesses. In the Ark Innovation ETF , the flagship product that the asset manager offers to clients, fintech enterprise Block (NYSE: SQ) is a top holding. As of Nov. 21, it's the eighth largest position. Are You Missing The Morning Scoop? Wake up with Breakfast news in your inbox every market day. Sign Up For Free » Should you buy this top Cathie Wood stock while it trades below $100 per share? Bullish on fintech Cathie Wood and her team at Ark Invest are bullish on numerous technological trends. One of the areas the investment manager is optimistic about is the fintech industry. In particular, the excitement relates to how companies are offering holistic solutions to customers for all their financial services needs. Block falls squarely into this investment theme. Ark Invest believes that in the future, the business' vertically integrated offerings, like digital wallets, bank accounts, and debit cards for consumers, and payroll, working capital, and bill pay for merchants, will result in a powerful and more widely used closed-loop payments system. Block is at the forefront of this trend. Indicative of how much Ark Invest is bullish on the fintech niche, the firm offers the Ark Fintech Innovation ETF , which primarily focuses on these types of businesses. Block is the third largest holding in that fund, making up 6.3% of the assets. Block's positive traits Investors probably appreciate Block's growth potential. Through the first nine months of 2024, the company reported a 20% year-over-year increase in gross profit . Both of the critical segments, Square and Cash App, saw double-digit gains with this key performance metric. On the merchant side, Square processed $59.9 billion in gross payment volume in the three-month period that ended Sept. 30. The segment continues to attract larger sellers. On the consumer side, Cash App now has 57 million monthly active users. Management continues to drive further adoption of the Cash App Card, which can boost spending activity and, ultimately, the revenue and gross profit that Block generates. Like many other tech-enabled companies in recent years, Block has made an effort to streamline its operations and drive greater efficiencies. We're seeing this play out right before our eyes. The business posted $323 million in operating income in the third quarter. That's a massive reversal from the $10 million operating loss reported in the year-ago period. The leadership team upped their full-year 2024 guidance, which now calls for an adjusted operating margin of 18%. In theory, Block's business model should scale up in a profitable manner. Large expense items, like product development and sales and marketing, should constitute a lower percentage of total revenue over time, showcasing operating leverage. Shareholders must pay close attention to this going forward to ensure the strategy is working. Betting on earnings growth Block shares were once some of the best-performing on Wall Street. From the company's initial public offering in November 2015 to the stock's peak in August 2021, the share price skyrocketed more than 2,000% higher. That gain was hard to beat. It's been a totally different story since then. As of this writing on Nov. 21, the stock trades 67% off that all-time high. The market is adopting a more tempered view of the business and its prospects. Investors looking to buy shares must pay a forward price-to-earnings (P/E) ratio of 25.9. That's very reasonable. However, the stock should only be purchased by those who believe the company's top- and bottom-line growth are set to continue at a solid clip. Cathie Wood thinks this will be the case. Based on recent trends, I believe this is a likely outcome as well, which makes the stock look like a compelling buy below $100. Don’t miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this. On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $368,053 !* Apple: if you invested $1,000 when we doubled down in 2008, you’d have $43,533 !* Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $484,170 !* Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon. See 3 “Double Down” stocks » *Stock Advisor returns as of November 18, 2024 Neil Patel and his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Block. The Motley Fool has a disclosure policy . Should You Buy This Top Cathie Wood Stock While It's Below $100? was originally published by The Motley FoolThe average investor can easily find new investment ideas by following well-known asset managers. One of those managers is Cathie Wood , who heads up Ark Invest, an investment fund that focuses on disruptive and innovative businesses. In the Ark Innovation ETF , the flagship product that the asset manager offers to clients, fintech enterprise Block ( SQ -0.47% ) is a top holding. As of Nov. 21, it's the eighth largest position. Should you buy this top Cathie Wood stock while it trades below $100 per share? Bullish on fintech Cathie Wood and her team at Ark Invest are bullish on numerous technological trends. One of the areas the investment manager is optimistic about is the fintech industry. In particular, the excitement relates to how companies are offering holistic solutions to customers for all their financial services needs. Block falls squarely into this investment theme. Ark Invest believes that in the future, the business' vertically integrated offerings, like digital wallets, bank accounts, and debit cards for consumers, and payroll, working capital, and bill pay for merchants, will result in a powerful and more widely used closed-loop payments system. Block is at the forefront of this trend. Indicative of how much Ark Invest is bullish on the fintech niche, the firm offers the Ark Fintech Innovation ETF , which primarily focuses on these types of businesses. Block is the third largest holding in that fund, making up 6.3% of the assets. Block's positive traits Investors probably appreciate Block's growth potential. Through the first nine months of 2024, the company reported a 20% year-over-year increase in gross profit . Both of the critical segments, Square and Cash App, saw double-digit gains with this key performance metric. On the merchant side, Square processed $59.9 billion in gross payment volume in the three-month period that ended Sept. 30. The segment continues to attract larger sellers. On the consumer side, Cash App now has 57 million monthly active users. Management continues to drive further adoption of the Cash App Card, which can boost spending activity and, ultimately, the revenue and gross profit that Block generates. Like many other tech-enabled companies in recent years, Block has made an effort to streamline its operations and drive greater efficiencies. We're seeing this play out right before our eyes. The business posted $323 million in operating income in the third quarter. That's a massive reversal from the $10 million operating loss reported in the year-ago period. The leadership team upped their full-year 2024 guidance, which now calls for an adjusted operating margin of 18%. In theory, Block's business model should scale up in a profitable manner. Large expense items, like product development and sales and marketing, should constitute a lower percentage of total revenue over time, showcasing operating leverage. Shareholders must pay close attention to this going forward to ensure the strategy is working. Betting on earnings growth Block shares were once some of the best-performing on Wall Street. From the company's initial public offering in November 2015 to the stock's peak in August 2021, the share price skyrocketed more than 2,000% higher. That gain was hard to beat. It's been a totally different story since then. As of this writing on Nov. 21, the stock trades 67% off that all-time high. The market is adopting a more tempered view of the business and its prospects. Investors looking to buy shares must pay a forward price-to-earnings (P/E) ratio of 25.9. That's very reasonable. However, the stock should only be purchased by those who believe the company's top- and bottom-line growth are set to continue at a solid clip. Cathie Wood thinks this will be the case. Based on recent trends, I believe this is a likely outcome as well, which makes the stock look like a compelling buy below $100.Reports Record Sales and Earnings Increases Quarterly Cash Dividend by 20% to $0.12 per Common Share LAKEWOOD, Colo. , Nov. 21, 2024 /PRNewswire/ -- Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC ) today announced results for its fourth quarter and fiscal year ended September 30, 2024 and provided its outlook for fiscal 2025. Highlights for Fourth Quarter Fiscal 2024 Compared to Fourth Quarter Fiscal 2023 Net sales increased 9.3% to $322.7 million ; Daily average comparable store sales increased 7.1%, and increased 14.0% on a two-year basis; Net income increased 53.2% to $9.0 million , with diluted earnings per share of $0.39 ; and Adjusted EBITDA was $22.6 million . Highlights for Fiscal 2024 Compared to Fiscal 2023 Net sales increased 8.9% to $1.24 billion ; Daily average comparable store sales increased 7.0%, and increased 10.6% on a two-year basis; 21 st consecutive year of positive comparable store sales growth; Net income increased 46.0% to $33.9 million , with diluted earnings