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BUSINESS SEGMENTS | 12 Months Ended
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Sep. 30, 2025
BUSINESS SEGMENTS |
BUSINESS SEGMENTS | 13. BUSINESS SEGMENTS: The Company has two reportable business segments: the wholesale distribution of consumer products (the Wholesale Segment), and the retail sale of health and natural food products (the Retail Segment). The Company’s chief operating decision maker (“CODM”) is the chief executive officer, who utilizes operating income (loss) to evaluate the Company’s business operations and allocate the Company’s resources to these business segments, which are aggregated based on a range of considerations including but not limited to the characteristics of each business, similarities in the nature and type of products sold, customer classes, methods used to sell the products and economic profiles. Included in the “Other” column are intercompany eliminations and assets held and charges incurred and income earned by our holding company. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale | ​ | Retail | ​ | ​ | ​ | ​
​ |  | Segment |  | Segment |  | Other |  | Consolidated
FISCAL YEAR ENDED 2025: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cigarettes | ​ | $ | 1,713,451,582 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,713,451,582
Tobacco | ​ | ​ | 540,788,438 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 540,788,438
Confectionery | ​ | ​ | 187,172,757 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 187,172,757
Health food | ​ | ​ | — | ​ | ​ | 44,498,147 | ​ | ​ | — | ​ | ​ | 44,498,147
Foodservice & other | ​ | ​ | 330,777,363 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 330,777,363
Total external revenue | ​ | ​ | 2,772,190,140 | ​ | ​ | 44,498,147 | ​ | ​ | — | ​ | ​ | 2,816,688,287
Cost of sales | ​ | ​ | 2,600,373,554 | ​ | ​ | 28,084,485 | ​ | ​ | — | ​ | ​ | 2,628,458,039
Selling, general and administrative expenses | ​ | ​ | 140,037,148 | ​ | ​ | 15,274,745 | ​ | ​ | 10,527,690 | ​ | ​ | 165,839,583
Depreciation | ​ | ​ | 8,312,011 | ​ | ​ | 1,016,314 | ​ | ​ | — | ​ | ​ | 9,328,325
Amortization | ​ | ​ | 506,875 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 506,875
Operating income (loss) | ​ | ​ | 22,960,552 | ​ | ​ | 122,603 | ​ | ​ | (10,527,690) | ​ | ​ | 12,555,465
Interest expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,443,571 | ​ | ​ | 10,443,571
Income (loss) from operations before taxes | ​ | ​ | 22,323,779 | ​ | ​ | 211,221 | ​ | ​ | (20,971,261) | ​ | ​ | 1,563,739
Total assets | ​ | ​ | 373,358,117 | ​ | ​ | 16,822,730 | ​ | ​ | 907,679 | ​ | ​ | 391,088,526
Capital expenditures | ​ | ​ | 7,438,747 | ​ | ​ | 589,085 | ​ | ​ | — | ​ | ​ | 8,027,832
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale | ​ | Retail | ​ | ​ | ​ | ​
​ |  | Segment |  | Segment |  | Other |  | Consolidated
FISCAL YEAR ENDED 2024: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cigarettes | ​ | $ | 1,669,390,346 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,669,390,346
Tobacco | ​ | ​ | 499,869,540 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 499,869,540
Confectionery | ​ | ​ | 174,952,982 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 174,952,982
Health food | ​ | ​ | — | ​ | ​ | 42,494,231 | ​ | ​ | — | ​ | ​ | 42,494,231
Foodservice & other | ​ | ​ | 324,274,009 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 324,274,009
Total external revenue | ​ | ​ | 2,668,486,877 | ​ | ​ | 42,494,231 | ​ | ​ | — | ​ | ​ | 2,710,981,108
Cost of sales | ​ | ​ | 2,501,750,012 | ​ | ​ | 26,876,640 | ​ | ​ | — | ​ | ​ | 2,528,626,652
Selling, general and administrative expenses | ​ | ​ | 126,960,820 | ​ | ​ | 14,530,547 | ​ | ​ | 13,387,396 | ​ | ​ | 154,878,763
Depreciation | ​ | ​ | 7,983,266 | ​ | ​ | 974,212 | ​ | ​ | — | ​ | ​ | 8,957,478
Amortization | ​ | ​ | 537,701 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 537,701
Operating income (loss) | ​ | ​ | 31,255,079 | ​ | ​ | 112,831 | ​ | ​ | (13,387,396) | ​ | ​ | 17,980,514
Interest expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,413,228 | ​ | ​ | 10,413,228
Income (loss) from operations before taxes | ​ | ​ | 30,685,132 | ​ | ​ | 745,893 | ​ | ​ | (23,968,536) | ​ | ​ | 7,462,489
Total assets | ​ | ​ | 356,187,395 | ​ | ​ | 16,713,578 | ​ | ​ | 1,206,337 | ​ | ​ | 374,107,310
Capital expenditures (1) | ​ | ​ | 26,573,247 | ​ | ​ | 1,857,972 | ​ | ​ | — | ​ | ​ | 28,431,219
​ (1) Includes $10.0 million purchase of a distribution facility in Colorado City, Colorado.

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