Quarterly performance
Net loss amounted to $19.7 million, or $0.31 per share, compared to $10.2 million, or $0.16 per share, in the year-ago period. Analysts were looking for a lower number.
Trends
On its quarterly conference call, Beyond Meat said that according to NPD data, the sales of its products within foodservice rose 95% YoY during Q2, reflecting solid gains and signs of recovery among restaurants, bars, and regional QSR chains.
Within retail, the company’s household penetration increased 120 basis points YoY to 6.2% according to SPINS IRI consumer panel data for the 52-week period ended June 27, 2021. Total distribution points increased 55% YoY driven by growth in total outlets and the introduction of new products.
Outlook
Beyond Meat expects net revenues for the third quarter of 2021 to increase 27-48% YoY to a range of $120-140 million. Analysts were looking at revenues of $153.7 million, reflecting a YoY growth of 63%. The company remains uncertain about the impacts from the pandemic on its retail and foodservice channels in the near term.
Beyond Meat expects volume growth in its foodservice channel to moderate during the third quarter as it laps tougher year-ago comps and also due to some loss of distribution. The company anticipates solid growth in its international foodservice business barring any significant resurgence in the pandemic.
Click here to read the full transcript of Beyond Meat’s Q2 2021 earnings conference call