Beyond Meat burned by COVID-19 restaurant trends – Fox Business
Consumers can enjoy fake meat products at Canadian Starbucks chains
Beyond Meat shares sank on Thursday as the company explained pandemic pressures caused it to fall short of earnings expectations.
The plant-based meat company reported a net loss of $27.3 million, which was attributed to a decline in its foodservice channel sales during the pandemic.
During the quarter, Beyond Meat said. decreased foot traffic at restaurants, streamlined menu offerings and restrictions on foodservice locations’ operating capacity “meaningfully curtailed operations” at restaurants that it typically sells to.
Beyond Meat President and CEO Ethan Brown said he was beginning to see a “slow thaw” of those patterns.
“As I look at the foundation we are putting in place, I have never been more optimistic about Beyond Meat’s future as a significant and enduring global protein company,” Brown said in a statement. “More near-term, we are cautiously returning to the practice of issuing guidance, starting with net revenues, as we have recently begun to see a slow thaw occurring within foodservice both domestically and in certain international markets.”