In a country known for eating real food, impossible burgers are certainly impossible to make work.
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Most Americans love a good grilled steak, hot dog, brat, or anything really that tastes good, and is considered real food. Yet for years there has been an attempted growing trend to make meat plant based, and fake. Well now it appears that the Biden and liberal agenda is causing its own initiative to fail.
CNBC reports. Beyond Meat on Wednesday reported a wider-than-expected loss for its third quarter as demand for its meat substitutes tumbled.
CEO Ethan Brown called the results “disappointing” in the press release. Cash-strapped shoppers are skipping Beyond’s burger, sausage and chicken substitutes and instead buying cheaper proteins, according to Brown.
In after-hours trading, the company’s shares were effectively flat. On Wednesday, the stock closed down 9%.
By offering discounts to restaurants and grocery stores, Beyond has tried to revive demand for its meatless burgers and sausages. Despite lower sticker prices, it wasn’t enough.
Net revenue per pound declined 11.2%, and total pounds sold fell 12.8%.
The woke meat is not only failing in the United States but across the world.
Its sales declined even more outside of the U.S., partly due to unfavorable foreign exchange rates. Food service revenue fell 42%, while international grocery sales dropped 53%. Approximately 35% of sales were generated by international markets last year. During the third quarter, they only accounted for a quarter of Beyond’s total revenue.
A year earlier, the company posted a net loss of $54.8 million, or 87 cents per share, compared to a third-quarter net loss of $101.7 million, or $1.60 per share.
As Wall Street grows pessimistic about the company’s growth prospects, Beyond has been trying to become cash-flow positive by the second half of 2023.
Just like every other instance when the peta friendly companies try to go meatless, this is failing also. While the media wants to blame the food sales dropping due to Biden – induced inflation, and price hikes from the failing biden economy, it could also be that the food just tastes bad and people are overwhelmingly rejecting it. Just like every other instance, this just further proves that when you go woke, you go broke.
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