Beyond Meat Inc reported better-than-expected quarterly results on Tuesday as it sold more of its plant-based meat products and cut costs on packaging and labor, sending its shares up 3% after the bell.
FILE PHOTO: The company logo and trading information for Beyond Meat is displayed on a screen during the IPO at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid
Beyond Meat Chief Executive Officer Ethan Brown told Reuters on Tuesday that food service sales in March were about 23% lower than what the company had expected, while sales at retail outlets were up 12%. To combat the weakness in its food service business, Beyond Meat has been doubling down on its expansion in retail outlets, the most recent being its partnership with Amazon Fresh.
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