Beyond Meat predicts small drop in revenues in Q3 amid Delta, hints at ‘new innovation that’s rolling out with one of our big partners’

While Beyond Meat lost some distribution with Dunkin, it has also picked up several new foodservice accounts and is performing well in Peet’s and Philz Coffee, said Brown during the firm’s Q2 earnings call Thursday afternoon.

If you look at the universe of QSRs that we’re working with that are large and global in nature, I think … you will see some activity this year that is test in nature and things like that or market analysis …, and then the general uptick will be in 2022 from what we’re seeing.

“But provided plans don’t change, there’s something exciting that’s coming actually, in the very near term, it’s a new innovation from us that’s rolling out with one of our big partners.”

Beyond Burger 3.0: ‘Early feedback has been very positive’

He added: “We are thrilled with the response to our new Beyond Chicken product and the continued accolades we are receiving for our latest iteration of the Beyond Burger (v3.0)… Early feedback has been very positive … [but] it remains too early to draw any definitive conclusions about the incrementality of Beyond Burger 3.0 versus 2.0.”

Dunkin… ‘there was a change in management’

Quizzed by analysts about a significant reduction in distribution at Dunkin, he said: “There was a change in management …and they decided to do a review of the menu and make changes and we were part of that. A couple of years ago, Tim Hortons did the same thing. [But] we remain engaged with Dunkin’ around future innovation and collaborations and our distribution throughout their western US stores…

He added: “I think you’ll see us continue to add distribution of the largest QSRs at a very healthy pace, provided we don’t see a sustained resurgence in COVID… “

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