Shares in Natural Grocers by Vitamin Cottage Inc. fell more than 26 percent in Friday trading after the organic retailer missed analysts' first-quarter expectations.

The Lakewood grocer (NYSE: NGVC) reported adjusted first-quarter pre-tax earnings of 4 cents per share, below analysts' expectations of 7 cents per share.

Shares in the company fell 26.8 percent in Friday trading, dropping $2.42 to close at $6.61.

In the latest quarter, the company reported a "favorable impact of a $4.3 million non-cash remeasurement of the company's deferred income tax assets and liabilities as a result of the recent federal tax reform."

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