US: Lifeway books “record” first quarter

By: just-food.com | 8 April 2010

Lifeway Foods has booked “record” consolidated sales for the first quarter of the 2010 fiscal year.

The kefir maker saw total consolidated sales for the quarter ended 31 March increase year-on-year 16% to US$15.9m.

CFO Edward Smolyansky said the firm was “extremely pleased” with its revenue results.

“We continue to grow our SKU's offerings at our existing customers while at the same time adding new grocery and retail accounts and opening up new revenue channels such as convenience stores," Smolyansky said.

"As is our historical norm, the first two weeks of the year we shipped approximately half of what we averaged for the remaining 11 weeks of the quarter, and for those remaining 11 weeks, we averaged $1.3m in revenue. This increase in weekly shipments is extremely encouraging as we look to continue our growth in 2010."

Sectors: Dairy, Financials

Companies: Lifeway Foods