Business Beyond Meat cuts revenue outlook, says it's trimming workforce - Lean and mean > green

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Amelia Lucas @THXAMELIAN

KEY POINTS
  • Beyond Meat lowered its 2022 revenue forecast and announced it will trim its workforce by 4%
  • The company cited inflation, rising interest rates and recession concerns for the revised outlook.
  • The company's net sales also dropped 1.6% to $147 million and its net loss widened.
Beyond Meat on Thursday lowered its revenue forecast for the year and announced it will trim its workforce by 4%, citing broader economic uncertainty and consumers trading down to cheaper proteins.

The El Segundo, California-based company also reported a wider-than-expected loss and weak sales for the second quarter. Its shares fell 1% in extended trading.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
  • Loss per share: $1.53 vs. $1.18 expected
  • Revenue: $147 million vs. $149.2 million expected
Net sales dropped 1.6% to $147 million. The company attributed the decline to changes in foreign exchange rates, increased discounts and sales to liquidation channels.

"We recognize progress is taking longer than we expected," CEO Ethan Brown said in a statement, referring to the company's push into mass market consumption with plant-based products that mimic meat.

Beyond's meat substitutes are typically more expensive than traditional meat, but the company is seeking to achieve price parity in the near future. With consumers pressured by inflation, Brown said Beyond customers are switching to cheaper private label meat alternatives or back to traditional meat.

For 2022, Beyond now expects revenue of $470 million to $520 million, down from its prior forecast of $560 million to $620 million. The company said inflation, rising interest rates and growing concerns about a recession were among the factors that drove the revised outlook.

Beyond executives specifically pointed to weaker sales for Beyond Jerky, its broader U.S. grocery business and in Europe and the Middle East.

As part of a push to spend less of its cash, Beyond said it will lay off about 4% of its global workforce, which is expected to save about $8 million on an annual basis. However, the company will also spend roughly $1 million in separation costs that will impact its third-quarter results.

For the second quarter, Beyond Meat reported a net loss of $97.1 million, or $1.53 per share, wider than the net loss of $19.7 million, or 31 cents per share, a year earlier. The company said it spent more on ingredients and manufacturing this quarter. Moreover, its meatless Beyond Jerky, made through a joint venture with PepsiCo, weighed on profit margins for the second consecutive quarter.

U.S. grocery sales rose 2.2% in the quarter, offsetting a 2.4% decline of its restaurant business. Prior to the pandemic, restaurants accounted for more than half of its sales, but the business has struggled to bounce back.

Outside the U.S., grocery sales fell 17%, while restaurant sales increased 7%. The two international divisions generally contribute roughly equal revenue for Beyond.

Read the full earnings report here.


Beyond Meat Faces Significant Fast-Food Partnership Challenges - Not to mention digestion issues
 
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Looks like all of the astroturfing and mass shilling on reddit, social media and MSM didn't work huh?
 
'What's that you say? A niche product that tastes like shit and gives you explosive diarrhea isn't making money hand over fist? Who could have foreseen this?'
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Thank fuck the whole "fake meat" fad seems to be dying out, it was retarded to begin with. What Beyond Meat seems to have ignored is that unless you can create 1:1 imitations of the normal meat product all you'll have is an inferior product that only reminds people of what they're missing out when not eating meat, I wouldn't be surprised if Beyond Meat has actually put people off trying other genuinely good vegan products that don't try to be what they're not.
 
Also, you deliberately said your stuff was not only a reasonable facsimile, but, better, somehow. (It's in the name, BEYOND!)

You were setting yourself up for failure with impossible expectations among the devout, and pretentious finger-wagging to the theoretically-convertible.

I know the processed ersatz "beef" in my convenience store "bacon cheeseburger" isn't real, and neither is the "Cheese" or the "bacon", the taste is all from injected flavors and "food products" , but becasue it doesn't pretend it isn't , I'll still buy it over any pretender-burger that whether it set out to or not, billed itself as the next evolution in the human diet AND made a bunch of political noise as it did.
 
Stoneheart dijo:
how can you lose REv with 20% food inflation?
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Because it's a "luxury" product at the end of the day. It's a "substitute" to meat that is widely regarded as inferior to, and more expensive, than the real thing.

The people who want to eat meat can buy actual meat for less, and the people who don't eat meat have cheaper options for food. These products have also been losing their novelty factor because they are not new anymore and most people who tried them out of curiosity won't make a habit to buy them, even if just because of the higher price tag.
 
I think I'm the only one in the thread who likes the stuff. Well, I'll eat it but won't specifically seek it out. My GF is a vegetarian so I've had a lot of it. Some of the fake chicken stuff is p dang good, black bean burgers are killer especially with queso and salsa on top. The regular burgers need to be dressed up or taste like shit. I think it's Impossible burgers, those are awful. The ones that try to simulate real burgers with 'blood' and everything. Yeah that 'blood' is beet juice or something and smells like you're heating up cat piss on the skillet. No joke, it smells just like ammonia and I don't think that's healthy.
 
