The American manufacturer of meat substitutes beyond meat is in a disappointing quarter. The company was particularly interested in the American consumer company’s interest in vegetable burgers and other plant-based products. This growth has reduced revenues. Losses in the final quarter of the fiscal year were higher than experts expected.
In the United States (US) alone, sales are down nearly 14 percent from a year earlier. The supermarket in particular sold very little to customers. Sales in the United States have plummeted due to bad weather. New products such as Imitation Chicken make up for the decline to some extent.
The company’s total turnover rose nearly 13 percent to $ 106.4 million, about 92.8 million euros. Against disappointing demand in the United States, the company noted strong international growth. Sales in restaurants and supermarkets have doubled.
In October the company warned investors that it would report weaker-than-expected sales. In doing so, the company implemented a number of factors, including delta variation and distribution problems of the corona virus.
The IPO of Beyond Meet in May 2019 is a real sensation. The stock, which opened at $ 25 (யூ 21.80 converted), rose to $ 196 in the short term. That initial enthusiasm among investors had waned somewhat. Currently, the stock is priced at $ 95, worldwide at .8 82.86.
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