Beyond Meat, a plant-based meat alternative maker, reported an 8.1% year-on-year fall in third-quarter revenue, according to Reuters. The company said the decline was mainly due to a drop in the volume of products sold, reported Reuters.
Gross margin rose to 19.3%, the highest in five years, which the company attributed to reduced manufacturing, inventory and logistics expenses. The net loss narrowed from a year earlier, helped by improved gross profit and other income.
International retail sales rose, driven by increased burger and ground beef sales in Europe.
Beyond Meat expects fourth-quarter net revenue of $54 million to $59 million. It said the operating environment remains uncertain and volatile and may affect future results, and it is limiting guidance to the fourth-quarter revenue outlook because of that uncertainty.
Click here to see more...