The beleaguered firm - which posted a net loss of $97.1m on revenues down -1.6% to $147m in Q2 - also cut its revenue outlook, and says it now expects Q3 net revenues of $82m, down 23% from Q3, 2021, while full-year 2022 revenues are now expected in the range of $400-425m vs previous predictions of $470-520m.
In a press release issued this morning, the firm said it had been ”negatively impacted by ongoing softness in the plant-based meat category overall, especially in the refrigerated subsegment, and by the impact of increased competition.”
Inflation is ”exerting pressure on the category as consumers trade down into cheaper forms of protein, including animal meat,” noted Beyond Meat, which also blamed ”decisions made by distributors and customers, such as changes in inventory levels and postponed or canceled promotions.”
However, CEO Ethan Brown insisted the underlying factors driving interest in meat alternatives have not changed, adding: “While we believe the current headwinds facing our business and category—including record inflation—are transient, our mission, brand, and long-term opportunity endure.”
Executive departures, arrivals
Beyond Meat also noted plans to part company with suspended COO Doug Ramsey effective today (Oct 14) following his arrest for alleged assault. Jonathan Nelson will lead operations and supply chain on a permanent basis as SVP Operations.
Global chief growth officer and president, North America, Deanna Jurgens will leave the business Oct 17 and will not be replaced; while the sales team will report to new hire Mike Sharman, a food industry veteran with stints on his resume at brands including Essentia, ZICO, KIND and HIPPEAS, who will join as SVP global sales on October 17.