US-based supplier of kefir and fermented probiotic products, Lifeway Foods, Inc. has reported a 25.3% year-on-year increase in net sales to $49.2 million (€44.6 million) in the second quarter of its financial year.
Gross profit as a percentage of net sales was 27.0% for the quarter ended 30 June 2024, the company noted.
Net income for the quarter amounted to $3.8 million (€3.4 million), up from $3.2 million (€2.9 million) in the same period in 2023.
Julie Smolyansky, president and chief executive officer of Lifeway Foods, stated, "Our incredible momentum continued in the second quarter as we delivered our 19th consecutive quarter of net sales growth and our fifth consecutive quarter breaking the Lifeway record on the topline."
The company attributed its growth to continued volume growth in its flagship Lifeway drinkable kefir.
The company has witnessed increased demand for bioavailable foods like Lifeway Kefir and Farmer Cheese, with customers demonstrating their loyalty to its premium, healthy offerings.
'A Remarkable Milestone'
Smolyansky added, "Notably, we delivered nearly $50 million (€45.3 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."
Lifeway Foods continued to boost its profitability profile with robust gross margins and strong net income growth.
The company added that it seeks to continue to invest in the Lifeway brand "to drive velocities", win new customers, and position itself to deliver more "outstanding performances" through the second half of this year and beyond.
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