Business
Lifeway Foods, Inc. Announces Results for the Fourth Quarter and Full Year Ended December 31, 2021
Annual net sales increase 16.7% year-over-year to $119.1 million; up 27.1% compared to 2019 Delivers 9th straight quarter of year-over-year net sales growth
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"Annual net sales increase 16.7% year-over-year to $119.1 million; up 27.1% compared to 2019\nDelivers 9th straight quarter of year-over-year net sales growth\nMORTON GROVE, Ill., July 21, 2022 /PRNewswire/ -- Lifeway Foods, Inc. (Nasdaq: LWAY) (\"Lifeway\" or \"the Company\"), the leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today reported financial results for the fourth quarter and full year ended December 31, 2021.\n\n \n \n \n \n \n \n\n \n\"I am excited to report yet another consecutive quarter of year-over-year growth for Lifeway and a very strong year for the brand as a whole, illustrated by our 16.7% net sales growth when compared to full year 2020,\" commented Julie Smolyansky, Lifeway's President and Chief Executive Officer. \"Our customer acquisition strategy paid dividends in 2021. Throughout the year, we increased investments in our marketing and advertising programs, focusing both on new customers as well as our existing base, which has contributed to elevated brand engagement and improved brand performance. We are also encouraged by the growing consumer focus on gut-health and protein, which continues to expand our addressable market and should provide us continued positive momentum. We plan to further execute on our customer acquisition strategy and capitalize on the heightened interest in our better-for-you sector.\"\nSmolyansky added, \"I would also like to highlight a few other wins for Lifeway in 2021. First, the acquisition of GlenOaks Farms. The integration of this great drinkable yogurt brand into our portfolio has been seamless so far, and we are very happy with its performance amongst its base of Western U.S. retailers, strategically complementing our eastern focused Fresh Made brand. Moving forward, we plan to expand upon the GlenOaks distribution. Our Lifeway Kefir product remains the true core of our business, and we are seeing a growth in velocity at some of our top retailers, which should drive continued growth of the product throughout the current year and beyond.\"\nFull Year 2021 Results\nNet sales were $119.1 million for the year ended December 31, 2021, an increase of $17.0 million or 16.7% from the prior year. The net sales increase was primarily driven by higher volumes of our branded drinkable kefir, and to a lesser extent the favorable impacts f...