Plant-based meat maker Beyond Meat urged investors to look past its mixed first quarter results Wednesday, saying a new, healthier burger hitting U.S. shelves now will help reignite weak sales.
“We really do believe we are at the early stages of a pivotal and terrific year for Beyond Meat,” President and CEO Ethan Brown said during a conference call with investors. “We’re doing the things you need to do to get through a period that’s challenging and return to growth.”
The comments came after a bumpy first quarter that saw lower demand for Beyond Meat’s burgers, steak and chicken in the U.S. and abroad.
The El Segundo, California-based company said its revenue fell 18% to $75.6 million in the January-March period. That was slightly higher than the $75.2 million Wall Street expected, according to analysts polled by FactSet.
It was the company’s eighth straight quarter of year-over-year revenue declines.
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