Beyond Meat announced on Wednesday that it will delay the publication of its fourth-quarter results by about one week to allow more time to finish certain internal processes. The plant-based meat maker had originally expected to release the quarter's results on March 25 but now plans to report on March 31.
The decision follows an earlier postponement of the companys annual report, which the company said was prompted by the identification of material weaknesses in controls related to the accounting for inventory. Those weaknesses include issues tied to excess or obsolete inventory, according to the companys disclosure at the time.
Beyond Meats operations have been under pressure from softening demand. The company has faced slower consumer uptake as budget-conscious shoppers migrate away from its relatively higher-priced products toward more affordable alternatives. The company has also contended with shifts in consumer preferences toward less processed foods, and more recently with the influence of the "Make America Healthy Again" movement, which the company cited as a factor affecting demand patterns.
The companys shares experienced heightened attention in the prior year amid a meme-stock surge, but the current sequence of accounting-control remediation and sliding demand presents continued challenges for management as it works to complete reporting requirements.
The company said the extra time is necessary to close certain internal processes before filing the quarter-end results. Beyond Meat has not provided additional detail in the announcement about which specific processes remain outstanding, other than linking the need for more time to internal completion.
Investors and market participants will now have to wait until March 31 for the companys fourth-quarter figures and related disclosures. The earlier disclosure about inventory-control weaknesses remains in place and was the stated reason for the recent delay to the annual report. Beyond Meats combination of accounting remediation and market headwinds highlights two distinct operational issues the company is addressing simultaneously: internal financial control improvements and weaker consumer demand for its higher-priced alternatives.
Context note - The companys prior meme-stock interest last year is a background detail; current developments center on the timing of financial reporting and the inventory-control issues disclosed by the firm.