Beyond Meat reported a decline in sales due to inflation – Kommersant
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Late yesterday evening, the world’s largest producer of plant-based meat substitutes, the American company Beyond Meat reported about plans to lay off 19% of employees in non-production departments (65 people) due to falling sales. The company noted that its sales fell 21% in the United States. Beyond Meat attributes this to rising inflation, forcing consumers to increasingly buy cheaper, natural meat. Based on the results of the third quarter, the company expects a decrease in revenue by 8.5%, to $75 million, and a net loss in the region of $7–8 million. The company will present full operating results for the third quarter on November 8.
In the second quarter, Beyond Meat also recorded decline in performance due to inflation. In addition, Beyond Meat products now face competition from giants such as Kellogg or Tyson Foods. Last year, Beyond Meat announced it would lay off 200 employees to cut costs.
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