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The plant-based meat space has become more competitive in recent years as more traditional names including Tyson Foods Inc (NYSE:TSN), Kellogg (NYSE:K) Co as well as newbies have entered the fray and are offering big discounts to attract consumers.
Sales to U.S. restaurants and other food-service joints decreased 7.5% in the first quarter ended April 2.
“The decrease in U.S. foodservice channel net revenues was primarily attributable to the discontinuation of distribution at a certain customer, which was included in the year-ago period,” the company said.
Net revenue was $109.5 million in the reported quarter, compared with $108.2 million a year earlier. Analysts polled by Refinitiv had expected $112.3 million.
