Business
Lifeway Foods, Inc. Announces Results for the First Quarter Ended March 31, 2022
Net sales increase 16.1% year-over-year to $34.1 million; up 34.3% compared to 2020 Delivers 10th straight quarter of year-over-year net sales growth MORTON
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"Net sales increase 16.1% year-over-year to $34.1 million; up 34.3% compared to 2020\nDelivers 10th straight quarter of year-over-year net sales growth\nMORTON GROVE, Ill., Aug. 26, 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 first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \n\"I am pleased to announce that the first quarter marked yet another consecutive quarter of growth for Lifeway, highlighted by 16.1% year-over-year net sales growth,\" commented Julie Smolyansky, Lifeway's President and Chief Executive Officer. \"Like others in the industry, we have faced inflationary challenges throughout 2022, but our team has worked tirelessly to respond swiftly to the dynamic operating environment and take decisive action in an effort to preserve our margin. We remain very encouraged by the demand of our drinkable Kefir product, which is the core driver of our results. We were recently awarded another rotation of Lifeway Kefir distribution at a large retailer in the club channel and have expanded our efforts to increase our presence in high visibility away-from-home locations, such as universities, small format convenience stores and healthcare settings. We are crafting strategy to build upon the amazing momentum we have amassed over the past two years and will work to maximize our gains by expanding product assortment with key retailers and reaching new customers with targeted marketing tactics. Consumers remain focused on immunity and gut health, and our probiotic Lifeway Kefir is well-positioned for continued growth as our addressable market expands.\"\nFirst Quarter 2022 Results\nNet sales were $34.1 million for the first quarter ended March 31, 2022, an increase of $4.7 million or 16.1% 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 quarter, 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 16.4% for the first quarter ended March 31, 2022.\nDelayed Reporting of Financial Results\nAs previously announced, ...