Cost of living: Beyond Meat hit as inflation squeezes shoppers
The UK’s cost of living crisis has seen vegan food company Beyond Meat take a huge sales knock – almost a third, as the rising cost of living is squeezing shoppers.
The company says net revenues fell by 30.5% for the three months to the end of June, compared to a year earlier.
Shares of the company fell by almost 12% in extended trading in New York.
The meat-substitute company announced, last year, plans to cut almost a fifth of its workforce to save around £30.6 million.
On Monday, the company said it had been affected by “softer demand in the plant-based meat category, high inflation, rising interest rates, and ongoing concerns about the likelihood of a recession”.
It added that it now expected annual revenue of between $360m to $380m, down from earlier estimates of as much as $415m.
Demand has also been hit by an increased scrutiny of the health benefits of vegan products, Beyond Meat’s chief executive Ethan Brown said.