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Beyond Meat cuts revenue forecast as retail demand dips; shares plunge -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Products of Beyond Meat Inc (vegan burger manufacturer) are displayed at Encinitas market, California, U.S.A, June 5, 2019. REUTERS

(Reuters) – Beyond Meat Inc cut Friday its third quarter revenue forecast. It blamed a variety of factors, including a decline in grocery store demand and a labor shortage. This led to stock prices falling 13% before market.

A faux meat manufacturer also stated that new orders for a distributor serving one of their large clients did not come through, and severe weather damaged inventory at one of its facilities.

It now anticipates that third-quarter net revenues will be about $106 millions, as opposed to its earlier forecast of $120million to $140million.

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