per share of $1.47 ; Adjusted EBITDA was $83.3 million ; and Opened four new stores and relocated/remodeled four stores. "Our outstanding fourth quarter and fiscal year results underscore our customers' appreciation for our commitment to the exceptional quality, value and convenience provided by our innovative business model along with consumers' increasing prioritization of products that support health and sustainability," said Kemper Isely , Co-President. "Our commitment to offering the highest quality products at Always Affordable SM prices is distinctive in the market and has been pivotal to our success. Fourth quarter results were broadly positive with daily average comparable store sales growth of 7.1% and 14.0% on a two-year basis, as well as a 53% increase in net income. We are particularly pleased with the balanced nature of our sales growth in fiscal 2024, including increases in transaction counts and items per transaction, modest price inflation and sales contribution from new stores." Mr. Isely continued, "The combination of consumer trends and our focus on customer engagement and operational initiatives have driven our sustained growth. Over the previous five years we have grown net sales by 37%, and diluted earnings per share have more than tripled. Furthermore, during this period we returned $108 million in capital to our stockholders through $4.76 of cumulative cash dividends per common share. As we look forward to fiscal 2025, we expect to build upon our momentum by continuing to execute to our founding principles, leveraging our differentiated model and emphasizing operational excellence to drive profitable growth." 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 — Fourth Quarter Fiscal 2024 Compared to Fourth Quarter Fiscal 2023 Net sales during the fourth quarter of fiscal 2024 increased $27.6 million , or 9.3%, to $322.7 million , compared to the fourth quarter of fiscal 2023, due to a $21.0 million increase in comparable store sales and a $6.6 million increase in new store sales. Daily average comparable store sales increased 7.1% in the fourth quarter of fiscal 2024, comprised of a 3.6% increase in daily average transaction count and a 3.4% increase in daily average transaction size. The increase in net sales was driven by increases in transaction counts, items per transaction, retail prices and new store sales. Sales growth was driven by enhanced customer engagement with our {N}power ® rewards program, compelling offers, marketing initiatives, and increased sales of Natural Grocers® brand products. Gross profit during the fourth quarter of fiscal 2024 increased $11.0 million , or 13.1%, to $95.4 million , compared to $84.3 million in the fourth quarter of fiscal 2023. Gross profit reflects earnings after product and store occupancy costs. Gross margin increased 100 basis points to 29.6% during the fourth quarter of fiscal 2024, compared to 28.6% in the fourth quarter of fiscal 2023. The increase in gross margin was driven by store occupancy cost leverage and higher product margin. Store expenses during the fourth quarter of fiscal 2024 increased 10.2% to $72.6 million , primarily driven by higher compensation expenses and long-lived asset impairment charges related to a planned store closure. Store expenses as a percentage of net sales were 22.5% during the fourth quarter of fiscal 2024, up from 22.3% in the fourth quarter of fiscal 2023. The increase in store expenses as a percentage of net sales was primarily driven by higher long-lived asset impairment charges partially offset by expense leverage. Administrative expenses during the fourth quarter of fiscal 2024 increased 4.4% to $10.2 million . Administrative expenses as a percentage of net sales were 3.2% in the fourth quarter of fiscal 2024, down from 3.3% in the fourth quarter of fiscal 2023. Operating income for the fourth quarter of fiscal 2024 increased 56.0% to $12.1 million . Operating margin during the fourth quarter of fiscal 2024 was 3.7%, up from 2.6% in the fourth quarter of fiscal 2023. Net income for the fourth quarter of fiscal 2024 was $9.0 million , or $0.39 diluted earnings per share, compared to net income of $5.9 million , or $0.26 diluted earnings per share, for the fourth quarter of fiscal 2023. Adjusted EBITDA for the fourth quarter of fiscal 2024 was $22.6 million , compared to $16.1 million in the fourth quarter of fiscal 2023. Operating Results — Fiscal 2024 Compared to Fiscal 2023 Net sales during fiscal 2024 increased $101.0 million , or 8.9%, to $1,241.6 million , compared to fiscal 2023, due to an $83.0 million increase in comparable store sales and a $22.6 