MORTON GROVE, IL
Net sales for cultured dairy supplier Lifeway Foods increased 27% to $30.1 million during Q3 2014 from $24 million in the same period last year.
“Our strong double digit net sales growth in the third quarter demonstrates the continued demand for our nutritious probiotic kefir products,” said Julie Smolyansky, CEO. “Greater brand awareness, increased distribution, and successful new product innovation helped us deliver another quarter of profitability despite continued pressure from increased milk prices. We are committed to executing on our long-term growth strategy and believe there are compelling opportunities ahead as we expand with new and existing customers.”
Gross profit for Q3 2014 was $7.4 million compared to $6.9 million during the same period last year. The company’s gross profit margin decreased to 25% versus 29% last year, which was attributed to an approximate 20% increase in the cost of milk, according to Lifeway Foods’ financial report.
During the nine-month period, ended September 30, 2014, Lifeway Foods reported an approximate 25% increase in total consolidated net sales. Total consolidated net sales increased by $17.6 million to $88.8 million, compared to $71.3 million during the same nine-month period in 2013.
Congrats on the strong quarter, Lifeway!
