Summary by Moomoo AI
Beyond Meat, a leader in plant-based meat alternatives, reported a net loss of $34.5 million for the quarter ended June 29, 2024, an improvement from the $53.5 million loss in the same period the previous year. The company's net revenues decreased by 8.8% year-over-year to $93.2 million, primarily due to a 14.0% decrease in the volume of products sold, reflecting weak category demand. However, net revenue per pound increased by 6.1%, driven by lower trade discounts and price increases in certain U.S. channels. Gross profit saw a significant increase to $13.7 million, up from $2.3 million, with gross margin improving to 14.7% from 2.2% in the prior-year period. This improvement was attributed to lower cost of goods sold per pound and higher net revenue per pound...Show More
