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BUSINESS SEGMENTS
 9 Months Ended
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.

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​

​

​

​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Wholesale

​

Retail

​

​

​

​

​

    

Segment

    

Segment

    

Other

    

Consolidated

THREE MONTHS ENDED JUNE 2024

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​

​

​

​

​

​

​

​

​

​

​

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

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​

239,226

​

​

—

​

​

2,280,733

Amortization

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​

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

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​

​

​

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​

​

​

​

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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

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​

2,036,633,382

​

​

33,758,378

​

​

—

​

​

2,070,391,760

Depreciation

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​

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

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​

375,881,609

​

​

16,873,406

​

​

1,160,510

​

​

393,915,525

Capital expenditures

​

​

6,798,565

​

​

466,176

​

​

—

​

​

7,264,741

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​

​

​

​

​

​

​

​

​

​

​

​

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Wholesale

​

Retail

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​

​

​

​

    

Segment

    

Segment

    

Other

    

Consolidated

NINE MONTHS ENDED JUNE 2024

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External revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Cigarettes

​

$

1,204,391,205

​

$

—

​

$

—

​

$

1,204,391,205

Tobacco

​

​

367,082,329

​

​

—

​

​

—

​

​

367,082,329

Confectionery

​

​

126,501,145

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​

—

​

​

—

​

​

126,501,145

Health food

​

​

—

​

​

32,108,920

​

​

—

​

​

32,108,920

Foodservice & other

​

​

234,605,074

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​

—

​

​

—

​

​

234,605,074

Total external revenue

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​

1,932,579,753

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​

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.