BernieRose dijo:
The thing with Beyond Meat is less about for vegans and is more about how "cows fart too and they kill the environment much but we still like meat so we'll make fake lab grown meat instead" or whatever to save muh environment.
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I remember when they were talking about growing the beef proteins so they could make 'fake meat' and then the people that publicly tested it either said if tasted bad and/or fake. This was years before it went on the market so yeah...some one thought this was gonna work well after it already failed to impress.
 
They perfected the formula and price point for meat-free sausages way back at the start. Linda McCartney's Vegetarian Frozen Sausages cooked, smelled, and tasted like the real thing, and they were half the price. They went from curiousity purchases to being stripped off the shelves with minimal marketing hype in the early 90s. And then... some dickhead journalist started a scare campaign against them, pointing out that they contained eight times the fat of real sausages. Of course they did, that's how you replicate the taste of meat using plants, and the sort of person who eats sausage sandwiches on a regular basis doesn't give a shit about that sort of thing. The point of contention came from wanting to present vegetarian food as "more healthy" than a natural diet, and so they messed with the formula to bring the lipid content down to parity, and in doing so they fucked the product. It now tasted like spicy cardboard, as all vegetarian alternatives tend to. They also... raised the price point, simultaneously increasing the marketing in an attempt to sell more to the middle class rather than sausage sandwich enjoyers. Ridiculously raised the price point, to the point where is was double that of real sausages.

That latter is the point of this modern bullshit: they're not selling this crap on its merits as food, they are trying to flog a luxury lifestyle choice to idiots. And not even vegans, vegans don't purchase pre-prepped ready meals and whatnot, they spend all day cooking using as fresh as possible raw ingredients. They want to flog meat-free ready meals to meat eaters as a "healthy break from meat" or whatever, yet charge them the same price if not significantly more than the real food being mimicked. Same with grasshopper mince, or worse, maggot mince; it's an industry wide guild conspiracy to sell us cheap crap at luxury price points based soley on the perceived "helping the environment" nebulous branding alone.

If they just put a fraction of the effort into producing edible food that tasted nice enough, and priced it fairly like they did way back at the start, they really wouldn't have to fuck about like this. That's not the goal, though.
 
There is a business model for their product and it will be refined. And if the entire world consumed as much meat as Americans there wouldn't be enough farm land to support that many burgers.

Having said that I am glad I am a talker with no backbone to try one of their products - I will enjoy meat as long as I can afford to enjoy it. But I see the sense in their product, but it is not for me...yet...
 
A-Stump dijo:
I think it's Impossible burgers, those are awful. The ones that try to simulate real burgers with 'blood' and everything. Yeah that 'blood' is beet juice or something and smells like you're heating up cat piss on the skillet. No joke, it smells just like ammonia and I don't think that's healthy.
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They make weird noises when you eat them, too. No joke, I heard someone eating one of those things. Every bite sounded like rubber shoes squeaking on a wooden floor. It put me right off my lunch.
 
From the article this bit just floors me

Net sales dropped 1.6% to $147 million
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This product has been pushed into every grocery store in America, TV commercials and served in several large restaurant chains... and with all of that they can only make $147 million?
That's just pathetic for the amount of spread the products have been pushed out too.
Go to a major grocery, pick up a random product, any product, see what company makes said product, sales/earnings for said company will likely be in the Billions as that's usually the kind of sales needed that a major grocery chain needs to justify shelf space to a product.

As a counter example, Smithfield Foods, the (now) Chinese owned pork producer makes $15.5 Billion a year. And that's just for pork. And 'Beyond Meat' was supposed to be a competitor ? It is to laugh.
 
People were meant to eat meat. Now fuck off your hippy faggot environmental and health nuts.

I keep seeing people say they don't understand the product. With vegetarians saying they don't get it because they don't want to eat meat. These products aren't aimed at you. They are aimed at people who normally eat meat to try and get them to stop eating meant. If you are a vegetarian and or the bat shit crazy cousin known as a vegan, they aren't going after you. You already don't eat meat. They want to go after the evil meat eaters.

This is the way it works if you want to keep people under control they have to be occupied, entertained and well fed. The people running this show are dropping the ball on at least 2 of those things in this country now. We have large numbers of unemployed and have for a long time, the pop culture and entertainment media are all garbage. All they have to do now is fuck with the food and they might get people to do more than say some naughty words.
 
Otterly dijo:
The artificial meat stuff is hideous. You can make decent vegetarian patties with all sorts of stuff, that taste good (carrot and halloumi is nice) and aren’t full of emulsifiers. Why would you want it to be fake meat? If you don’t want to eat meat, why eat fake meat? Eat nicer vegetable products instead. It’s like saying you hate celery and instead of just not eating celery you try to form random products to look like celery. I don’t get it. It’s not healthy, it tastes like shit.
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I will occasionally just marinate and grill or roast up a couple of portobello caps and chuck them on a bun along with traditional burger toppings. Absolutely delicious and no weird food fuckery required.
 
I'm shocked it has survived this long. J mean sure some hippie libshit probably loves the stuff but normal people look at that and go No way Jose.

If you want my theory, BeyondMeat and similar alternative food companies have financial support from the people that hate you enjoying a steak or pork or even bologna.
 
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