(Reuters) -Beyond Meat Inc forecast annual revenue below estimates on Thursday, as the plant-based business pioneer wrestles with labor and supply chain disruptions and faces stiff competition in the United States.
The company’s shares fell 6% in extended trading.
The plant-based meat space has become crowded in recent years with more traditional names including Tyson Foods and Kellogg entering the fray and offering big discounts to get more people to trial their products.
The company said it expects revenue of $560 million to $620 million for 2022, compared with estimates of $637.3 million, according to Refinitiv IBES data.
Sales to U.S. grocers, convenience stores and other retailers declined 19.5% in the fourth quarter.
Net revenue was $100.7 million in the three months ended Dec. 31, compared with $101.9 million a year earlier. Analysts polled by Refinitiv had expected $101.4 million.
(Reporting by Praveen Paramasivam in Bengaluru and Hilary Russ in New York; Editing by Maju Samuel)
