Beyond Meat announced Monday it is debuting a plant-based version of steak tips at Kroger and Walmart.
|BYND||BEYOND MEAT INC.||7.23||+0.35||+5.09%|
|KR||THE KROGER CO.||44.57||+0.93||+2.13%|
In a press release, the plant-based food company said customers will be able to buy the Beyond Steak at over 5,000 Kroger and Walmart locations across the country. The new product, made with faba bean protein and wheat gluten, aims to "deliver the juicy, tender and delicious bite of seared steak tips," offering 21 grams of protein per serving and 0 mg of cholesterol, according to Beyond Meat.
The new plant-based steak option adds to Beyond Meats’ existing line of products already sold at retailers, including its Beyond Burger, Beyond Beef and Beyond Chicken Tenders. The Beyond Steak will also be available at certain divisions of Albertsons and Ahold Delhaize and other grocery chains, the company said.
"Beyond Steak is a highly-anticipated expansion of our popular beef platform and we’re proud to introduce this innovative product to consumers nationwide," Chief Innovation Officer Dariush Ajami said in a statement.
Beyond Meat previously made a foray into steak when it announced in September it was working with Taco Bell to temporarily test a plant-based carne asada steak option in the Dayton, Ohio, area.
The company said in mid-October that it was reducing its third-quarter and full-year revenue forecasts.
For the third quarter, Beyond Meat projected its net revenues would be about 23% lower than the same period in 2021, expecting to come in at roughly $82 million. It estimated its full-year net revenues would wind up being between $400 million and $425 million rather than its previously forecasted $470 to $520 million.
The company cited "ongoing softness in the plant-based meat category," increased competition, inflation and other factors as affecting its revenue outlook.
At the same time, it said it was laying off 19% of its workforce.