beyond meat reports show beyond reachable goal

Beyond meat revealed a 10% increase in their first quarter earnings to 108 million for the quarter compared to the 97 million a year earlier growth in revenues was primarily due for the increased retail sales channels partially offset by the decline in the food service channel sales due the impact of the pandemic this year will determine the future of the company and whether it can stretch the lead in the threat plant based market share

Shares of the company are down after the announcement of the report

The company outlook

Due to the pandemic the company continues to experience reduced demand in the food services locations however this is offset buy the demand in the retail stores the company is finding it hard to see a distant projection as the world continues recover from the pandemic

Beyond Meat President and CEO Ethan Brown commented, “We were pleased to see sequential improvement in our revenue growth and gross margin performance despite continued COVID-19 pressure on our foodservice business. Throughout the first quarter, we remained highly focused on investing in and building out production infrastructure in the U.S., the EU, and China; new product development and commercialisation for our strategic QSR customers and retail markets; and research and development in service to our core growth levers of taste, nutrition, and cost.”
Brown added, “As I look at the foundation we are putting in place, I have never been more optimistic about Beyond Meat’s future as a significant and enduring global protein company. More near-term, we are cautiously returning to the practice of issuing guidance, starting with net revenues, as we have recently begun to see a slow thaw occurring within foodservice both domestically and in certain international markets.”

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