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Beyond Meat forecasts revenue below estimates as retail demand slumps -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Products of Beyond Meat Inc are displayed at Encinitas market, California on June 5, 2019. REUTERS//File Photos

(Reuters] -Beyond Meat Inc’s fourth-quarter revenues were below its estimates Wednesday. The forecast signals continued weakness from the demand for its plant-based-meat products at grocery stores, which drove its shares down 10% over extended trading.

Beyond Meat (NASDAQ) lowered its third quarter revenue estimate last month. The faux meat manufacturer, which earns most of its revenue through retailers, was hit by fewer customers stockpiling plant-based sausages and burgers at home.

Other issues that the company was facing included a lack of labor, which has caused delays in stocking shelves and weather-related damage to stock stored at its facilities.

According to Refinitiv’s IBES data, the company expects fourth quarter net revenues of between $85 and $110 million. This compares to analysts’ estimates that it would be $131.6 million.

According to IBES data by Refinitiv, net revenue increased 12.7% to $106.4 Million in the three-months ended October 2, as compared to estimates of $109.2million.

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