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BUSINESS SEGMENTS | 9 Months Ended
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Jun. 30, 2025
BUSINESS SEGMENTS |
BUSINESS SEGMENTS | 10. 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 aggregation of the Company’s business operations into these business segments was 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. The segments are evaluated on revenues, gross margins, operating income (loss), and income (loss) from operations before taxes. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale | ​ | Retail | ​ | ​ | ​ | ​
​ |  | Segment |  | Segment |  | Other |  | Consolidated
THREE MONTHS ENDED JUNE 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cigarettes | ​ | $ | 446,795,327 | ​ | $ | — | ​ | $ | — | ​ | $ | 446,795,327
Tobacco | ​ | ​ | 142,823,422 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 142,823,422
Confectionery | ​ | ​ | 51,876,960 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 51,876,960
Health food | ​ | ​ | — | ​ | ​ | 11,330,519 | ​ | ​ | — | ​ | ​ | 11,330,519
Foodservice & other | ​ | ​ | 86,789,188 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 86,789,188
Total external revenue | ​ | ​ | 728,284,897 | ​ | ​ | 11,330,519 | ​ | ​ | — | ​ | ​ | 739,615,416
Depreciation | ​ | ​ | 1,857,491 | ​ | ​ | 242,654 | ​ | ​ | — | ​ | ​ | 2,100,145
Amortization | ​ | ​ | 122,098 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 122,098
Operating income (loss) | ​ | ​ | 7,341,098 | ​ | ​ | 107,482 | ​ | ​ | (2,585,042) | ​ | ​ | 4,863,538
Interest expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,671,004 | ​ | ​ | 2,671,004
Income (loss) from operations before taxes | ​ | ​ | 7,235,357 | ​ | ​ | 129,237 | ​ | ​ | (5,256,047) | ​ | ​ | 2,108,547
Total assets | ​ | ​ | 375,881,609 | ​ | ​ | 16,873,406 | ​ | ​ | 1,160,510 | ​ | ​ | 393,915,525
Capital expenditures | ​ | ​ | 829,566 | ​ | ​ | 159,332 | ​ | ​ | — | ​ | ​ | 988,898
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale | ​ | Retail | ​ | ​ | ​ | ​
​ |  | Segment |  | Segment |  | Other |  | Consolidated
THREE MONTHS ENDED JUNE 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cigarettes | ​ | $ | 440,843,958 | ​ | $ | — | ​ | $ | — | ​ | $ | 440,843,958
Tobacco | ​ | ​ | 130,898,477 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 130,898,477
Confectionery | ​ | ​ | 48,595,576 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 48,595,576
Health food | ​ | ​ | — | ​ | ​ | 10,195,162 | ​ | ​ | — | ​ | ​ | 10,195,162
Foodservice & other | ​ | ​ | 87,319,120 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 87,319,120
Total external revenue | ​ | ​ | 707,657,131 | ​ | ​ | 10,195,162 | ​ | ​ | — | ​ | ​ | 717,852,293
Depreciation | ​ | ​ | 2,041,507 | ​ | ​ | 239,226 | ​ | ​ | — | ​ | ​ | 2,280,733
Amortization | ​ | ​ | 134,425 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 134,425
Operating income (loss) | ​ | ​ | 9,333,724 | ​ | ​ | (65,363) | ​ | ​ | (3,645,741) | ​ | ​ | 5,622,620
Interest expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,903,925 | ​ | ​ | 2,903,925
Income (loss) from operations before taxes | ​ | ​ | 8,994,641 | ​ | ​ | (40,702) | ​ | ​ | (6,549,665) | ​ | ​ | 2,404,274
Total assets | ​ | ​ | 382,254,911 | ​ | ​ | 17,098,132 | ​ | ​ | 1,250,912 | ​ | ​ | 400,603,955
Capital expenditures | ​ | ​ | 4,959,809 | ​ | ​ | 664,555 | ​ | ​ | — | ​ | ​ | 5,624,364
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale | ​ | Retail | ​ | ​ | ​ | ​
​ |  | Segment |  | Segment |  | Other |  | Consolidated
NINE MONTHS ENDED JUNE 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cigarettes | ​ | $ | 1,259,158,450 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,259,158,450
Tobacco | ​ | ​ | 400,560,151 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 400,560,151
Confectionery | ​ | ​ | 135,675,489 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 135,675,489
Health food | ​ | ​ | — | ​ | ​ | 33,758,378 | ​ | ​ | — | ​ | ​ | 33,758,378
Foodservice & other | ​ | ​ | 241,239,292 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 241,239,292
Total external revenue | ​ | ​ | 2,036,633,382 | ​ | ​ | 33,758,378 | ​ | ​ | — | ​ | ​ | 2,070,391,760
Depreciation | ​ | ​ | 6,150,669 | ​ | ​ | 774,252 | ​ | ​ | — | ​ | ​ | 6,924,921
Amortization | ​ | ​ | 390,950 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 390,950
Operating income (loss) | ​ | ​ | 16,714,246 | ​ | ​ | 207,506 | ​ | ​ | (7,925,989) | ​ | ​ | 8,995,763
Interest expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,784,032 | ​ | ​ | 7,784,032
Income (loss) from operations before taxes | ​ | ​ | 16,262,891 | ​ | ​ | 275,136 | ​ | ​ | (15,710,021) | ​ | ​ | 828,006
Total assets | ​ | ​ | 375,881,609 | ​ | ​ | 16,873,406 | ​ | ​ | 1,160,510 | ​ | ​ | 393,915,525
Capital expenditures | ​ | ​ | 6,798,565 | ​ | ​ | 466,176 | ​ | ​ | — | ​ | ​ | 7,264,741
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale | ​ | Retail | ​ | ​ | ​ | ​
​ |  | Segment |  | Segment |  | Other |  | Consolidated
NINE MONTHS ENDED JUNE 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cigarettes | ​ | $ | 1,204,391,205 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,204,391,205
Tobacco | ​ | ​ | 367,082,329 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 367,082,329
Confectionery | ​ | ​ | 126,501,145 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 126,501,145
Health food | ​ | ​ | — | ​ | ​ | 32,108,920 | ​ | ​ | — | ​ | ​ | 32,108,920
Foodservice & other | ​ | ​ | 234,605,074 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 234,605,074
Total external revenue | ​ | ​ | 1,932,579,753 | ​ | ​ | 32,108,920 | ​ | ​ | — | ​ | ​ | 1,964,688,673
Depreciation | ​ | ​ | 5,838,096 | ​ | ​ | 682,344 | ​ | ​ | — | ​ | ​ | 6,520,440
Amortization | ​ | ​ | 403,276 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 403,276
Operating income (loss) | ​ | ​ | 22,117,203 | ​ | ​ | 374,883 | ​ | ​ | (9,702,725) | ​ | ​ | 12,789,361
Interest expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,463,175 | ​ | ​ | 7,463,175
Income (loss) from operations before taxes | ​ | ​ | 21,612,902 | ​ | ​ | 984,776 | ​ | ​ | (17,165,899) | ​ | ​ | 5,431,779
Total assets | ​ | ​ | 382,254,911 | ​ | ​ | 17,098,132 | ​ | ​ | 1,250,912 | ​ | ​ | 400,603,955
Capital expenditures (1) | ​ | ​ | 22,170,916 | ​ | ​ | 1,690,218 | ​ | ​ | — | ​ | ​ | 23,861,134
​ (1) Includes $10.0 million purchase of a distribution facility in Colorado City, Colorado.

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- Definition The entire disclosure for reporting segments including data and tables. 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