Beyond Meat Inc. reported an 8.8% decline in net revenues to $93.2 million in the second quarter of 2024, down from $102.1 million in the same period last year.
This drop was primarily due to a 14% decrease in product volume, partially offset by a 6.1% rise in net revenue per pound driven by reduced trade discounts, price increases and changes in product sales mix.
U.S. retail channel net revenues fell by 7.5%, reflecting weak category demand. Despite the revenue decline, gross profit improved to $13.7 million, supported by lower costs of goods sold and higher net revenue per pound.
“We are pleased to report a strong quarter of progress against our 2024 plan, a pivotal year on our path to sustainable operations and profitability,” said Beyond Meat President and CEO Ethan Brown.
