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Financial Struggles for Beyond Meat, Inc.

EL SEGUNDO, CALIF. ÔÇö A rule of thumb in business is if a loss incurred by a company is nearly as high as its annual sales ÔÇö itÔÇÖs not great. This was the case for Beyond Meat, Inc. which suffered a loss of $338.1 million during fiscal 2023 on sales of $343.4 million. Much of the loss stems from impairment charges taken in the fourth quarter as management tries to right size the business for the future. The fiscal 2023 results follow fiscal 2022, when the company incurred a loss of $366.1 million on sales of $419 million.

During the fourth quarter, Beyond Meat incurred a loss of $155.1 million, significantly higher than the loss of $66.9 million during the year before. Quarterly sales fell to $73.7 million from $80 million the year prior. The non-cash charges taken during the fourth quarter related to the cost of goods sold and excess and obsolete inventory, operating expenses related to fixed assets, and a discontinuing of some product lines.

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Strategic Changes and Challenges

ÔÇ£These refinements of our focus and resources (will) be put against our latest product platform innovation Beyond IV and other SKUs,ÔÇØ said Ethan Brown, president and chief executive officer. Additional changes being made by the company include shrinking its manufacturing footprint from working with 13 contract manufacturers to one and raising prices in the year ahead.

ÔÇ£The broad pricing programs we put in place over the last 18 months simply didn’t accomplish the goal of crossing from early adopters into the mainstream,ÔÇØ Brown said. The price increases are part of an effort to reset the business from a focus of more growth at all costs to one that is focused on sustainability and profitability.

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Guidance for Fiscal 2024

In the United States, Beyond MeatÔÇÖs sales fell 32% to $205.9 million from $304 million the year before. International sales rose 19.7% to $137.5 million from $114.9 million. For fiscal 2024, Beyond Meat is guiding sales to be in a range between $315 million and $345 million.

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