Beyond Meat Inc. reported a decline in sales and, consequently, a drop in revenue for the third quarter.
The company reported a $102 million net loss for the three months ending Oct. 1, while revenue fell to $83 million, down 23% from the year-ago period. U.S. grocery sales fell 11.8% in the quarter, and international sales dropped 53%, while food service revenue dropped 42%. Beyond Meat said its full-year revenue will decline by about 9-14% to between $400 million and $425 million.
Beyond Meat President and CEO Ethan Brown said in a press statement the results were disappointing, and “the current economic climate has not been kind to plant-based meat.”
In October, the company announced it was cutting 19% of its workforce, or roughly 200 employees.
