Business
Lifeway Foods® Announces Strong Results for the Third Quarter and Nine Months Ended September 30, 2024
Year-to-date net sales of $139.9 million; up 18.5% year-over-year Heightened interest in probiotic foods with bioavailable nutrients drives volume growth of
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"Year-to-date net sales of $139.9 million; up 18.5% year-over-year\nHeightened interest in probiotic foods with bioavailable nutrients drives volume growth of Lifeway Kefir and Farmer Cheese\n20th consecutive quarter of year-over-year growth\nYear-to-date gross profit margin increased to 26.2%\nMORTON GROVE, Ill., Nov. 14, 2024 /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 third quarter ended September 30, 2024.\n\n \n \n \n \n \n \n\n \n\"I'm thrilled to announce our 20th consecutive quarter of net sales growth, marking an impressive 5 consecutive years' worth of quarterly growth for Lifeway on the topline,\" commented Julie Smolyansky, President and Chief Executive Officer of Lifeway Foods. \"We continued this record year by delivering our second largest quarter ever with $46.1 million in net sales, up double-digits year-over-year, driven by the continued volume growth of our flagship drinkable Lifeway Kefir. We also saw growth in our cheese category, as our strategic sales investments have capitalized on the increasing consumer interest in soft cheese products, such as our Lifeway Farmer Cheese. Our effective sales and marketing investments continue to create demand, drive trial and accelerate velocities in our core offerings, as evidenced by our remarkable, volume-led results. Recently, our strawberry banana flavor of Lifeway Kefir gained placement at select locations of our largest retail customer, with an estimated total of 1,000 stores once resets are complete in the fourth quarter. We also anticipate that our ProBugs will gain incremental distribution at around 260 stores with a regional retailer in December, and our Farmer Cheese will gain placement with a large national retailer in an estimated 1400 stores by the end of the first quarter of 2025. We will continue to strategically evaluate opportunities to elevate the exposure of our core Lifeway offerings. Interest in protein-rich foods with probiotics and bioavailable nutrients like Lifeway Kefir and Farmer Cheese is higher than ever, and we believe that, in our 38-year history, our trajectory has never been stronger.\"\nSmolyansky continued, \"The strong third quarter performance extends our trac...