Beyond Meat misses quarterly sales estimates
Increased competition was cited as the cause
12 May 2022
1 minute read
By: Beyond Meat Inc missed estimates for quarterly revenue on Wednesday, as the plant-based protein maker wrestled with increased competition in the United States, reported Reuters.
The plant-based meat space has become more competitive in recent years as more traditional names including Tyson Foods Inc, Kellogg Co, as well as newbies have entered the fray and are offering big discounts to attract consumers.
Sales to US restaurants and other food-service joints decreased 7.5% in the first quarter ended 2 April.
"The decrease in US foodservice channel net revenues was primarily attributable to the discontinuation of distribution at a certain customer, which was included in the year-ago period," the company said.
Net revenue was $109.5 million in the reported quarter, compared with $108.2 million a year earlier. Analysts polled by Refinitiv had expected $112.3 million.
