Beyond Meat delays fourth-quarter results
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Beyond Meat signage is featured on a screen during the company's IPO at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid
March 25 (Reuters) - Beyond Meat said on Wednesday it was delaying the reporting of its fourth-quarter results by about a week as it needs additional time to complete some internal processes.
The plant-based meat maker, whose shares had last year seen a meme-stock frenzy, will now report its quarterly results on March 31, instead of March 25.
Last week, the company announced that it was delaying its annual report as it identified material weaknesses related to controls associated with the accounting for its inventory, including excess or obsolete stock.
The faux-meat producer has already been struggling with weak demand, as budget-conscious consumers pull back from its higher-priced products and shift towards cheaper alternatives amid a shift toward less processed and, more recently, the influence of the "Make America Healthy Again" movement.
(Reporting by Koyena Das in Bengaluru; Editing by Maju Samuel)
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