Beyond Meat reported higher-than-expected revenue in the first quarter despite lower demand for its plant-based meats in the U.S. and abroad.
The El Segundo, California-based company said its revenue fell 18% to $75.6 million in the January-March period. That was slightly higher than the $75.2 million Wall Street expected, according to analysts polled by FactSet.
It was the eighth straight quarter the company reported year-over-year revenue declines.
Beyond Meat said U.S. retail demand was soft despite discounts on its products. The company said sales also fell compared to last year because it discontinued its Beyond Meat Jerky. U.S. retail and food service sales were both down 16%.
International retail sales fell 12%, reflecting lower demand for plant-based chicken, Beyond Meat said. International food service sales fell 29% as demand appeared to cool for products like McDonald's plant-based McNuggets, which went on sale in Europe during the first quarter of 2023.
Beyond Meat's net loss narrowed to $54.4 million from $59 million in the same quarter a year ago. Adjusted for one-time items, the company lost 72 cents per share. That was higher than the 67-cent loss analysts were expecting, according to FactSet.
