© Reuters. FILE PHOTO: A Beyond Meat Sausage is seen on display at a store in Manhasset, New York, U.S., June 3, 2019. REUTERS/Shannon Stapleton
(Reuters) – Beyond Meat (NASDAQ:) Inc missed estimates for quarterly revenue on Wednesday, as the plant-based protein maker wrestled with increased competition in the United States.
The plant-based meat space has become more competitive in recent years as more traditional names including Tyson Foods Inc (NYSE:), Kellogg (NYSE:) Co as well as newbies have entered the fray and are offering big discounts to attract consumers.
Sales to U.S. restaurants and other food-service joints decreased 7.5% in the first quarter ended April 2.
“The decrease in U.S. foodservice channel net revenues was primarily attributable to the discontinuation of distribution at a certain customer, which was included in the year-ago period,” the company said.
Net revenue was $109.5 million in the reported quarter, compared with $108.2 million a year earlier. Analysts polled by Refinitiv had expected $112.3 million.
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