Beyond Meat, the popular plant-based meat maker, recently announced that its third-quarter sales are expected to fall short of internal expectations. As a result, the company is taking measures to cut costs, including reducing its non-production workforce by 19%.
According to the company, third-quarter revenue is projected to reach approximately $75 million, which is below the $87.6 million estimate provided by analysts surveyed by FactSet. Beyond Meat's Chief Executive, Ethan Brown, expressed disappointment in the unexpected lack of growth during this period.
The decline in sales was attributed to a softening demand for plant-based meat and a failure of the company's promotional efforts to entice consumers. Furthermore, sales of Beyond Meat's core products, such as their plant-based burgers and beef, fell short of expectations compared to the success of their newer offerings like plant-based steak and chicken nuggets.
In light of these challenges, Beyond Meat has revised its full-year sales forecast to be in the range of $330 million to $340 million. This reflects a year-over-year decline of 19% to 21%. Additionally, the company is considering the possibility of discontinuing certain product lines as it restructures its global operations.
Despite these setbacks, Beyond Meat remains committed to providing high-quality plant-based alternatives to traditional meat. While they navigate these obstacles, the company will continue to work towards innovative solutions that cater to the evolving preferences of conscious consumers.
Our Latest News
Wickes Group reported an improved second-quarter performance with 3% sales growth, unveiling a capital allocation policy and positive profit outlook.
The strike in Hollywood, which lasted for months, has been resolved, causing a slight decline in the stock market for communications services companies. This ar...
Bitcoin maintains its position at elevated levels following a recent rally, benefiting from the belief that the Federal Reserve has concluded its cycle of inter...