Topline President-elect Donald Trump has named Sebastian Gorka as senior director for counterterrorism, after he briefly served in Trump’s first administration, though Gorka has also faced criticism for appearing to support a far-right Hungarian political group the U.S. says is linked to the Nazis. Key Facts Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here . What Are Gorka’s Ties To Vitezi Rend? While attending Trump’s Inaugural Ball on Jan. 20, 2017, Gorka was pictured wearing a medal associated with Vitezi Rend, a Hungarian national group the State Department designated as having worked under the direction of Germany’s Nazi government. The group was founded as the Vitez Order in 1920 as a Hungarian nationalist group that contested the country’s communist rule, and is now recognized as a far-right group with antisemitic views. Vitezi Rend spokesperson Andras Horvaz told NBC News the group was “really proud” Gorka wore the medal, while some members told the outlet Gorka was a well-known associate of the group. One of the organization’s leaders told CNN that Gorka was not a pledged member, however, and denied claims the group was linked with the Nazis. Gorka has denied wearing the medal as a nod to Vitezi Rend and said he instead wore it to honor his father, who Gorka said was honored for fighting the communist regime in Hungary. Gorka told the Telegraph that he had “inherited the title of Vitez through the merits of my father,” though he never “swore allegiance formally” to the group. The Anne Frank Center for Mutual Respect, a civil rights group, called for Gorka to resign “or be fired” over his association with the group. Meanwhile, a group of Democratic senators requested the Justice Department and Homeland Security to investigate whether Gorka misled immigration officials about his ties to Vitezi Rend before becoming a U.S. citizen. Was Gorka Fired During Trump’s First Administration? Gorka was forced out of his role as an advisor during Trump’s first presidency after John Kelly, Trump’s chief of staff, became disinterested in keeping him, administration officials told the New York Times. Gorka’s appearances on various talk shows gained favor with Trump, though Kelly opposed his often combative interviews, a person familiar with the situation told CNN . One White House official told CNN that Gorka had resigned, while another disputed this claim and said Gorka was “no longer with the White House.” In a resignation letter obtained by Politico , Gorka said “forces” in opposition to Trump’s policies had forced him out. Tangent In August 2017, several Democratic legislators demanded the White House remove Gorka, Steve Bannon and Stephen Miller from their roles as advisors to Trump. The Congressional Hispanic Caucus accused the three advisors of having supported the views of white supremacist and neo-Nazi groups in the lead-up to a white supremacist rally in Charlottesville, Virginia, in which a man killed a woman after driving his car into a crowd of counterprotesters. Before the rally, Gorka, who had previously worked under Bannon as an editor at the right-wing outlet Breitbart, suggested white supremacists were not a concern for U.S. counterterrorism efforts, the Times reported . The caucus also cited Gorka’s “extensive ties” to Vitezi Rend. Chief Critic John Bolton, Trump’s former national security adviser, called Gorka a “con man” after Trump tapped him Friday to return to the White House: “I wouldn’t have him in any U.S. government.” Gorka’s new role isn’t “going to bode well for counterterrorism efforts,” Bolton told CNN. Key Background On Friday, Trump announced Gorka would be returning to the White House after serving as a “tireless advocate” for his policies. Gorka earned a doctorate in political science from Corvinus University of Budapest and worked as a national security expert with a focus on Islamist extremism, the Times reported. He has reportedly made claims that violence is a “fundamental” part of the Islamic faith and wrote a book, “Defeating Jihad: The Winnable War,” that argued the U.S. should refer to Islamic terrorism as a “global jihad” instead of “violent extremism.” Several experts have criticized Gorka’s credentials, including Daniel Nexon, a professor of international relations at Georgetown University, who told CNN that Gorka’s claims do not “deploy evidence” and described Gorka’s dissertation on terrorism as “inept.” Further Reading“This is the most uphill of all uphill struggles, trying to break the two-party duopoly in Canada,” admits Dominic Cardy, newly crowned leader of the Canadian Future Party. The new party aims to occupy what it sees as the middle ground in Canadian politics, between Justin Trudeau’s Liberals and Pierre Poilievre’s Conservatives. Energized by the party’s recent and inaugural national convention in Ottawa attended by 112 enthusiastic souls, and excited to be bringing a brand-new political party to voters in a much-anticipated federal election, Dominic is pitching the Canadian Future Party as a political home for moderate centrist Canadians exhausted by polarized politics. I am skeptical, of the need for the party, of its strategy and of their chances. “It’s the mushy middle, Dominic,” I tell