LIFEWAY FOODS, INC.
Lifeway Foods Announces Record Results for the Second Quarter Ended
Highlights:
* Net sales increase 17.1% year-over-year to
* Delivers 15th straight quarter of year-over-year net sales growth and 1,170 basis points of yearover-year gross profit margin improvement
'I am thrilled to report yet another exceptional quarter in 2023, highlighted by our continued trend of strong year-overyear net sales growth as well as substantial gross margin improvements,' commented
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.'
Second Quarter 2023 Results
Net sales were
Gross profit as a percentage of net sales was 28.7% for the second quarter ended
Selling, general and administrative expenses as a percentage of net sales were 16.3% for the second quarter ended
The Company reported net income of
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About
Forward-Looking Statements
This release (and oral statements made regarding the subjects of this release) contains 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as 'continue,' 'build,' 'future,' 'increase,' 'drive,' 'believe,' 'look,' 'ahead,' 'confident,' 'deliver,' 'outlook,' 'expect,' and 'predict.' Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers, (ii) statements of future economic performance, and (III) statements of assumptions underlying other statements and statements about Lifeway or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from Lifeway's expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. A further list and description of these risks, uncertainties, and other factors can be found in Lifeway's Annual Report on Form 10-K for the fiscal year ended
RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESS
Consolidated Balance Sheets: See full press release at:
https://lifewaykefir.com/wp-content/uploads/2Q23-LWAY-Earnings-Release-.pdf
Media:
Vice President of Communications,
Email: derekm@lifeway.net
General inquiries:
Phone: 847-967-1010
Email: info@lifeway.net
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