Apparently, blaming a weak earnings report on inflation isn’t such a bad strategy after all.
The California-based company posted a larger-than-expected quarterly loss as rising freight and raw material costs eat into its margins, and the fake-meat purveyor said it expects further slowdown in demand for its products. In October, Beyond Meat trimmed its full-year revenue forecast for a second time on softening demand, specifically in its refrigerated sub-segment. The company had also cut 200 more jobs to save about $39 million.
The company’s margins have been hit due to lingering industry-wide supply chain challenges, the Russia-Ukraine war and rising inflation.
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