million increase in new store sales, partially offset by a $4.6 million decrease in sales related to closed stores. Daily average comparable store sales increased 7.0% in fiscal 2024, comprised of a 3.8% increase in daily average transaction count and a 3.1% increase in daily average transaction size. The increase in net sales was driven by increases in transaction counts, retail prices, items per transaction and new store sales. Sales growth was driven by enhanced customer engagement with our {N}power rewards program, compelling offers, marketing initiatives including market-specific campaigns, and increased sales of Natural Grocers brand products. Gross profit during fiscal 2024 increased $37.9 million , or 11.6%, to $364.8 million . Gross profit reflects earnings after product and store occupancy costs. Gross margin increased 70 basis points to 29.4% during fiscal 2024, compared to 28.7% in 2023. The increase in gross margin was primarily driven by store occupancy cost leverage and higher product margin attributed to effective pricing and promotions. Store expenses during fiscal 2024 increased 7.8% to $277.4 million , primarily driven by higher compensation expenses, depreciation expenses and long-lived asset impairment charges. Store expenses as a percentage of net sales were 22.3% during fiscal 2024, down from 22.6% in fiscal 2023. The decrease in store expenses as a percentage of net sales primarily reflects expense leverage. Administrative expenses during fiscal 2024 increased 7.6% to $38.7 million , driven by higher compensation expenses. Administrative expenses as a percentage of net sales were 3.1% for fiscal 2024, down from 3.2% in fiscal 2023. Operating income for fiscal 2024 increased 48.3% to $47.0 million . Operating margin during fiscal 2024 was 3.8%, up from 2.8% in fiscal 2023. Net income for fiscal 2024 was $33.9 million , or $1.47 diluted earnings per share, compared to net income of $23.2 million , or $1.02 diluted earnings per share, for fiscal 2023. Adjusted EBITDA for fiscal 2024 was $83.3 million , compared to $63.4 million in fiscal 2023. Balance Sheet and Cash Flow As of September 30, 2024 , the Company had $8.9 million in cash and cash equivalents, and no amounts outstanding on its $75.0 million revolving credit facility. During fiscal 2024, the Company generated $73.8 million in cash from operations and invested $38.6 million in net capital expenditures, primarily for new and relocated/remodeled stores. Dividend Announcement Today, the Company announced the declaration of a quarterly cash dividend of $0.12 per common share, a 20% increase over the Company's previous quarterly dividend. The dividend will be paid on December 18, 2024 to stockholders of record at the close of business on December 2, 2024 . Growth and Development During the fourth quarter of fiscal 2024 the Company opened one new store, ending the fourth quarter with 169 stores in 21 states. A total of four new stores were opened during fiscal 2024. Fiscal 2025 Outlook The Company is introducing its fiscal 2025 outlook. The Company expects: 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 Q4 FY 2024 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 168 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 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, [email protected] 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: EBITDA increased 31.4% to $20.0 million for the fourth quarter of fiscal 2024 compared to $15.2 million for the fourth quarter of fiscal 2023. EBITDA increased 28.6% to $77.9 million for the year ended September 30, 2024 compared to $60.6 million for the year ended September 30, 2023 . EBITDA as a percentage of net sales was 6.2% and 5.2% for the fourth quarter of 2024 and 2023, respectively. EBITDA as a percentage of net sales was 6.3% and 5.3% for the years ended September 30, 2024 and 2023, respectively. Adjusted EBITDA increased 41.0% to $22.6 million for the fourth quarter of fiscal 2024 compared to $16.1 million for the fourth quarter of fiscal 2023. Adjusted EBITDA increased 31.4% to $83.3 million for the year ended September 30, 2024 compared to $63.4 million for the year ended September 30, 2023 . Adjusted EBITDA as a percentage of net sales was 7.0% and 5.4% for the fourth quarter of fiscal 2024 and 2023, respectively. Adjusted EBITDA as a percentage of net sales was 6.7% and 5.6% for the years ended September 30, 2024 and 2023, 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. 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. SOURCE Natural Grocers by Vitamin Cottage, Inc.
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