Economy

Beyond Meat suffers from closed restaurants | Financial

While competitors of Beyond Meat benefited fully from the increased sales in supermarkets during the corona crisis, this was less true for the Los Angeles company. Beyond Meat does sell its meat substitutes in supermarkets and has also introduced more products to supermarket shelves, but relies more heavily on catering and catering customers than the rest of the industry.

Sales amounted to $ 108.2 million. This increase was partly due to the fact that Beyond Meat sold more meat substitutes. On the other hand, however, this was done on average at lower prices because the company had discounts and sold more discount packs. With this price reduction, Beyond Meat wants to compete better with real meat. It also responded to lower prices from rival Impossible Foods. Beyond Meat suffered a net loss of $ 27.3 million.

In the near future, Beyond Meat wants to market a new burger and be sold in more European stores. The company will also open its own factory in China.

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