him. “Didn’t the U.S. election teach you anything? Searching for the middle ground in politics is a fool’s errand.” In Alberta, I remind him, proponents of the Alberta Party, a centrist provincial party — likewise appealing to voters weary of angry, divisive politics — couldn’t gain a firm toehold, even with star candidates. At 54, Dominic is no fool. He’s whipped up a lot of political change, most notably, bringing the NDP back to life in New Brunswick a decade ago, even recruiting a slate of NDP candidates that included several prominent former Conservatives and Liberal politicians. In 2017, Dominic turned his back on the NDP to join Blaine Higgs’s PCs, as chief of staff and ultimately as an MLA and minister, successfully running as a PC candidate in New Brunswick’s 2018 and 2020 provincial elections. In 2022, Dominic resigned as Higgs’s minister of education and early childhood education, and was kicked out of the PC caucus. He didn’t run in the October 2024 New Brunswick election that Higgs lost to Susan Holt’s Liberals. He doesn’t take credit for Higgs’s loss: “People in New Brunswick take credit for that,” he shrugs, “I realized that change needed to happen earlier than some folks.” People have labelled Dominic a malcontent, but I’d call him principled. It’s no easy thing to sit as an independent (I know from experience) and when you track this guy’s choices — supporting the proposed Energy East pipeline and opposing the Leap Manifesto and its ban on hydrocarbons as a card-carrying New Democrat; spearheading the removal of the Confucius Institute from New Brunswick’s schools as the Tory education minister; getting arrested for disturbing the peace in Toronto this July for chanting “Free Palestine from Hamas” at an anti-Israel protest — there’s a pattern of risk-taking that’s not typical of political actors. When we meet on Zoom, Dominic is cooling his heels at a hotel in Toronto, disgruntled that Air Canada has cancelled his scheduled flight home to New Brunswick. As leader of the Canadian Future Party, he must decide where to run. “I’ve got good recognition in Atlantic Canada,” he shares, “and a good base there. The problem is that if you’re Canadian and live anywhere outside of the centre of the country, as you know, Air Canada is not your friend.” All to mean, he plans to run in either Fredericton or Ottawa. The timing of the next federal election is the subject of much speculation, by party insiders and talking heads. For a new party, this timing is pivotal; riding associations have yet to be set up and candidates vetted. Dominic says he’s asked his party to be ready for an election from March 2025 onwards. “We’ve got to be ready to build a machine to see what happens if lightning strikes and the power turns on,” Dominic declares. “Ultimately, if Canadians want this party, and if we have good candidates, and we have the chance to send a team to Ottawa, then I want those folks to be ready to hit the ground running.” It’s an ambitious plan, for a brand new party. I ask him: Has the failure of the Democrats in the U.S. hardened Trudeau’s resolve to stay put? “It wouldn’t surprise me,” Dominic responds, “I mean, he is, if nothing else, the Joe Biden of Canada, and I do not mean that particularly as a compliment.” Dominic’s even more scathing of the NDP leader: “I don’t know how Mr. Singh is able to persist in his job after the humiliation of doing the big divorce announcement, and then announcing, ‘We might be divorced, but we’re still going to sleep together,’” he chuckles. “I would guess the NDP would like to reassert some vague form of autonomy,” he speculates, “given the position they’ve put themselves in, and perhaps we go for one (an election) in the spring.” Dressed in a black suit jacket and black, collarless shirt, blonde stubble on his chin, Dominic projects a faintly clerical vibe. But he’s not preachy. I ask about the pin on his lapel, bearing the flags of Canada and Ukraine. “When the war started,” he says, “I took off my MLA pin and put on a Ukraine pin and said I’d wear it every day until the war was ended. It’s been on for three years nearly...so hopefully not much longer.” Dominic’s travelled to Ukraine, a couple of times, he says, and adds, “New Brunswick was the only province that gave money directly to the Ukrainian armed forces.” He was the cabinet minister who brought that proposal forward. Dominic’s career has been defined by that kind of gesture. He argues voters are looking for a bold kind of middle. “The key, to me, for the new party success ... is for us not to be mushy,” Dominic asserts. “I’m talking about a party that is extremely aggressive and hard-edged. When I talked about the Israel-Palestinian conflict, I’m not sitting here talking about arguing back and forth about UN resolutions. I went out and got arrested in the streets of Toronto saying it is unacceptable for a terrorist organization to be able to rally freely while people espousing the official position of the government of Canada are arrested.” And yet, what the Canadian Future Party is selling is arguably stability — perhaps even a throwback. “Success is, five and then 10 years down the road, my country’s still looking somewhat like it did, say, in 2014 or ’15,” Dominic asserts. “A liberal, open, democratic society with rights protected despite the fact the world has become ever more chaotic and difficult and dangerous.” Dominic says he’s a realist, and evidence-based; he accepts the chances of this project succeeding are small. But he believes he’s answering a clarion call for an alternative political party that is fiscally disciplined and socially liberal. A September 2024 Angus Reid poll indicated one-third of Canadians saw themselves as political “orphans.” “If people don’t want this party, they’ve got a democratic choice to say they don’t,” Dominic concludes, “and I can go and find something else to do with my time.” Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our newsletters here .Dr. Marty Makary, a prominent Johns Hopkins surgeon and author who opposed some pandemic lockdown measures and COVID-19 vaccine mandates, was nominated Friday by President-elect Donald Trump to lead the Food and Drug Administration. In a statement announcing the nomination, Trump said Makary “will restore the FDA to the gold standard of scientific research” and “cut the bureaucratic red tape” at the agency to ensure Americans receive the medical cures and treatments they deserve. Makary’s nomination will require confirmation by the newly Republican-led Senate to take effect. Makary currently serves as head of Islet Transplant Surgery at Johns Hopkins, according to the university’s medical school bio, and also works as a public policy researcher. During the COVID-19 pandemic, Makary publicly criticized the FDA, suggesting the agency intentionally delayed the vaccine’s release to undercut then-President Trump. Headquartered in the Maryland suburbs outside Washington, the 18,000 employees of the FDA are responsible for the safety and effectiveness of prescription drugs, vaccines and medical devices as well as a swath of other consumer goods, including food, cosmetics and vaping products. Altogether those products represent an estimated 20% of U.S. consumer spending annually, or $2.6 trillion. In a February 2021 Wall Street Journal op-ed, Makary wrote that “COVID will be mostly gone by April, allowing Americans to resume normal life.” That summer, the delta variant spread rapidly across the U.S., followed by the omicron variant in the winter. A graduate of Bucknell University, Makary holds medical degrees from Thomas Jefferson University and Harvard. He completed a residency in surgery in 2003 at MedStar Health. The Associated Press contributed to this article. Have a news tip? Contact Frederick N. Rasmussen at frasmussen@baltsun.com and 410-332-6536.
WASHINGTON -- President-elect Donald Trump has selected former White House aide Brooke Rollins to lead the Department of Agriculture in his second administration. Here are some things to know about Trump’s choice and the agency that Rollins would lead if she is confirmed by the Senate. Rollins, 52, graduated from Texas A & M University with an undergraduate degree in agricultural development before completing law school at the University of Texas. She served as domestic policy chief during Trump's first term, a portfolio that included agricultural policy. After leaving the White House, she became president and CEO of the America First Policy Institute, a group helping to lay the groundwork for a second Trump administration. Over the years, Rollins has forged a strong enough relationship with Trump, who has prized proven loyalty in his Cabinet and top adviser picks , that she was among the people floated as a potential White House chief of staff. That job went to Susie Wiles, Trump's co-campaign manager. Rollins, in an interview earlier this year, called Trump an “amazing boss.” President Abraham Lincoln founded the USDA in 1862, when about half of all Americans lived on farms. The sprawling department now reaches into every American neighborhood, grocery store and school cafeteria. The USDA is the primary agency overseeing the nation’s farming, forestry, ranching, food quality and nutrition. The agency has a dual purpose of promoting and regulating agriculture practice and products. The agency oversees multiple support programs for farmers; animal and plant health; and the safety of meat, poultry and eggs that anchor the nation’s food supply. Its federal nutrition programs provide food to low-income people, pregnant women and young children. And the department sets standards for school meals. Trump did not offer many specifics about his agriculture policies during the campaign. But if he keeps his pledge to impose sweeping tariffs, farmers could be affected quickly — and potentially harshly. During the first Trump administration, countries like China responded to Trump’s tariffs by imposing retaliatory tariffs on U.S. exports like the corn and soybeans routinely sold overseas. Trump countered by offering massive multibillion-dollar aid to farmers to help them weather the trade war. The ripple effects could extend to consumers’ grocery bills, as well. When things are going smoothly, agriculture secretaries are not usually prominent faces of an administration. But when the nation’s food supply is at issue, it could be another story. ___ Gomez Licon reported from Fort Lauderdale, Florida.
