By Dhirendra Tripathi
Investing.com – Beyond Meat (NASDAQ:BYND) shares rose 2% Thursday after the plant-based meat producer announced several major product expansions at retailers nationwide.
The increased distribution strengthens the company’s expansive retail presence at approximately 28,000 retail outlets across the U.S.
Grocery giants Kroger (NYSE:KR), Target (NYSE:TGT) and Giant Foods will now stock Beyond Meatballs. Kroger will also stock its Beyond Breakfast Sausage, while Super Targets will carry Beyond Sausage. Beyond's frozen meatless burger value packs will also be offered in more stores.
Beyond Meat shares also rose Wednesday on optimism the company’s new unit in China will help it serve more customers and more quickly in the region.
The company’s shares are 40% below their 52-week high of $220.8, falling back after the company reported losses that ballooned to $25.1 million in the fourth quarter of 2020 from a $500,000 loss in the same period in 2019.
The manufacturing unit near Shanghai is its first outside the U.S.
The plant will also help the company improve its cost structure and make its operations sustainable.
In order to meet China's growing demand for plant-based meat, the facility will produce range of plant-based pork, beef and poultry products.
With a focus on long-term growth and expanding existing retail and foodservice business, the facility will also feature R&D capabilities for creating new products and supporting the company's local strategic partners.
The company said it will also open its first owned manufacturing facility in Europe this year.