Shares at Beyond Meat fell more than 6% in the U.S. after a four-day sale on Thursday following results that showed the impact of strong competition and the frustration of advances that bring its meat to the restaurant.
The company fell sharply in the first quarter redder than expected by analysts, citing a 42-cent deficit of more than double the forecast. These figures are compared with the 5 cents share of the same share last year.
Prices rose by 11% to $ 108.2m, but they also missed out on $ 113.7m.
Beyond Meat said it continued to have a “significant reduction in food demand” as consumers stay away from restaurants and restaurant owners change offerings or close or cut jobs.
At the beginning of the epidemic, the company wrote a jump in money from retail customers who rushed to the store, which helped to reduce the temporary decline in restaurant sales. However, Thursday said the increase in consumer demand has “slowed”.
Shares of the company began to feel pressure from earlier this month after Tyson’s meat processing he found its own species of animal donors.
Beyond Meat, the Competitive Food Competition, has also fueled the price war, announcing earlier this year that its second price cut in less than 12 months and a reduction in retail customers.
Impossible Foods increased volume sales and gained a share in the market “mainly because of the Beyond Meat”, says Alexia Howard, a researcher at Bernstein.
Beyond Meat said the overall profit in the first quarter was $ 32.7m, giving a margin of 30.2%, compared to $ 37.7m and a margin of 38.8% over the same period last year. It condemned the rise in car prices and retention, among other things, and added sales discounts and shifts to retail sales.
It has managed to lower its prices to a pound per pound compared to last year due to higher inflation and move to larger underputs at lower prices.
Since the epidemic, the company has stopped investing and managing finances, but offered a second quarter prospect of between $ 135m to $ 150m, an increase of 19 to 32% from 2020.
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