Lifeway Foods Inc. reported today reported net sales were $160.1 million for the year ended December 31, 2023, an increase of $18.6 million or 13.1% versus the prior year.
The 1971 song by Harry Nilsson states “You put de lime in de coconut, you drank ‘em bottom up.” However, when it comes to the dairy industry, consumers are putting de lime in the milk and drinking it up.
Net sales were $40.9 million for the third quarter, an increase of $2.8 million or 7.2% from the same period of 2022. The net sales increase was primarily driven by higher volumes of Lifeway branded drinkable kefir.
November 16, 2023
The company reported net income of $3.4 million or $0.23 per basic and diluted common share for the third quarter ended September 30, 2023, compared to net income of $1 million or $0.06 per basic and diluted common share during the same period in 2022.
In my history with this column, I have written about traditional fermented dairy topics like yogurts, sour cream, kefirs, and the ingredients they use.
At first glance, oats and coconuts have little in common. But they certainly share one thing: as milk alternative products, both products are flying off the shelves.
Net sales were $141.5 million for the year ended December 31, 2022, an increase of $22.5 million.
March 27, 2023
increase was primarily driven by higher volumes of its branded drinkable kefir and the impact of price increases implemented during the year, company stated.