Beyond Meat on Thursday reported better-than-expected fourth quarter sales despite flagging consumer demand and lower prices.
By Dee-Ann Durbin | Associated Press
The plant-based meat maker said its revenue fell 21% to $80 million in the October-December period. Still, that beat Wall Street’s expectations. Analysts polled by FactSet were forecasting revenue of $75.8 million.The El Segundo, California-based maker of plant-based burgers, sausages, nuggets and other products said its sales volumes continued to decline despite price cuts in the U.S. and Europe. The strong dollar also hurt profits from abroad, the company said.
Beyond Meat President and CEO Ethan Brown said the company is seeing progress in its drive to cut costs and manufacturing complexity. Beyond Meat cut 200 jobs — or 19% of its workforce — in October and has narrowed its North American contract manufacturers from eight to three. It also reduced inventory.
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.
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