Lifeway Foods, the US manufacturer of kefir products, has reported higher third-quarter sales and profits.
The company booked net income of US$1.7m for the three months to the end of September, up from $1.4m a year earlier. Operating income grew at a slower rate, increasing from $2.1m to $2.2m.
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However, gross margins fell four percentage points to 29% amid a sharp increase in milk costs, which were up by more than a third year-on-year.
Net sales grew 15% to $23.8m as Lifeway continued to build distribution of its products.
CEO Julie Smolyansky said Lifeway had put in “another strong quarter”. She said: “The investments we have made in our business have created strong momentum and we are on track to report record results this year.”
Click here for just-food’s interview with Smolyansky, held last month, in which she discussed the company’s international ambitions.
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