Factory meat company Beyond Meat said Thursday that its sales fell in the fourth quarter due to weak retail demand.
Beyond Meat, based in El Segundo, California, said its net income for the period from October to December fell 1.2% to $ 100.7 million. According to analysts polled by FactSet, this is ashamed of the Wall Street forecast of $ 101 million.
Beyond Meat said restaurant sales show prospects as its products are distributed in more places. For example, Panda Express began selling orange chicken Beyond Meat in 70 locations in the US in October. But the company said it could not compensate for the 19.5% drop in sales at grocery and other retail chains.
The company reported a net loss of $ 80.4 million for the quarter. The loss of $ 1.27 per share was also much larger than Wall Street expected at 70 cents.
Shares of Beyond Meat fell 10% in trading during non-business hours.