Beyond Meat shares tumble on lower-than-expected Q1 sales
ABC News
Plant-based meat company Beyond Meat reported lower-than-expected sales in the first quarter as it slashed prices and demand from restaurants fell
Plant-based meat company Beyond Meat reported lower-than-expected sales in the first quarter as it slashed prices and demand from restaurants fell.
The El Segundo, California, company said its revenue rose 1.2% to $109.5 million in the January-March period. Wall Street had forecast revenue of $112 million, according to analysts polled by FactSet.
Beyond Meat's shares —— already down 60% from the start of this year —— tumbled 24% in after-hours trading.
Beyond Meat said its U.S. retail sales jumped 6.9% in the quarter, but that was mostly due to the introduction of Beyond Meat Jerky, a meatless jerky developed as part of a snack food partnership with PepsiCo. Beyond Meat said U.S. retail sales of its other products, including burgers and sausages, were lower than the prior year. U.S. food service sales also fell 7.5%.
