LAKEWOOD, CO - Natural Grocers by Vitamin Cottage, Inc. announced results for its third quarter of fiscal 2025 ended June 30, 2025.

Highlights for Third Quarter Fiscal 2025 Compared to Third Quarter Fiscal 2024

• Net sales increased 6.3% to $328.7 million;
• Daily average comparable store sales increased 7.4%, and 14.6% on a two-year basis;
• Net income increased 26.0% to $11.6 million, with diluted earnings per share of $0.50; and
• Adjusted EBITDA increased 10.1% to $24.4 million.

"Our third quarter performance exceeded our expectations, and we again delivered outstanding results across all key metrics, including daily average comparable sales growth of 7.4%. We believe that our value offering of high-quality, natural, and organic products at Always AffordableSM prices resonates with consumers' increasing prioritization of health and wellness, including food and nutrition," said Kemper Isely, Co-President, in a recent release. "Strong sales combined with effective promotions and enhanced store productivity helped drive a 50 basis point improvement in our operating margin, along with a 25% increase in diluted earnings per share. Based on the strong third quarter results, we are increasing our fiscal 2025 outlook for daily average comparable store sales growth and diluted earnings per share."

Mr. Isely added, "In June, our primary distributor, United Natural Foods, Inc. (UNFI), experienced a cybersecurity incident that temporarily impacted UNFI's ability to fulfill orders and distribute products to our stores. In the weeks following the incident, we collaborated with UNFI to minimize disruptions and restore normalized levels of product distribution to our stores. We estimate that the disruption to our operations adversely impacted our third quarter fiscal 2025 daily average comparable store sales by 1.0 to 1.5 percentage points, and diluted earnings per share by $0.04 to $0.05. As of the date of this release, our operations have substantially normalized, and we do not expect the disruption to materially impact our operations or financial performance in the future."

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.

See the full report here.

SAN FRANCISCO, CA - Instacart, the leading grocery technology company in North America, announced that Josh Silverman, Chief Executive Officer of Etsy, Inc., has joined the company's Board of Directors.

"Josh is a proven marketplace innovator with a track record of scaling consumer platforms such as Etsy, Evite, and Skype," said Chris Rogers, Instacart's Chief Executive Officer, in the recent release. "His deep understanding of consumer technology, passion for empowering independent entrepreneurs, and commitment to sustainable growth make him an invaluable asset. We're excited to welcome Josh to our Board of Directors and look forward to working together to expand and deepen the value Instacart delivers across the grocery ecosystem."

"I'm honored to join Instacart's Board of Directors at such a pivotal moment for the company," said Silverman. "Instacart has already transformed how millions of people shop for groceries, proving the power of technology to make everyday needs easier. I look forward to partnering with Chris and the rest of the Board of Directors to help deepen Instacart's impact for customers, retailers, brands, and shoppers."

Silverman is a seasoned leader with extensive experience leading marketplace and technology companies. He joined the Board of Directors of Etsy, Inc., which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, in November 2016, and has been its Chief Executive Officer since May 2017. Previously, Silverman served as Executive in Residence for Greylock Partners, a venture capital firm, from October 2015 to April 2017. He also held this position from October 2010 through June 2011. From June 2011 to December 2015, Silverman served as President of Consumer Products and Services at American Express. Prior to joining American Express, Silverman served as Chief Executive Officer of Skype from February 2008 until September 2010. From July 2006 until March 2008, Silverman served as Chief Executive Officer of Shopping.com, an eBay company, and, prior to that, held various executive roles at eBay. Silverman is the co-founder of Evite, Inc., a digital greeting card platform, and served as its Chief Executive Officer from December 1998 until its sale in May 2001. Silverman also serves on the Board of Directors of Shake Shack Inc., a restaurant brand. Silverman received his B.A. in Public Policy from Brown University and his M.B.A. from Stanford University Graduate School of Business.

In addition to Silverman, Instacart's Board of Directors also currently includes Chris Rogers, CEO of Instacart; Fidji Simo, CEO of Applications at OpenAI and Chairperson and former CEO of Instacart; Victoria Dolan, former CFO of Revlon; Ravi Gupta, Partner at Sequoia Capital; Mary Beth Laughton, President and CEO of REI; Meredith Kopit Levien, President and CEO of The New York Times Company; Michael Moritz, Senior Advisor to Sequoia Heritage and former Partner at Sequoia Capital; Lily Sarafan, Co-founder and Executive Chair of TheKey; and Daniel Sundheim, Founder and CIO of D1 Capital Partners.

CHICAGO, IL - After two straight years of above-average production, apple growers expect another high-performing year, according to a new report released by the U.S. Apple Association (USApple) at the organization’s 130th annual Outlook Conference in Chicago.

Authored by USApple Vice President of Insights and Analytics, Chris Gerlach, Industry Outlook 2025 provides the most up-to-date data and analysis on U.S. and global apple production, utilization, and trade.

The Outlook Report features the United States Department of Agriculture (USDA) estimates. Following the presentation of these figures, USApple members met in person to discuss current growing conditions and develop a more up-to-date production forecast — the numbers below reflect that adjustment.

U.S. Production

According to USApple’s analysis, total U.S. apple production for the 2025/26 crop year (CY) is forecast at:

• 11.7 billion pounds / 278.5 million bushels
• Up 1.3% from last year
• 3.6% above the five-year production average

These figures are more comprehensive than the USDA data, which only reflect the top seven apple-producing states. USApple analyzes production from states outside of the top seven and adds that into the USDA’s figure. It also incorporates feedback from growers based on what they’re seeing in the field every day.

“The U.S. grows the best apples in the world, and this year we will certainly have plenty for domestic and global consumption,” said Gerlach in the recent release. “That said, growers carefully select what comes off the tree to ensure only the highest quality fruit makes it to the store. And with skyrocketing labor costs, growers are having to be even more disciplined in their harvest decisions.”

Varietal Mix

At the varietal level, Gala is expected to retain the top spot with nearly 47 million bushels, accounting for 16% of the market. The top five:

• Gala – 47 million bushels (16% of U.S. production)
• Red Delicious – 39 million bushels (13%)
• Honeycrisp – 34 million bushels (12%)
• Granny Smith – 32 million bushels (11%)
• Fuji – 25 million bushels (9%)

Varieties on the rise include Honeycrisp, Granny Smith, Cosmic Crisp®, and Pink Lady/Cripps Pink. Gala, Fuji, and Rome are trending down.

Trade

While fresh apple exports declined 5% year over year, the U.S. maintained a strong trade balance in 2024/25 (July–June):

• Exports: 44M bushels
• Imports: <5M bushels
• Net exports: ~40M bushels valued at $900 million

“With another large crop on the way, maintaining and expanding exports is essential,” said Gerlach. “We’re exploring all avenues to strengthen our presence in established markets like Taiwan, Thailand, and India, while pushing to open new high-value markets such as South Korea and Japan.”

See the full recap here.