Beyond Meat shares tumble on lower-than-expected Q1 sales

By DEE-ANN DURBIN
AP Business Writer

Plant-based meat company Beyond Meat reported lower-than-expected sales in the first quarter as it slashed prices and demand from restaurants fell. The El Segundo, California, company said its revenue rose 1.2% to $109.5 million in the January-March period. That fell short of Wall Street’s forecast. Beyond Meat said its U.S. retail sales jumped 6.9% in the quarter, but that was mostly due to the introduction of Beyond Meat Jerky, a meatless jerky developed as part of a snack food partnership with PepsiCo. Beyond Meat said U.S. sales of its other products, including burgers and sausages, were lower than the prior year.