Business
Lifeway Foods® Announces Record Results for the Second Quarter Ended June 30, 2023
Net sales increase 17.1% year-over-year to $39.2 million; up 34.5% compared to 2021 Delivers 15th straight quarter of year-over-year net sales growth and
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"Net sales increase 17.1% year-over-year to $39.2 million; up 34.5% compared to 2021\nDelivers 15th straight quarter of year-over-year net sales growth and 1,170 basis points of year-over-year gross profit margin improvement\nMORTON GROVE, Ill., Aug. 14, 2023 /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 second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \n\"I am thrilled to report yet another exceptional quarter in 2023, highlighted by our continued trend of strong year-over-year net sales growth as well as substantial gross margin improvements,\" commented Julie Smolyansky, President and Chief Executive Officer of Lifeway Foods. \"Our proactive operating discipline, along with easing inflationary pressures, have recently allowed us to further reap the benefits of our consistent topline expansion as our gross profit margin increased 1,170 basis points year-over-year and 710 basis points quarter-over-quarter. Alongside the improving profitability, our impressive net sales growth of 17.1%, Lifeway's 15th consecutive quarter of year-over-year growth, reflects another meaningful increase in volumes and the wide customer acceptance of inflation-justified price increases. Our customers continue to demonstrate their loyalty to our premium, better-for-you offerings, and we continue to capitalize on incremental consumers seeking out high quality products at an exceptional value through our strategic investments in both retail and branding initiatives. As usual, we will pursue further measures to gain exposure to new customers through both marketing and distribution opportunities. We see potential growth avenues for our core kefir products, as well as Lifeway Farmer Cheese, a strong performing item that has the benefit of recent press attention related to popular social media recipes for blended cottage cheese. I'm proud of our execution so far this year and energized to build upon the momentum in the second half of 2023.\"\nSecond Quarter 2023 Results\nNet sales were $39.2 million for the second quarter ended June 30, 2023, an increase of $5.7 million or 17.1% from the same period of 2022. The net sales increase was primarily driven by higher volumes of our b...