Business
Beyond Meat® Reports Second Quarter 2020 Financial Results
Net Revenues Increase to a Record $113.3 Million, up 69% Year-Over-Year Retail Channel Net Revenues up 192% Year-Over-Year Driven by Higher Household
About this update from Beyond Meat, Inc.
[{"type":"text","content":"Net Revenues Increase to a Record $113.3 Million, up 69% Year-Over-Year\n Retail Channel Net Revenues up 192% Year-Over-Year Driven by Higher Household Penetration and Increased Average Spending per Household EL SEGUNDO, Calif., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ:BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its second quarter ended June 27, 2020. Second Quarter 2020 Financial Highlights1 Net revenues were $113.3 million, an increase of 69% year over year.Gross profit was $33.7 million, or gross margin of 29.7% of net revenues; Adjusted gross profit was $39.6 million, or Adjusted gross margin of 34.9% of net revenues, reflecting exclusion of expenses attributable to COVID-19.Net loss was $10.2 million, or $0.16 per common share; Adjusted net loss was $1.2 million, or $0.02 per diluted common share, reflecting exclusion of expenses attributable to COVID-19 and early debt extinguishment.Adjusted EBITDA was $11.7 million, or 10.3% of net revenues. Beyond Meat President and CEO Ethan Brown commented, \"I am proud of our record net revenues and growth during a very challenging period. As the toll of the COVID-19 pandemic took hold across the foodservice industry, we repurposed assets and repacked and rerouted products to meet increased consumer activity in the retail aisles. Throughout the quarter, our brand experienced an enviable combination of consumer trends – increasing household penetration; increasing buying levels per household; and strong repeat purchase rates of nearly 50%2, well above the success threshold for consumer packaged goods. Further, we forged ahead with our long-term growth strategy. We invested in expanded operations and sales in the EU and Asia, in innovation, and in targeted pricing measures during this period of high beef prices. Most notable in this regard was the retail introduction of our Cookout Classic™ value pack, which significantly reduced the price of our burgers from nearly 2 times that of conventional beef patties to an approximate 20% premium, on a per pound basis. Though the Cookout Classic™ only reached stores in the last 2 weeks of the second quarter, it accounted for 16 points of the year-over-year volume growth in our U.S. retail business. We look forward to continuing to serve our consumers and customers a...