Beyond Meat reported a bigger loss in quarterly earnings than expected, sending shares in the company down 7% after the report. The company blamed sluggish sales to restaurants, increased freight and storage costs that dented the earnings picture.
The company said slow sales had built up supplies of pea protein and that raised warehousing costs. The firm reported net revenue of $108.2 million in their first quarter that ended April 3, below expectations it would be nearly $114 million.
They registered a net loss of $26.8 million compared with a profit of $1.8 million one year ago.