Strong sales in Q2 give Beyond Meat a much needed push

Beyond Meat (Nasdaq: BYND) reports that second-quarter revenue grew 69% year-over-year to $ 113.3 million, despite weaker demand from the foodservice channel. Volume growth during the quarter was primarily driven by increased sales in the retail channel, which arose from sales gains domestically and internationally, faster sales speeds with existing retail customers, and the contribution of new product launches. Gross profit rose to 34.9% sales from 33.8% a year ago and 33.9% consensus. The increase in gross margin was primarily due to cost savings on direct materials and packaging input, direct labor efficiency, and an increase in the volume of products sold. Net income was $ 2.3 million versus $ 76.6 million a year ago. Adjusted EBITDA was $ 11.7 million versus a consensus of $ 7.4 million. Beyond Meat holds its full-year forecast suspended due to COVID-19. Beyond Meat's shares fell 6.01% to $ 132.89 in AH trading, to return most of last week's profit.