Shares in plant-based alternative meat company Beyond Meat fell sharply this week, after the company reported a pre-tax loss of $10.2m (€8.6m) for the second quarter of its 2020 financial year. In the three month period to the end of June, Beyond Meat said its sales of plant-based products grew by 69% to over $113m (€95m).

The company said a near 200% increase in retail sales to $100m (€85m) more than offset a 60% collapse in sales to food service customers to just under $14m (€12m), after COVID-19 forced the widespread closure of the food service industry.

Despite continued strong sales growth, Beyond Meat recorded an operating loss of $8.2m (€7m) in the second quarter

Beyond Meat CEO Ethan Brown said the company’s brand experienced strong growth in the quarter, with increased household penetration and repeat purchase rates of nearly 50%.

Despite continued strong sales growth, Beyond Meat recorded an operating loss of $8.2m (€7m) in the second quarter. The company makes imitation meat products from plant proteins such as yellow peas and uses beet juice to mimic the bleeding and texture of real meat. Its range of products include plant-based alternatives for burgers, meatballs and sausages.