Business
Lifeway Foods, Inc. Announces Record Results for the Third Quarter Ended September 30, 2022
Net sales increase 29.1% year-over-year to $38.1 million; up 46.5% compared to 2020 Delivers 12th straight quarter of year-over-year net sales growth MORTON
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"Net sales increase 29.1% year-over-year to $38.1 million; up 46.5% compared to 2020\nDelivers 12th straight quarter of year-over-year net sales growth\nMORTON GROVE, Ill., Nov. 14, 2022 /PRNewswire/ -- Lifeway Foods, Inc. (Nasdaq: LWAY) (\"Lifeway\" or \"the Company\"), a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today reported financial results for the third quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \n\"Despite the large macro trends that have affected consumers and competitors in our category, I am pleased to report that Lifeway has achieved a year-over-year net sales increase of 29.1% for the third quarter of 2022, with a two-year stack increase of 46.5% compared to the third quarter of 2020,\" said Julie Smolyansky, Lifeway's President and Chief Executive Officer. \"This quarter's record-breaking topline numbers are a result of our focus on the core Lifeway Kefir business. The strategy we've put in place to build awareness for our flagship product has yielded our 12th consecutive quarter of year-over-year growth at Lifeway, and we are grateful to our customers who have made this milestone possible. As we look forward, our objectives are to increase our assortment and distribution at retail partners with whom we've had tremendous success, gain exposure through marketing campaigns and penetrate additional channels. We have recently gained traction within the convenience channel, and see this as an opportunity to build brand awareness and introduce new consumers to our single-serve products. We look forward to finishing the year strong and preparing for a healthy 2023.\"\nThird Quarter 2022 Results\nNet sales were $38.1 million for the third quarter ended September 30, 2022, an increase of $8.6 million or 29.1% from the same period in 2021. The net sales increase was primarily driven by higher volumes of our branded drinkable kefir and the impact of price increases implemented during the first quarter of 2022, and to a lesser extent the favorable impact of our acquisition of GlenOaks Farms during the third quarter of 2021.\nGross profit as a percentage of net sales was 19.9% for the third quarter ended September 30, 2022.\nSelling, general and administrative expenses increased $0.4 million to $6.3 million for the third quarter ended September 30, 2022, from $5.9 m...