The cost of milk remains a pressure on profits at Lifeway Foods, with first-quarter profits at the US kefir manufacturer down year-on-year.
Net profit for the three months to the end of March stood at US$660,000, down from $2.4m a year earlier.
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Operating profit also fell, down by more than two-thirds, as Lifeway battled “record” milk prices.
Lifeway’s top line was healthier, with net sales up 20% at $29.1m.
CEO Julie Smolyansky said Lifeway was confident it would see its results improve this year compared to 2013.
“The progress we have made in product innovation and the positive consumer response to our products has positioned us well to capitalise on our growth opportunities. We continue to add new distribution in the US and to expand Lifeway’s kefir probiotic reach. Looking ahead, our team remains committed to delivering increased financial results and we expect fiscal 2014 to be another record year.”
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