Beyond Meat shares sliced after sales warning
Consumers have stopped stockpiling plant-based burgers and sausages as they return to going out to eat, and that is taking a bite out of Beyond Meat's sales.
The faux meat company cut third-quarter sales forecasts on Friday, due to a drop in demand at grocery stores, as well as a labor shortage that's leading to delivery delays.
It also had a problem with inventory damage during severe weather....
and a new order from a large customer that fell through.
Those are not Beyond Meat's only problems. Restaurants have lowered orders due to uncertainty caused by the health crisis, raw material prices have surged, and it's facing growing competition from rival Impossible Foods.
The sales warning prompted investor to take a knife to the stock, which tumbled to a one-year low in mid-day Friday trading.
The stock has lost roughly one-quarter of its value so far this year.
