Beyond Meat revenue falls as rising demand in Europe can't overcome plummeting US sales
Beyond Meat’s revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S. Beyond Meat on Wednesday reported revenue of $75.3 million for the July-September period
Beyond Meat’s revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S.
Beyond Meat on Wednesday reported revenue of $75.3 million for the July-September period. That was far short of the $86.5 million Wall Street had anticipated, according to analysts polled by FactSet.
Beyond Meat cut its third-quarter and full-year revenue forecast last week, saying an anticipated rebound in plant-based meat sales during the quarter didn't occur. The company said it would cut 65 non-production jobs — about 19% of its workforce — and conduct a broader review of its operations.
In a conference call with investors Wednesday, Beyond Meat President and CEO Ethan Brown said the company is considering cutting underperforming product lines like plant-based jerky and reducing the size of its operations in China, where demand is growing but not as quickly as Europe. It's also continuing to cut inventory.
“To drive down the type of cost reduction we’re pursuing everything has to be on the table," he said.
Brown said customer demand in Europe was a bright spot during the quarter. Beyond Meat's international retail sales rose 39% while international food service sales jumped 79%, largely due to European demand for its plant-based burgers and nuggets at McDonald’s. McDonald’s doesn’t sell those products in the U.S.
Brown said European consumers buy plant-based meat because they're concerned about the climate and they
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