Lifeway reports 13% YoY net sales growth for Q3

USA – Lifeway Foods Inc. has announced its financial results for the third quarter ending September 30, 2024, showcasing robust performance.

The company reported net sales of US$46.1 million, marking a 12.7% increase, or US$5.2 million, compared to the same period in 2023.

This growth was predominantly fueled by increased volumes of Lifeway’s flagship branded drinkable kefir.

Julie Smolyansky, President and CEO of Lifeway Foods, expressed her enthusiasm about the company’s milestone achievement.

“I’m thrilled to announce our 20th consecutive quarter of net sales growth, marking five years of consistent quarterly growth,” she said.

Smolyansky highlighted that the third quarter’s net sales were the company’s second-largest ever, attributing this to sustained consumer demand for Lifeway Kefir and strategic investments in product promotion.

In addition to kefir, Lifeway’s cheese category showed notable growth. The company’s Farmer Cheese, benefiting from rising consumer interest in soft cheese products, saw expanded distribution, further strengthening Lifeway’s market presence.

Smolyansky also announced significant retail expansion. Lifeway’s strawberry banana kefir flavor recently secured placement in approximately 1,000 stores of its largest retail customer, with resets expected to be completed in the fourth quarter.

Furthermore, the company anticipates additional distribution for its ProBugs product in 260 regional stores in December and Farmer Cheese in 1,400 national retail locations by Q1 2025.

“Interest in protein-rich, probiotic-laden products like Lifeway Kefir and Farmer Cheese is at an all-time high,” Smolyansky noted.

We are well-positioned to capitalize on this demand, ensuring that our trajectory remains stronger than ever in our 38-year history.”

The company’s third-quarter gross profit margin stood at 25.7%, reflecting operational efficiencies.

Smolyansky emphasized that Lifeway’s focus on branded products has allowed the company to maintain category dominance while streamlining operations and enhancing profitability.

Reflecting on Lifeway’s strategic progress, Smolyansky pointed to the success of the Lifeway 2.0 Strategic Growth Plan, initiated five years ago.

“Since its inception, our year-to-date net sales and gross profit have increased by 98.4% and 115.3%, respectively, demonstrating significant shareholder value creation,” she said.

Looking ahead, Smolyansky is optimistic about Lifeway’s prospects. The company is on track for record-breaking net sales in 2024, with momentum expected to carry into 2025.

“Our focus on operational execution and market expansion ensures we remain a leader in the probiotic and functional food space,” she concluded.

Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.

Newer Post

Thumbnail for Lifeway reports 13% YoY net sales growth for Q3

Woodlands Dairy partners Imagined Earth to champion sustainability

Older Post

Thumbnail for Lifeway reports 13% YoY net sales growth for Q3

Tate & Lyle moves towards 100% renewable energy across global operations

Be the first to leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *