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Meat substitutes, signs of crisis

In trouble for the giant Beyond Meat, which lost 18% of its turnover in the quarter

15, May 2024

Is it already crisis time for fake meat? This is what experts and industry insiders are asking themselves these days, who are definitely worried by the quarterly numbers of a giant like the US-based Beyond Meat. The company specialising in veg meat substitutes, based in El Segundo, California, closed the first quarter with a net turnover of $75.6 million, down 18% year-on-year, and a gross profit of $3.7 million, or a margin of 4.9%, compared to $6.2 million (or a gross margin of 6.7%) in the previous period.
It doesn't end there, as the negative numbers continued with an operating loss of $53.5 million, or an operating margin of -70.7%, compared to an operating loss of $57.7 million, or an operating margin of -62.6%, in the previous period. Adjusted operating loss was $46 million, or an adjusted operating margin of -60.8%, reflecting the exclusion of a $7.5 million provision related to a consumer class action settlement
Also. Net loss was $54.4 million, or $0.84 per share, compared to a net loss of $59 million, or $0.92 per common share, in the prior period.

fc - 40720
Roma, RM, Italia, 14/05/2024 18:37
EFA News - European Food Agency

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