Beyond Meat Reports Wider-than-Expected Q1 Loss, Sales Decline
Beyond Meat posted a wider-than-expected quarterly loss and an 18% drop in revenue on Wednesday as its higher priced plant-based meat products hit volumes.
WHY IT'S IMPORTANT
Demand for Beyond Meat's products - including burger patty, sausages and ground beef - weakened as their customers such as McDonald's and Yum Brands saw sluggish consumer demand owing to sticky inflation.
CONTEXT
While Beyond Meat increased its prices in the current quarter, the company's volumes fell 16.1% as consumers kept a tight lid on spending...
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