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

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Beyond Meat says its first-quarter revenue fell nearly 16% due to lower demand in most markets for its plant-based burgers, sausages and other products

Beyond Meat Results

Beyond Meat said Wednesday that its first-quarter revenue fell nearly 16% due to lower demand in most markets for its plant-based burgers, sausages and other products.

Beyond Meat's U.S. retail sales fell 35% despite discounting as shoppers weary from inflation turned to cheaper alternatives. One bright spot was international food-service sales, which nearly doubled over the same period last year. Beyond Meat and McDonald's introduced plant-based McNuggets in Germany in February.

El Segundo, California-based Beyond Meat reported revenue of $92.2 million for the January-March period. That was slightly higher than the $91.7 million Wall Street forecast, according to analysts polled by FactSet.

The company narrowed its net loss to $59 million, compared to a net loss of $100.5 million in the same period a year ago. Beyond Meat cut 200 jobs last fall and has been slashing manufacturing costs.

The loss, of 92 cents per share, also beat analysts' forecast of a $1.01 per-share loss.

Beyond Meat's shares rose nearly 7% in after-market trading.

The company said it expects full-year revenue of between $375 million and $415 million. That would fall short of the $418 million Beyond Meat made last year. Analysts expect full-year revenue of $390 million.

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Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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