Independent Grocers Financial Study from FMS Solutions and the National Grocers Association. The annual benchmarking study, released July 30, covers fiscal year performance for independent operators through March 31. through lower shrink, stronger inventory management, disciplined expense control and investment in fresh departments, with produce, meat, deli, bakery and seafood the defining differentiators. Related: Independent Grocers Show Resilience: Key Takeaways From The 2025 FMS/NGA U.S. Independent Grocers Financial Study