As a former and potentially future president, Donald Trump hailed what would become Project 2025 as a road map for “exactly what our movement will do” with another crack at the White House. As the blueprint for a hard-right turn in America became a liability during the 2024 campaign, Trump pulled an about-face. He denied knowing anything about the “ridiculous and abysmal” plans written in part by his first-term aides and allies. Now, after being elected the 47th president on Nov. 5, Trump is stocking his second administration with key players in the detailed effort he temporarily shunned. Most notably, Trump has tapped Russell Vought for an encore as director of the Office of Management and Budget; Tom Homan, his former immigration chief, as “border czar;” and immigration hardliner Stephen Miller as deputy chief of policy. Those moves have accelerated criticisms from Democrats who warn that Trump's election hands government reins to movement conservatives who spent years envisioning how to concentrate power in the West Wing and impose a starkly rightward shift across the U.S. government and society. Trump and his aides maintain that he won a mandate to overhaul Washington. But they maintain the specifics are his alone. “President Trump never had anything to do with Project 2025,” said Trump spokeswoman Karoline Leavitt in a statement. “All of President Trumps' Cabinet nominees and appointments are whole-heartedly committed to President Trump's agenda, not the agenda of outside groups.” Here is a look at what some of Trump's choices portend for his second presidency. As budget chief, Vought envisions a sweeping, powerful perch The Office of Management and Budget director, a role Vought held under Trump previously and requires Senate confirmation, prepares a president's proposed budget and is generally responsible for implementing the administration's agenda across agencies. The job is influential but Vought made clear as author of a Project 2025 chapter on presidential authority that he wants the post to wield more direct power. “The Director must view his job as the best, most comprehensive approximation of the President’s mind,” Vought wrote. The OMB, he wrote, “is a President’s air-traffic control system” and should be “involved in all aspects of the White House policy process,” becoming “powerful enough to override implementing agencies’ bureaucracies.” Trump did not go into such details when naming Vought but implicitly endorsed aggressive action. Vought, the president-elect said, “knows exactly how to dismantle the Deep State” — Trump’s catch-all for federal bureaucracy — and would help “restore fiscal sanity.” In June, speaking on former Trump aide Steve Bannon’s “War Room” podcast, Vought relished the potential tension: “We’re not going to save our country without a little confrontation.” Vought could help Musk and Trump remake government's role and scope The strategy of further concentrating federal authority in the presidency permeates Project 2025's and Trump's campaign proposals. Vought's vision is especially striking when paired with Trump's proposals to dramatically expand the president's control over federal workers and government purse strings — ideas intertwined with the president-elect tapping mega-billionaire Elon Musk and venture capitalist Vivek Ramaswamy to lead a “Department of Government Efficiency.” Trump in his first term sought to remake the federal civil service by reclassifying tens of thousands of federal civil service workers — who have job protection through changes in administration — as political appointees, making them easier to fire and replace with loyalists. Currently, only about 4,000 of the federal government's roughly 2 million workers are political appointees. President Joe Biden rescinded Trump's changes. Trump can now reinstate them. Meanwhile, Musk's and Ramaswamy's sweeping “efficiency” mandates from Trump could turn on an old, defunct constitutional theory that the president — not Congress — is the real gatekeeper of federal spending. In his “Agenda 47,” Trump endorsed so-called “impoundment,” which holds that when lawmakers pass appropriations bills, they simply set a spending ceiling, but not a floor. The president, the theory holds, can simply decide not to spend money on anything he deems unnecessary. Vought did not venture into impoundment in his Project 2025 chapter. But, he wrote, “The President should use every possible tool to propose and impose fiscal discipline on the federal government. Anything short of that would constitute abject failure.” Trump's choice immediately sparked backlash. “Russ Vought is a far-right ideologue who has tried to break the law to give President Trump unilateral authority he does not possess to override the spending decisions of Congress (and) who has and will again fight to give Trump