Freshpet, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with net sales reaching $975.2 million, a 27.2% increase from $766.9 million in 2023. The company's gross profit also improved, totaling $396.0 million, which represents 40.6% of net sales, compared to $250.9 million or 32.7% of net sales in the previous year. This increase in profitability was attributed to lower input costs and improved operational efficiencies. Freshpet's net income for the year was $46.9 million, a substantial recovery from a net loss of $33.6 million in 2023.
The company experienced notable changes in its operational metrics, including a 26.1% increase in sales volume year-over-year. Freshpet's customer base expanded, with approximately 13.5 million households in the U.S. purchasing its products by the end of 2024, up from previous figures. The company has set a target of reaching 20 million households by 2027. Freshpet's distribution network also grew, with its products available in approximately 28,141 retail locations, including grocery, mass, and pet specialty stores.
Strategically, Freshpet has focused on expanding its manufacturing capabilities, with significant investments in its Freshpet Kitchens facilities. The Ennis, Texas facility is undergoing a phased expansion, with two production lines commissioned in 2023 and plans for further growth in the coming years. The company also launched new product lines and enhanced its marketing efforts, which contributed to increased brand awareness and consumer engagement.
Freshpet's selling, general, and administrative expenses rose to $358.0 million, consistent as a percentage of net sales at 36.7%. The company continues to invest in marketing and advertising to drive brand awareness, with media costs increasing to $111.3 million in 2024. Looking ahead, Freshpet anticipates continued growth driven by consumer trends favoring fresh and natural pet food options, although it acknowledges potential risks related to market conditions, supply chain disruptions, and competition in the pet food industry. The company remains committed to its mission of providing high-quality, fresh pet food while managing costs and expanding its operational capacity.
About Freshpet, Inc.
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