Lifeway Foods' 2022 net sales increase by 19%
Net sales were $141.5 million for the year ended December 31, 2022, an increase of $22.5 million.
Lifeway Foods Inc. financial results for the fourth quarter and full year ended December 31, 2022, with net sales reaching $141.5 million, an increase of $22.5 million or 18.9% from the prior year.
The net sales increase was primarily driven by higher volumes of its branded drinkable kefir and the impact of price increases implemented during the year, and to a lesser extent, the favorable impact of its acquisition of Glen Oaks Farms during the third quarter of 2021, the company stated.
Gross profit as a percentage of net sales was 18.9% for the year ended December 31, 2022.
Selling, general and administrative expenses as a percentage of net sales were 16.9% for the year ended December 31, 2022, compared to 19.1% in the prior year.
Lifeway Foods reported net income of $0.9 million or $0.06 per basic and diluted common share for the year ended December 31, 2022, compared to net income of $3.3 million or $0.21 per basic and diluted common share during the same period in 2021.
"Culminated by our 13th straight quarter of year-over-year topline growth, I am thrilled to report the highest recorded year of sales in Lifeway's history, up 18.9% compared to a very strong year in 2021, and up 51.1% when compared to 2019," commented Julie Smolyansky, president and CEO of Lifeway Foods. "What we accomplished in 2022 was a remarkable feat, reflecting our team's year-round execution of the Lifeway 2.0 strategy, and driven by the continued dominance of our core Lifeway Kefir product. Throughout 2022 we strategically invested behind our core products to expand awareness and drive velocities, and our efforts clearly paid dividends. Despite facing broader macro headwinds that affected our industry, our premium, better-for-you offerings grew in both consumption and dollars. In the year ahead, we aim to assess further distribution opportunities in current and new channels such as convenience, where we have seen positive initial results. We will look to pursue incremental brand awareness and exposure for our category-leading, core Lifeway Kefir behind continued investments in marketing. I am extremely happy with our performance in this record-breaking year and look forward to continuing this momentum in 2023."
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