the ability to summarily fire tens of thousands of civil servants,” said Sen. Patty Murray of Washington, a Democrat and outgoing Senate Appropriations chairwoman. Reps. Jamie Raskin of Maryland and Melanie Stansbury of New Mexico, leading Democrats on the House Committee on Oversight and Accountability, said Vought wants to “dismantle the expert federal workforce” to the detriment of Americans who depend on everything from veterans' health care to Social Security benefits. “Pain itself is the agenda,” they said. Homan and Miller reflect Trump's and Project 2025's immigration overlap Trump’s protests about Project 2025 always glossed over overlaps in the two agendas. Both want to reimpose Trump-era immigration limits. Project 2025 includes a litany of detailed proposals for various U.S. immigration statutes, executive branch rules and agreements with other countries — reducing the number of refugees, work visa recipients and asylum seekers, for example. Miller is one of Trump's longest-serving advisers and architect of his immigration ideas, including his promise of the largest deportation force in U.S. history. As deputy policy chief, which is not subject to Senate confirmation, Miller would remain in Trump's West Wing inner circle. “America is for Americans and Americans only,” Miller said at Trump’s Madison Square Garden rally on Oct. 27. “America First Legal,” Miller’s organization founded as an ideological counter to the American Civil Liberties Union, was listed as an advisory group to Project 2025 until Miller asked that the name be removed because of negative attention. Homan, a Project 2025 named contributor, was an acting U.S. Immigration and Customs Enforcement director during Trump’s first presidency, playing a key role in what became known as Trump's “family separation policy.” Previewing Trump 2.0 earlier this year, Homan said: “No one’s off the table. If you’re here illegally, you better be looking over your shoulder.” Project 2025 contributors slated for CIA and Federal Communications chiefs John Ratcliffe, Trump's pick to lead the CIA, was previously one of Trump's directors of national intelligence. He is a Project 2025 contributor. The document's chapter on U.S. intelligence was written by Dustin Carmack, Ratcliffe's chief of staff in the first Trump administration. Reflecting Ratcliffe's and Trump's approach, Carmack declared the intelligence establishment too cautious. Ratcliffe, like the chapter attributed to Carmack, is hawkish toward China. Throughout the Project 2025 document, Beijing is framed as a U.S. adversary that cannot be trusted. Brendan Carr, the senior Republican on the Federal Communications Commission, wrote Project 2025's FCC chapter and is now Trump's pick to chair the panel. Carr wrote that the FCC chairman “is empowered with significant authority that is not shared” with other FCC members. He called for the FCC to address “threats to individual liberty posed by corporations that are abusing dominant positions in the market,” specifically “Big Tech and its attempts to drive diverse political viewpoints from the digital town square.” He called for more stringent transparency rules for social media platforms like Facebook and YouTube and “empower consumers to choose their own content filters and fact checkers, if any.” Carr and Ratcliffe would require Senate confirmation for their posts.Scott Turner, President-elect Donald Trump choice to lead the Department of Housing and Urban Development, is a former NFL player who ran the White House Opportunity and Revitalization Council during Trump’s first term. Turner, 52, is the first Black person selected to be a member of the Republican’s Cabinet. Here are some things to know about Turner: From professional football to politics Turner grew up in a Dallas suburb, Richardson, and graduated from the University of Illinois Urbana-Champaign. He was a defensive back and spent nine seasons in the NFL beginning in 1995, playing for the Washington Redskins, San Diego Chargers and Denver Broncos. During offseasons, he worked as an intern then-Rep. Duncan Hunter, R-Calif. After Turner retired in 2004, he worked full time for the congressman. In 2006, Turner ran unsuccessfully as a Republican in California’s 50th Congressional District. Turner joined the Texas House in 2013 as part of a large crop of tea party-supported lawmakers. He tried unsuccessfully to become speaker before he finished his second term in 2016. He did not seek a third term. Motivational speaker and pastor Turner also worked for a software company in a position called “chief inspiration officer” and said he acted as a professional mentor, pastor, and councilor for the employees and executive team. He has also been a motivational speaker. He and his wife, Robin Turner, founded a nonprofit promoting initiatives to improve childhood