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.