Company of the Day: Beyond Meat
Beyond Meat (NASDAQ: BYND) reported its Q3 results. Revenue rose 2.7% y/y in Q3 to $94.4M despite softer demand from the foodservice channel. Growth during the quarter was driven mainly by increased retail channel sales, which helped to offset the decline in foodservice channel sales due to the adverse impact of Covid-19. Gross profit fell to 28.9% sales (vs. 35.6% a year ago and 28.9% consensus) due to higher trade discounts and a higher proportion of fixed overhead production costs.
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