Beyond Meat revenue falls 16% in the first quarter due to weak consumer demand

DEE-ANN DURBIN

,

AP Business Writer

May 10, 2023

Updated: May 10, 2020 3:58 pm

FILE – Beyond Meat products can be seen inside a refrigerator case in an Illinois grocery store on February 19, 2022. Beyond Meat announced Wednesday, May 10 2023, its first-quarter revenues fell by nearly 16% because of lower demand for its plant-based sausages, burgers and other products in most markets.

Nam Y. Huh/AP

Beyond Meat reported Wednesday that the company's first-quarter revenues fell by nearly 16% as a result of lower demand for its plant-based sausages, burgers and other products in most markets.

Beyond Meat’s U.S. sales declined 35%, despite discounts. Shoppers weary of inflation chose cheaper alternatives. International food-service sales nearly doubled compared to the same period in 2013. In February, Beyond Meat and McDonald's launched plant-based McNuggets for the German market.

Beyond Meat, a Californian company based in El Segundo reported a revenue of $92.2 millions for the period January-March. According to FactSet analysts, this was slightly more than the Wall Street forecast of $91.7 million.

The company's net loss was reduced to $59m, down from $100.5m in the same time period last year. Beyond Meat has cut 200 jobs since last fall, and is reducing manufacturing costs.

Analysts had predicted a loss of $1.01 per share.

Beyond Meat shares rose by nearly 7% after market trading.

The company expects to generate revenues between $375 and $415 millions for the full year. This would be less than the $418 Million Beyond Meat generated last year. Analysts predict a revenue of $390 millions for the full year.

Written By

DEE-ANN DURBIN