(Reuters) -Beyond Meat Inc on Friday cut its third-quarter revenue forecast, blaming a host of factors including a drop in demand from grocery stores and a labor shortage that led to delays in restocking shelves, sending its shares down 13% premarket.
The faux meat maker also said new orders from a distributor servicing one of the company’s large customers did not materialize, while severe weather caused damage to inventory stored at one of its facilities.
The company said it now expects third-quarter net revenue of about $106 million, compared with its prior forecast of $120 million to $140 million.
(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)
