Gross profit as a percentage of net sales was 21.7% for the first quarter ended March 31, 2023, compared to 16.4% in the same period of 2022.
Lifeway Foods Inc. announced its net sales were $37.9 million for the first quarter ended March 31, 2023, an increase of $3.8 million or 11.2% from the same period of 2022. The net sales increase was primarily driven by higher volumes of its branded drinkable kefir and the impact of price increases implemented during the fourth quarter of 2022.
Gross profit as a percentage of net sales was 21.7% for the first quarter ended March 31, 2023, compared to 16.4% in the same period of 2022. The 530-basis point increase versus the prior year was primarily due to the impact of price increases implemented during the fourth quarter of 2022 and higher volumes of our branded product, and to a lesser extent the favorable impact of milk pricing and favorable transportation costs.