Corporate Profiles - 2020 - 62

COMPANY OVERVIEW

Beyond Meat
Plant-based burger maker investing for long-term growth
eyond Meat, Inc. is investing in strategic initiatives to support long-term
growth, even as it makes tactical adjustments in its response to the coronavirus
(COVID-19).
The El Segundo, Calif.-based maker of
the plant-based Beyond Burger and Beyond
Sausage has been working steadily to narrow
the difference in the eating experience of its
products and actual meat while also narrowing the cost spread. The company launched a
new marketing campaign highlighting the ingredients and processes used to manufacture
its products, and in late August, Beyond Meat
introduced a direct-to-consumer platform to
sell its assortment of plant-based meat alternatives, along with new bulk packs, mixed
product bundles, limited-time offers, trial
packs and more.
"One of the most important things that Beyond Meat can do as a brand is get the product into people's mouths because they start to
believe in it and they start to understand the
noise out there about processed ingredients
really isn't true," said Ethan Brown, founder,
president and chief executive officer, during an
investor event in June. "If you look at the back
of the package, it's a clean label."

B

Another effort underway is the development of plant-based chicken. Mr. Brown said
the company is "working very hard on that" and
"you'll be seeing us come out in the near term
with a nice improved product in the chicken
space."
Beyond Meat significantly expanded its retail
presence as consumers largely shifted to cooking
and eating at home. Prior to the pandemic, the
company's sales were split evenly between retail
and foodservice. By the end of the second quarter, retail represented 88% of Beyond Meat's
sales, while foodservice accounted for 12%.
"Adapting to such a dramatic change in mix
over a short period of time was no small feat,"
Mr. Brown said during an Aug. 4 conference call
to discuss quarterly results. "Led by the shift in
consumer behavior toward retail, the team repurposed assets and repacked and rerouted inventory to this sector. As a result, we were able to

demonstrate extraordinary year-over-year gains
even as foodservice demand rapidly deteriorated."
Between March and August, Beyond Meat
added 18,000 points of distribution, bringing
its total global retail and foodservice outlets to
approximately 112,000. For the 12-week period ended June 14, sales of Beyond Meat products were up 121% year-over-year with velocity growth of 88%, according to SPINS data
for total US multi-outlet, natural and specialty
channels. Household penetration in the United
States increased to 4.9% as of June 2020,
more than double from 2% in June 2019.
But Beyond Meat's retail gains during the
quarter came at a loss for its foodservice business, which saw business decrease 59% yearover-year.
"We see no fundamental issues related to our
foodservice business itself or our strategy that
would preclude us from returning to a strong
growth trajectory when some level of normalcy
returns," Mr. Brown said. "For the remainder
of the year, however, we do anticipate that US
foodservice demand will remain soft relative to
a year ago given the return of high rates of
COVID-19 infections across many parts of our
country, including here in Los Angeles." CP

Chief executive officer -
Ethan Brown

Beyond Meat net income (loss) Beyond Meat net revenues
(fiscal years ended in July)

(fiscal years ended in July)
-$29.9

Beyond Meat share price
$185

-$12.4

in millions

in millions

$140

$87.9

$297.9
$95

$50

2018

62 \ October 2020

2019

2018

2019

Oct.
2019

Dec.

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Corporate Profiles



Corporate Profiles - 2020

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