Why Beyond Meat Stock Fell 27% in 2023
Beyond Meat (NASDAQ: BYND) stock underperformed the market by a wide margin last year, according to data provided by S&P Global Market Intelligence. The stock declined 27% in 2023 compared to a 24% rally in the S&P 500. That drop followed a tough year in 2022 for the plant-based meat specialist, which is still reeling from weaker industry demand and a tough promotional environment.
Wall Street was disappointed to see Beyond Meat post significant sales declines for the year, along with big net losses for a second straight year.
Beyond Meat's last earnings update of the year was a good example of the poor operating and financial trends that investors saw throughout 2023. Sales declined 9% in the selling period that ran through late September. That slump was concentrated in the key U.S. market retail niche, which was down 34% as consumers looked for ways to stretch their grocery budgets.
Source Fool.com
