Laird Superfood grows sales in its first quarter
BOULDER — Laird Superfood Inc. (NYSE American: LSF) saw continued sales growth in its first fiscal quarter of 2024 and improvement in the bottom line, driven by substantial increases in online sales.
The Boulder-based company released its Q1 report, which ended March 31, this week.
The company experienced net sales of $9.9 million compared with $9.2 million in the prior quarter and $8.1 million in the corresponding prior-year period. E-commerce sales were a big factor in the performance, with online sales increasing by 33% year-over-year. Those sales contributed 59% to the total net sales.
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Sales through Amazon increased by 48% year-over-year, and direct-to-consumer achieved double-digit growth of 25% year-over-year.
Wholesale sales increased by 10% year-over-year and contributed 41% of total net sales, the quarterly report said.
“After more than 18 months of executing a turnaround on our business, I am pleased to announce first quarter results that demonstrate the achievement of our growth and margin goals,” Jason Vieth, CEO, said in a written statement. “Our 22% net sales growth during Q1 is among the best results for public companies within the food industry, and we achieved this through double-digit growth in each of our measured channels. Combined with another quarter of at least 40% gross margin, it’s becoming clear that our strategy is working as we continue to build Laird Superfood into a leading plant-based brand of natural, functional food products.”
Anya Hamill, chief financial officer, said that Laird has reduced operating expenses by $1.1 million and its net loss has improved by $3.1 million. That loss was listed at $1 million, or 11 cents per diluted share, compared with a net loss of $4.1 million, or 45 cents per diluted share, in the corresponding prior-year period.
Hamill said that the company is now projecting net sales of $38 million to $42 million.
Laird Superfood is a plant-based products company. Its stock price was at $2.87 per share, up 8.71%, as of noon Thursday.