Beyond Meat reported better-than-expected fourth quarter sales despite flagging consumer demand and lower prices.
FILE - Packages of Beyond Meat's Beyond Burgers and Beyond Sausage, are shown in this photo, in New York, on April 29, 2021. Beyond Meat reports their financial earnings on Thursday, Feb. 23, 2023.
Beyond Meat’s net loss narrowed to $66.9 million for the quarter, or $1.05 per share. That also beat Wall Street’s forecast of a $1.18 per-share loss. High prices were one the reasons for a broader slowdown in demand for fresh plant-based meats like burger patties and sausages last year, as shoppers confronted overall inflation at the grocery. U.S. sales of fresh meat alternatives fell 11% in 2022, wiping out the 11% gain they had seen in 2021, according to NielsenIQ.
“This category will win over time on three things. It will win around taste. It will win around a proper understanding of the health benefits that our products provide. And on price," Brown told investors during a conference call Thursday.
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