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☆ Beyond Meat plans to hike prices as part of a huge turnaround plan to fight slumping sales of plant-based meat
  + stars: | 2024-02-28 | by ( Grace Dean | ) www.businessinsider.com   time to read: +5 min
Read previewBeyond Meat has unveiled details of a massive turnaround plan, including raising the prices of its plant-based meat, as it struggles with slumping sales. Advertisement"This change in strategy does not reflect an abandonment of our long-sought price parity goal," Brown said, referring to the company's goal of making plant-based meat the same price as animal meat. Some products, including those in grocery stores, would barely change in price, Brown said. Misinformation about plant-based meat is 'scaring customers away'Beyond Meat posted net revenues for 2023 were $343.4 million, a decrease of 18% compared to 2022. It attributed declining US sales to weak demand for plant-based products, as well as Beyond Meat offering more discounts.
Persons: —, Ethan Brown, Brown, Lubi Kutua Organizations: Service, Business, Bosh
☆ Beyond Meat, the poster child of plant-based meat, saw sales tank as cash-strapped shoppers turn away from expensive alternative proteins
  + stars: | 2023-08-08 | by ( Grace Dean | ) www.businessinsider.com   time to read: +4 min
Beyond Meat's sales tanked by nearly a third in Q2, which the company attributed to weak demand. Consumers are financially squeezed and they're skeptical of the health benefits of plant-based meat, execs said. Brown said that the "number one issue" with the plant-based meat category was that it ultimately wasn't bringing in enough new consumers. International markets saw a much smaller drop in revenues year-over-year. While environmental concerns are a major motivator for people buying plant-based meat in Europe, "here in the US, it's more driven by health," Brown said.
Persons: execs, Ethan Brown, Brown, Lubi Kutua, Kutua Organizations: Service Locations: Europe, Wall, Silicon
☆ Beyond Meat's upbeat 2023 revenue forecast, cost controls lift shares
  + stars: | 2023-02-23 | by ( Granth Vanaik | ) www.reuters.com   time to read: +2 min
Feb 23 (Reuters) - Beyond Meat Inc (BYND.O) on Thursday forecast annual revenue slightly above estimates and doubled down on cost controls at a time when persistently high inflation was slowing demand for its faux meat products, sending its shares up over 13% after the bell. The company's net revenue fell 21% to $79.9 million in the quarter ended Dec. 31 from a year earlier, but still beat analysts expectations of $75.7 million. Net loss for Beyond Meat narrowed to $66.9 million, or $1.05 per share, in the fourth quarter. In October, Beyond Meat had said it was targeting cash flow positive operations within the second half of 2023. Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
☆ Beyond Meat cuts revenue view, jobs as inflation hits plant protein demand
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +2 min
Oct 14 (Reuters) - Beyond Meat on Friday cut its annual revenue forecast for the second time due to slowing demand for faux meat as consumers look for cheaper options to beat rising prices and announced jobs cuts as well as executive departures. The plant-based meat producer plans to cut 200 jobs this year and said its finance chief Philip Hardin, who has been in the role for just over a year, will leave at the end of the month. FILE PHOTO - A Beyond Meat Burger is seen on display at a store in Port Washington, New York, U.S., June 3, 2019. "We are significantly reducing expenses and sharpening our focus on a set of key growth priorities," Chief Executive Officer Ethan Brown said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Venugopal and Mehr Bedi in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
☆ Beyond Meat to cut 19% of its workforce as sales, stock struggle
  + stars: | 2022-10-14 | by ( Sara Salinas | ) www.cnbc.com   time to read: +1 min
Vegetarian sausages from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California, June 5, 2019. Beyond Meat plans to cut 19% of its workforce, or about 200 employees, the company said Friday in a regulatory filing. Shares of the company, already down about 77% so far this year as the company struggles with declining sales, fell in premarket trading Friday. The company also said Chief Financial Officer Philip Hardin stepped down from his post earlier this week. Lubi Kutua, previously Beyond Meat's vice president for financial planning and analysis as well as investor relations, assumed the top financial role on Thursday.
☆ Beyond Meat announces layoffs, cuts revenue forecast as inflation hits demand
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +2 min
Oct 14 (Reuters) - Beyond Meat said on Friday it would cut 200 jobs and slashed its annual revenue forecast for the second time, citing slowing demand for faux meat as consumers look for more cheaper options to beat rising prices. The company also announced the departure of finance chief Philip Hardin at the end of the month and named board director Lubi Kutua as his replacement. Shares fell more than 10% before the bell, with the company saying rising competition as another reason for the forecast cut. The company said it would incur a one-time cash charge of about $4 million related to the job cuts in the fourth quarter. Beyond Meat, which had about 1,100 employees at the end of last year, expects the reduction in workforce to be complete by the end of year.
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