The Covid delta variant and labor challenges are resulting in fewer orders of Beyond Meat products from restaurants.
Beyond Meat CEO Ethan Brown said Thursday that restaurants are ordering less of its products because of delta variant fears and labor challenges.
Brown also said that a shortage of willing workers led at least one food service launch to be delayed until early next year.Beyond MeatCEO Ethan Brown told analysts on Thursday that independent restaurant operators stocked up on Beyond's meat alternatives, helping U.S. food service revenue surge 269% from a year ago.
"So those two effects, the impact of labor and then the continued bit of cloudiness about the Delta variant, I think, is creating a little bit of a drag on food service at the moment," Brown said. "And so for us, I think the main characteristic of the third quarter, and our guidance is, is simply lack of visibility."
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