Beyond Meat is navigating through the pandemicPublished by Terence Mahier | Source
Beyond Meat, the plant-based burger producer, posted better-than-expected earnings for Q1 🥦
The young company reported a net income of $1.8M compared with a net loss of $6.6M last year, mainly thanks to a spike in sales for retailers, benefiting from consumers eating at home. Beyond Meat also announced plans to capitalize on potential meat supply chain issues as the price of Beef and Pork is skyrocketing in the U.S., pushing customers towards new options 🐮
However & given the lockdown uncertainty, the company withdrew its earnings forecast for the year as restaurants still represent 50% of its revenue 🤔
Time to go vegetarian?
Beyond said it will seek to fill any gaps in supermarket supply chains with its value packs and greater-than-normal discounts aimed at narrowing the price gap between Beyond’s plant-based burgers and beef ⚔️
The CFO: “Despite near-term challenges ahead stemming from the ongoing global health crisis, our improving operating results and continued strength of our balance sheet give us added confidence about the Company’s long-term financial position.” 😎
Too much confidence?
Beyond Meat stock skyrocketed 26% yesterday, showing the enthusiasm for the brand as well as the optimism regarding its plan to capitalize on the meat shortages to penetrate the retail market more aggressively 📈
Will the rally continue further?
- Newspill Team 💊
07-May 08:33 (Eastern Time)
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