Horrible week for Beyond Meat
The food company has published horrible numbers last week.

Beyond Meat (NASDAQ: BYND) reports that third-quarter sales rose 2.7% year-over-year to $ 94.4 million, despite the decline in demand from the foodservice channel. Growth during the quarter was mainly driven by higher retail channel sales, which helped offset the decline in foodservice channel sales due to the ongoing impact of COVID-19.
Gross profit fell to 28.9% sales from 35.6% a year ago and 28.9% consensus. The decrease was primarily due to lower net price realization from higher trade discounts and less absorption of fixed overheads in manufacturing as the company cut production during the quarter to reduce inventory.
Net income was $ 19.3 million compared to $ 4.1 million a year ago. Adjusted EBITDA was $ -4.3 million versus a consensus of $ 13.14 million. Beyond Meat says the company continues to experience a significant slowdown in its foodservice business as home visit advice and operational capacity restrictions at foodservice locations have resulted in the closure or significant limitation of operations for many of its foodservice customers. No formal guidelines have been issued.
Beyond Meat's shares fell 22.13% to $ 114.93 in AH trading after falling 4.05% during the regular session.





