It is perhaps in poor taste to talk about companies or industries benefiting from the COVID-19 pandemic, but the reality is the shift in consumer behavior patterns has meant considerably higher volumes for grocery retailers, and with that, better margins as well. In the case of Natural Grocers by Vitamin Cottage (NGVC) (“Natural Grocers”), that has sent comps from the low single-digits into the double-digits, while boosting gross and operating margins.
The COVID-19 boost won’t last, though, and when it fades, Natural Grocers will still face the same challenges as before – an