Thndr Claps » U.S. Claps » Food & Beverage 🍕 » Meatless jerky takes its toll on Beyond Meat’s gross profits⬇️
Beyond Meat’s shares were down as much as 25% in extended trading after reporting worse-than-expected Q1-2022 losses.
Beyond Meat’s gross margin, which measures gross profits as a % of revenue, recorded 0.2%, compared to its gross margin of 30.2% a year ago.
What the company had to say…
Beyond’s CEO Ethan Brown acknowledged the “sizable but temporary” hit to gross margins.
He attributed the big hit to the launch of its new meatless jerky product. The product launched in 56,000 locations, a scale that Beyond wasn’t ready for & led to inefficient cost management.
On the bright side
Brown said that Q1-2022 will be the low point for gross margins, & that production of the meatless jerky will become much more efficient throughout the remainder of 2022.
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