Beyond Meat has posted a 30% decline in revenue for the second quarter ending July 1 due to falling demand, the company announced.
The company announced net revenue was $102.1 million, a decrease of 30.5% year over year, and attributed the decrease to a 23.9% decrease in the volume of products sold and an 8.6% decrease in net revenue per pound.
The company attributes its profit to lower materials costs, inventory reserves and logistics costs per pound, which were partially offset by higher manufacturing costs.
Beyond Meat President and CEO Ethan Brown said the company is reducing its revenue outlook to between $360 million and $380 million for 2023, a 9-14% decrease compared to 2022.
