Beyond Meat reports revenue loss
Beyond Meat has reported that net revenues were down 1.6% year-on-year as the company prepares to cut 4% of its global workforce, according to its latest trading statement.
Founded in 2009, Beyond Meat is a plant-based meat company with products available at approximately 183,000 retail and foodservice outlets in over 90 countries worldwide.
According to the trading report, the company’s net revenues were $147 million, a decrease of 1.6% year-on-year. Gross profit also reported a loss of $6.2 million and net loss was $97.1 million.
The Company is announcing a reduction-in-force affecting approximately 4% of its global workforce. The reduction-in-force is expected to result in total annualised savings of approximately $8 million.
Beyond Meat president and CEO Ethan Brown said that the company’s measures for the remainder of the year, he is “confident [Beyond Meat] will emerge from the current economic climate leaner and stronger, and well positioned for [its] next chapter of growth.”
by Food Management Today
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