(Reuters) – Beyond Meat Inc missed estimates for quarterly revenue on Wednesday, as the plant-based protein maker wrestled with increased competition in the United States.
The plant-based meat space has become more competitive in recent years as more traditional names including Tyson Foods Inc, Kellogg Co as well as newbies have entered the fray and are offering big discounts to attract consumers.
Sales to U.S. restaurants and other food-service joints decreased 7.5% in the first quarter ended April 2.
“The decrease in U.S. foodservice channel net revenues was primarily attributable to the discontinuation of distribution at a certain customer, which was included in the year-ago period,” the company said.
Net revenue was $109.5 million in the reported quarter, compared with $108.2 million a year earlier. Analysts polled by Refinitiv had expected $112.3 million.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Shailesh Kuber)
