(The Canadian Press)

Beyond Meat’s sales jump as more try plant-based burgers

KFC announced it is testing a Beyond Meat chicken nugget in the U.S.

More people are throwing plant-based burgers on the grill this summer.

Beyond Meat, which makes pea protein-based burgers and sausages, said Tuesday its second quarter revenue jumped 69% to $113 million as more households tried its products in the U.S. and elsewhere.

Sales far outpaced Wall Street’s forecast of $99 million, according to analysts polled by FactSet.

The El Segundo, California-based company reported a net loss of $10 million for the April-June period. Adjusted for one-time items, including coronavirus-related expenses, Beyond Meat lost 2 cents per share. That was in line with analysts’ expectations.

Normally, Beyond Meat sells half its output to restaurants and food service, Beyond Meat President and CEO Ethan Brown said. The company had to make a rapid pivot when those sales cratered this spring due to coronavirus-related closures.

Burgers and sausages that were packaged for food service were returned to factories and repackaged for consumers. In mid-June, for example, the company launched a 10-burger value pack for $15.99 at Walmart, Target and other groceries. Normally, two four-ounce patties cost $5.99.

As a result, Beyond Meat’s U.S. retail sales nearly doubled during the quarter, even as food service sales dropped 61%.

“It’s not a small exercise, when it’s physical goods, to make a change like that over a quarter,” Brown said. The company spent $5.9 million repackaging goods during the quarter.

Brown said that by June, 4.9% of U.S. households had tried Beyond Meat products, up from 3.5% in January. More important, half of those who bought Beyond products bought them again, up from 45% in January, Brown said.

International retail sales were up 167%. Brown said Beyond Meat is now sold in 84 countries, up from 51 a year ago. International food-service sales, however, dropped 56.5%.

Beyond Meat continued to invest in international expansion during the quarter. In June, it opened a manufacturing facility in the Netherlands with its Dutch partner, Zandbergen. Brown said Beyond Meat also plans to start production in China by the end of this year.

“We believe the magnitude of the opportunity in Asia merits significant investment,” Brown said.

In April, Beyond Meat debuted in at Starbucks, which sells the company’s imitation beef in lasagna, pasta and a spicy wrap. Brown said Beyond Meat products were also offered for a limited time at Pizza Hut, Taco Bell and KFC restaurants in China through a partnership with their parent company, Yum Brands.

KFC is also testing a Beyond Meat chicken nugget in the U.S.

Beyond Meat declined to give forward-looking financial guidance, citing the pandemic.

It shares rose 6% to close at $142.25 Tuesday. But they fell 7.5% in after-hours trading following the release of the earnings report.

Dee-Ann Durbin, The Associated Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Vegan and Vegetarian

Just Posted

Invermere gets new CAO

Invermere found his new CAO after a long period of research.

Radium council discusses short term rentals

RHS council are elaborating the second draft plan for STR

Local advocates for CBT climate change priority

Tracy Flynn ask the local government for action on climate change

Local resident turns 100

Invermere woman marks a century well-lived

Doctor Creek fire finally ‘being held’

The wildfire in Canal Flats is under control

QUIZ: A celebration of apples

September is the start of the apple harvest

Nearly 20 per cent of COVID-19 infections among health-care workers by late July

WHO acknowledged the possibility that COVID-19 might be spread in the air under certain conditions

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

Most Read