The Beyond Burger, continuing to roll out beyond North America and across Europe, is now available through the largest supermarket chain in Spain. Faux meat patties, shipped frozen by El Segundo, California-headquartered Beyond Meat, Inc. and sold in meat aisle chilled cabinets as well as in frozen food cases, has been listed at El Corte Ingles stores in Madrid, Barcelona, Valencia, Sevilla, Mallorca, Malaga, Leon and elsewhere, as well as at all 10 Romero Sanchez outlets in Madrid.
“We’re beyond inspired by Spain’s passion for quality food and mealtime traditions. That’s why we’re excited to provide locals with the opportunity to seamlessly swap animal protein for plant protein in their favorite, traditional dishes: creating sustainable options without sacrificing flavor or tradition,” proclaimed the producer at its website.
Founded in 2009, Beyond Meat has significantly extended its reach into retail and foodservice markets near and far in recent years, with a range of plant-based meatless items now sold through approximately 53,000 points of distribution across six continents. Following a highly successful IPO in May of this year, the company is moving forward with plans to penetrate 50 or more countries in the near future.
Toward that end, several months ago Beyond Meat announced expansion of its partnership with Zandbergen World’s Finest Meat in the Netherlands to produce plant-based meat substitutes at a purpose-built factory now under construction by Zandbergen in Zoeterwoude, South Holland.
Upon completion of the facility, which is expected during the first quarter of 2020, the manufacturing alliance will herald Beyond Meat’s first production capability outside the United States. Localized manufacturing will reduce the company’s transportation footprint, while increasing the speed in which to get products to customers across continental Europe.
“The consumer response in Europe has been very positive and we look forward to being able to better serve those customers with locally produced products,” said Seth Goldman, executive chairman of Beyond Meat. “We are pleased to have strong strategic partners like Zandbergen to help us grow globally.”
Q2 Net Revenues Surge
Last month the company reported that net revenues for the second quarter ending on June 29 increased 287% to $67.3 million, compared to $17.4 million in the second quarter of 2018. Gross profit was $22.7 million, or 33.8% as a percentage of net revenues, compared to gross profit of $2.6 million, or 15.0% as a percentage of net revenues, in the year-ago period.
However, there was a net loss was $9.4 million, or a loss of $0.24 per common share of stock, compared to net loss of $7.4 million, or a loss of $1.22 per common share in the year-ago period. Adjusted EBITDA, which is a non-GAAP financial measure, was $6.9 million compared to an Adjusted EBITDA loss of $5.6 million during the same period in 2018.
“We are very pleased with our second quarter results, which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets. We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad,” said Ethan Brown, Beyond Meat’s president and chief executive officer.
He added: “Looking ahead, we will continue to prioritize efforts to increase our brand awareness, expand our distribution channels, launch new innovative products, and invest in our infrastructure and internal capabilities in order to deliver against the robust demand we are seeing across our business.”