Business
Lifeway Foods® Announces Record Results for the Second Quarter Ended June 30, 2024
Demand for Bioavailable Foods like Kefir Soars Net sales of $49.2 million; up 25.3% year-over-year driven by volume growth of Lifeway Kefir 19th consecutive
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"Demand for Bioavailable Foods like Kefir Soars\nNet sales of $49.2 million; up 25.3% year-over-year driven by volume growth of Lifeway Kefir\n19th consecutive quarter of year-over-year growth\nMORTON GROVE, Ill., Aug. 13, 2024 /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, 2024.\n\n \n \n \n \n \n \n\n \n\"Our incredible momentum continued in the second quarter as we delivered our 19th consecutive quarter of net sales growth and our 5th consecutive quarter breaking the Lifeway record on the topline,\" commented Julie Smolyansky, President and Chief Executive Officer of Lifeway Foods. \"Our record net sales of $49.2 million were up more than 25% year-over-year, driven by continued volume growth in our flagship Lifeway drinkable kefir. Demand for bioavailable foods like Lifeway Kefir and Farmer Cheese is soaring and our customers further demonstrated their loyalty to our premium, healthy offerings. Notably, we delivered nearly $50 million in net sales, a remarkable milestone that we look forward to surpassing, and we also outperformed our previous quarterly sales record by more than 10%. Our amazing results on the topline demonstrate the effectiveness of our sales and marketing investments at driving trial, capturing new customers and accelerating velocities of our core products. Accompanying the very strong, volume-led topline growth, we continued to enhance our profitability profile with solid gross margins and strong net income growth, a testament to the seamless operational execution of our whole Lifeway team. We are thrilled with our results in the first half of 2024, and will continue to strategically invest behind the Lifeway brand to drive velocities, win new customers and position ourself to deliver more outstanding performances through the second half of this year and beyond.\"\nSecond Quarter 2024 Results\nNet sales were $49.2 million for the second quarter ended June 30, 2024, an increase of $10.0 million or 25.3% from the same period in 2023. The net sales increase was primarily driven by higher volumes of our branded drinkable kefir.\nGross profit as a percentage of net sales was 27.0% for the second quarter ended June...