![]() retail channel net revenues decreased 17.1% compared to the year-ago period primarily driven by a 22.5% decrease in pounds sold, partially offset by increased net revenue per pound primarily driven by changes in sales mix. and broader list price reductions in the EU implemented in the first quarter of 2022, increased trade discounts and unfavorable changes in foreign exchange rates, partially offset by changes in sales mix. The decrease in net revenue per pound was primarily attributable to strategic but limited price reductions in the U.S. All markets and channels were negatively impacted by continued softness in demand in the category. The decrease in net revenues was driven by a 16.9% decrease in total pounds sold and an approximately 4.4% decrease in net revenue per pound. Net revenues decreased 20.6% to $79.9 million in the fourth quarter of 2022, compared to $100.7 million in the year-ago period. ![]() Refer to “Non-GAAP Financial Measures” later in this release for the definitions of the non-GAAP financial measures presented and a reconciliation of these measures to their closest comparable GAAP measures. As we navigate current conditions, we remain intently focused on positioning Beyond Meat to capture the vast opportunity to be a major protein provider in the $1.4 trillion meat industry and play a leadership role in transitioning global consumers to delicious plant-based meats in support of critically important health, climate, environmental, and animal welfare objectives."ġ This release includes references to non-GAAP financial measures. We are proud of our team's continued pace of innovation including Beyond Steak, which continues to win awards for its taste and outstanding health profile, as well as the just launched McPlant Nuggets in Germany, the second plant-based protein co-developed with Beyond Meat as part of the McPlant platform. And three, placing greater emphasis on near-term retail and foodservice growth drivers while also supporting strategic key long-term partners and opportunities.”īrown continued, “Our fourth quarter results clearly demonstrate delivery against our strategy and plan, including solid sequential progress on margin recovery and operating expense reduction, and continued inventory drawdown. Two, bringing inventory levels down while generating cash flow through more aggressive, efficient management. One, driving margin recovery and operating expense reduction through the implementation of lean value streams across our beef, pork, and poultry platforms. We continue to execute this pivot upon three primary pillars. Adjusted EBITDA was a loss of $278.0 million, or -66.4% of net revenues.īeyond Meat President and CEO Ethan Brown commented, “We are making solid progress in our transition to a sustainable growth model, one that emphasizes the achievement of cash flow positive operations within the second half of 2023. ![]() Net loss as a percentage of net revenues was -87.4%. Net loss was $366.1 million, or $5.75 per common share.Gross profit was a loss of $23.7 million, or gross margin of -5.7% of net revenues.Net revenues were $418.9 million, a decrease of 9.8% year-over-year.Adjusted EBITDA was a loss of $56.5 million, or -70.7% of net revenues.Net loss as a percentage of net revenues was -83.6%. Net loss was $66.9 million, or $1.05 per common share.Gross profit was a loss of $2.9 million, or gross margin of -3.7% of net revenues.Net revenues were $79.9 million, a decrease of 20.6% year-over-year.(NASDAQ: BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its fourth quarter and full year ended December 31, 2022.įourth Quarter 2022 Financial Highlights 1 23, 2023 (GLOBE NEWSWIRE) - Beyond Meat, Inc.
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