Beyond Meat forecasts revenue below estimates as retail demand slumps

This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEHA91DO_L.jpg

Beyond Meat (NASDAQ:BYND) cut its third-quarter revenue forecast last month as the faux meat maker, which generates the bulk of its revenue from retailers, took a hit from fewer people stockpiling plant-based burgers and sausages at home after they returned to dining out.

The company also flagged a host of other issues hitting its business, including a labor shortage that has led to delays in restocking shelves and severe weather causing damage to inventory stored at one of its facilities.

The company said it expects fourth-quarter net revenue of $85 million to $110 million, compared with analysts’ estimates of $131.6 million, according to IBES data from Refinitiv.

Net revenue rose 12.7% to $106.4 million in the three months ended Oct. 2, compared with estimates of $109.2 million, according to IBES data from Refinitiv.

Add Comment