Lifeway Foods Inc., (Nasdaq: LWAY), a leading supplier of cultured dairy products known as kefir and organic kefir, announced preliminary sales results for the fourth quarter and full year ended Dec. 31, 2013.
Fourth quarter of 2013 gross sales increased approximately 26 percent or $5.9 million to $28.8 million compared to $22.9 million in the same period last year. Full year 2013 gross sales increased approximately 21 percent to $108.2 million compared to $89.8 million last year. This increase is primarily attributable to increased sales and awareness of the Company's flagship line, Kefir, as well as ProBugs® Organic Kefir for kids and BioKefir.
Total consolidated net sales increased approximately 25 percent or $5.3 million to $26.3 million during the three-month period ended Dec. 31, 2013 from $21.0 million during the same three-month period in 2012. Full year 2013 net sales increased 20 percent to $97.6 million compared to $81.4 million in 2012. Net sales are recorded as gross sales less promotional activities such as slotting fees paid, couponing, spoilage and promotional allowances as well as early payment terms given to customers.
"We are extremely pleased with another year of record sales growth," said Julie Smolyansky, CEO of Lifeway Foods. "Distribution of Lifeway's kefir products continues to grow in new and existing markets, and we believe the strategic investments made in 2013 will enable us to further increase our capacity to meet the strong demand for kefir in 2014 and beyond."
The Company will report full financial results for the fourth quarter and full year ended Dec. 31, 2013 in late March or early April 2014.