Beyond Meat posted an 11% year-on-year drop in product volumes for Q1 FY2025, driven largely by major US retailers moving its plant-based meat products from fresh to frozen sections. This transition caused distribution gaps throughout the quarter, severely impacting availability and sales.
The volume decline was most severe in the US retail and foodservice channels, which fell by 23% and 22%, respectively. International retail volumes dropped 9%, while international foodservice was the only segment to post growth, rising 14%.
US consumer takeaway also weakened progressively during the quarter, which the company attributed to broader macroeconomic headwinds and declining consumer confidence.
Revenue for the quarter ending 29 March dropped to $69 million, down from $76 million a year earlier. Net loss remained essentially flat at $53 million, compared to $54 million last year.
Amid ongoing volatility and market uncertainty, the company withdrew its full-year guidance. However, it expects Q2 sales to land between $80 million and $85 million, partly due to the completion of the product relocation to frozen aisles