Lifeway Foods, Inc. reported net sales of $46.1 million for the third quarter ended September 30, 2024, an increase of 12.7% from the same period in 2023. This marks the company's 20th consecutive quarter of year-over-year net sales growth, driven primarily by higher volumes of its branded drinkable kefir.
For the nine months ended September 30, 2024, net sales reached $139.9 million, an 18.5% increase from the prior year. Net income for the third quarter was $3.0 million, or $0.19 per diluted share, while year-to-date net income was $9.2 million, or $0.60 per diluted share.
The company also announced significant distribution gains, including strawberry banana Lifeway Kefir in an estimated 1,000 stores of its largest retail customer, incremental ProBugs distribution in approximately 260 regional retailer stores by December, and Farmer Cheese placement in an estimated 1,400 stores with a large national retailer by the end of Q1 2025.
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