literacy. His church, Prestonwood Baptist Church, lists him as an associate pastor. He is also chair of the center for education opportunity at America First Policy Institute, a think tank set up by former Trump administration staffers to lay the groundwork if he won a second term. Headed council in Trump’s first term Trump introduced Turner in April 2019 as the head of the new White House Opportunity and Revitalization Council. Trump credited Turner with “helping to lead an Unprecedented Effort that Transformed our Country’s most distressed communities.” The mission of the council was to coordinate with various federal agencies to attract investment to so-called “Opportunity Zones,” which were economically depressed areas eligible to be used for the federal tax incentives. The role of HUD HUD is responsible for addressing the nation’s housing needs. It also is charged with fair housing laws and oversees housing for the poorest Americans, sheltering more than 4.3 million low-income families through public housing, rental subsidy and voucher programs. The agency, with a budget of tens of billions of dollars, runs a multitude of programs that do everything from reducing homelessness to promoting homeownership. It also funds the construction of affordable housing and provides vouchers that allow low income families pay for housing in the private market. During the campaign, Trump focused mostly on the prices of housing, not public housing. He railed against the high cost of housing and said he could make it more affordable by cracking down on illegal immigration and reducing inflation. He also said he would work to reduce regulations on home construction and make some federal land available for residential construction. ———
Zardari, Sharifs’ aides aim to push Imran out of politics: PTIThis north Essex food firm has been named one of the UK's top suppliers
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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Final regular-season games loom large in determining conference championship matchupsThe world approved a bitterly negotiated climate deal Sunday committing wealthy historic polluters to $300 billion annually for poor and vulnerable nations that had demanded far more to confront the crisis of global warming. After two exhaustive weeks of chaotic bargaining and sleepless nights, nearly 200 nations banged through the contentious finance pact in the early hours beneath a sports stadium roof in Azerbaijan. Nations had struggled to reconcile long-standing divisions over climate finance. Sleep-deprived diplomats, huddled in anxious groups, were still revising the final phrasing on the plenary floor before the deal passed. At points, the talks appeared on the brink of collapse, with developing nations storming out of meetings and threatening to walk away should rich nations not cough up more cash. In the end -- despite repeating that no deal is better than a bad deal -- they did not stand in the way of an agreement, despite it falling well short of what they want. The final deal commits developed nations to pay at least $300 billion a year by 2035 to help developed countries green their economies and prepare for worse disasters. That is up from $100 billion now provided by wealthy nations under a commitment set to expire -- and from the $250 billion proposed in a draft Friday. That offer was slammed as offensively low by developing countries, which have demanded at least $500 billion to build resilience against climate change and cut emissions. A number of countries have accused Azerbaijan, an authoritarian oil and gas exporter, of lacking the experience and will to meet the moment, as the planet again sets temperature records and faces rising deadly disasters. Wealthy countries and small island nations have also been concerned by efforts led by Saudi Arabia to water down calls from last year's summit to phase out fossil fuels. The United States and EU have wanted newly wealthy emerging economies like China -- the world's largest emitter -- to chip in. The final draft encouraged developing countries to make contributions on a voluntary basis, reflecting no change for China which already pays climate finance on its own terms. Wealthy nations said it was politically unrealistic to expect more in direct government funding. Donald Trump, a sceptic of both climate change and foreign assistance, returns to the White House in January and a number of other Western countries have seen right-wing backlashes against the green agenda. The deal posits a larger overall target of $1.3 trillion per year to cope with rising temperatures and disasters, but most would come from private sources. bur-np-sct/lth/jj‘The smiling one’ Ruben Amorim says he can be ruthless when he needs to be
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