Beyond Meat Q3 sales fall short as US demand drops

By DEE-ANN DURBIN
AP Business Writer

Plant-based meat maker Beyond Meat reported lower-than-expected sales in the third quarter due to a slump in U.S. demand. Beyond Meat said its sales increased 12.7% to $106.4 million for the July-September period. That was lower than the $109 million Wall Street forecast. Beyond Meat had lowered its sales outlook for the quarter late last month. The company said the coronavirus’ delta variant diminished restaurant demand and labor shortages in grocery stores delayed planned distribution expansions. U.S. retail sales were down nearly 16% while food service sales fell 7%.