Beyond Meat Sees US Retail Sales Fall 34% in Q3

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Beyond Meat Sees US Retail Sales Fall 34% in Q3

Seekingalpha2023-11-09

Beyond Meat (NASDAQ: BYND) rose slightly in postmarket trading on Wednesday though the company said it was disappointed by the overall Q3 results as it continues to experience worsening sector-...

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Revenue for the U.S. retail channel fell 33.9% during the quarter. Total revenue was down 8.7% from a year ago.\"While we expect current headwinds to persist in the coming quarters, we have confidence in the long-term trajectory of our business, its central relevance to the intensifying health, climate and natural resource challenges facing our global community, and our ability to emerge as a stronger, leaner organization as a result of the decisive measures we are undertaking to fit the current macroeconomic reality and business environment,\" noted CEO Ethan Brown..BYND said it is conducting a review of global operations for the purpose of further and significantly reducing operating expense base as the company seeks to accelerate the transition to a sustainable and, ultimately, profitable business. Guidance was set for full-year revenue to decrease of approximately 21% to 19% compared to 2022. 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