Nov 9 (Reuters) - Beyond Meat on Wednesday missed estimates for quarterly results as consumers looking for more affordable alternatives in the face of decades-high inflation trade down from its pricier plant-based meat products.
Shares of the company fell about 1% in extended trading after the plant-based meat maker also said it was negatively impacted by certain customer and distributor changes including reductions in targeted inventory levels.
Value-oriented consumers have been curbing spending on discretionary products such as the pricer plant-based meat products and look for pocket-friendly options, including animal meat.
In October, Beyond Meat cut its full-year revenue forecast for a second time as the company sees demand soften specifically in its refrigerated sub-segment.
Lingering industry-wide supply chain challenges, the Russia-Ukraine war and rising inflation have resulted in higher freight, commodity and labor expenses for the company, straining its margins.
Beyond Meat said gross margin declined 18%, compared to a rise of 21.6% a year earlier.
The company reported a net loss of $101.7 million, or $1.60 per share, for the third quarter. Analysts on average had expected a loss of $1.14 per share, according to IBES data from Refinitiv.
Net revenue fell 22.5% to $82.5 million, missing analysts' estimates of $98.1 million.
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