Beyond Meat revenue falls in first quarter due to weak demand, but company confident in turnaround

Beyond Meat says its first-quarter revenue fell nearly 16% due to lower demand in most markets for its plant-based meat. But the company expressed confidence that a marketing campaign and new products coming this summer will help bring consumers back to the category. Beyond Meat’s U.S. retail sales fell 35% as shoppers weary from inflation turned to cheaper alternatives. One bright spot was international food-service sales, which nearly doubled. Beyond Meat and McDonald’s introduced plant-based McNuggets in Germany in February. El Segundo, California-based Beyond Meat reported revenue of $92.2 million for the January-March period. That was slightly higher than Wall Street forecast.