Earnings Labs

Lifeway Foods, Inc. (LWAY)

Q2 2020 Earnings Call· Wed, Aug 12, 2020

$28.02

+0.88%

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Transcript

Operator

Operator

Good afternoon. Welcome to Lifeway Foods Second Quarter 2020 Earnings Conference Call. On the call with me today is Julie Smolyansky, Chief Executive Officer. By now, everyone should have access to the press release that went out this evening. If you have not received the release, it is available on the Investor Relations portion of Lifeway's website at www.lifeway foods.com. A recording of this call will be available on the company website. Before we begin, we would like to remind everyone that prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. The words believes, expect, anticipate and other similar expressions generally identify forward-looking statements. These statements do not guarantee future performance and, therefore, undue reliance should not be placed on them. Actual results could differ materially from those projected in any forward-looking statements. Lifeway assumes no obligation to update any forward-looking projections that may be made in today's release or call. All of the forward-looking statements contained herein speak only of as the date of this call. And with that, I would like to turn the call over to Lifeway's Chief Executive Officer, Julie Smolyansky.

Julie Smolyansky

Management

Thank you, Madeline, and good afternoon to everyone joining us. Thank you, as always, for your interest in Lifeway Foods. In the time since our last earnings call, the entire world has continued to navigate the COVID-19 pandemic. This has created a very dynamic operating environment, but at Lifeway, we have faced challenges head-on to deliver healthy probiotic products to our customers when they need them most. While the health and safety of our entire team is our top priority, we have remained nimble and agile to best support our valued retail partners and customers as well as consistently execute on our long-term transformational plan to deliver long-term growth and value for our shareholders. On behalf of everyone at Lifeway, I'd like to continue to express our deepest sympathies to all those who are affected by COVID-19 and thank the health professionals working to keep people safe throughout this crisis. During this time of unprecedented uncertainty, we all have a role to play to support our local and national communities and each other. Lifeway's commitment to expanding access to healthy, nutritious food is a mission we take seriously, especially in light of current events. Today, I will review how we are responding to COVID-19, in addition to sharing our second quarter results. Consistent with the height of grocery sales in April and May, likely second quarter sales were up 8% from a year ago. To match this increased demand, we have been in constant communication with our retailers and have made the appropriate adjustments to our supply chain. With shelter-in-place orders still implemented throughout certain states in the country, we have shifted our in-store promotions to digital events with our retail partners in the second quarter. These include online promotions with delivery services such as Instacart, AmazonFresh and others. These…