Nov. 10 (Reuters) – Beyond Meat Inc (BYND.O) on Wednesday forecast sales below estimates for the fourth quarter, suggesting continued weak demand from grocery stores selling its plant-based meat products, which led to its stocks in expanded trading down 10%.
Beyond Meat lowered its third-quarter sales forecast last month as the artificial meat maker, who makes the bulk of its sales to retailers, was hit by fewer people stocking burgers and plant-based sausages at home after they return Eat outdoors. Continue reading
The company also pointed to a number of other issues affecting its business, including a labor shortage that has resulted in shelf restocking delays and storms that damaged inventory at one of its locations.
According to Refinitiv’s IBES data, the company expects fourth quarter net sales of $ 85 million to $ 110 million, compared to analyst estimates of $ 131.6 million.
Net sales rose 12.7% to $ 106.4 million for the three months ended October 2, compared to an estimate of $ 109.2 million, according to IBES data from Refinitiv.
Reporting from Uday Sampath in Bengaluru; Adaptation by Vinay Dwivedi
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