Beyond Meat Expands in China With Sinodis Partnership

Beyond Meat partnered with Sinodis, which imports foods to 4,500 wholesalers, restaurant chains and hotels in China.
Author:
Publish date:

Shares of Beyond Meat BYND were higher after the plant-based-meat company unveiled a deal in China with food distributor Sinodis.

Sinodis is part of the French dairy maker and distributor Savencia, importing foods to 4,500 wholesalers, restaurant chains and hotels in China. 

Beyond Meat has made a concerted effort to expand in China over the past few weeks. The company said recently that in its most recent quarter, it was able to double revenue from a year earlier.. 

Last week, Beyond Meat said it would be featured in Yum China  (YUMC) - Get Report brands in the Asian country. 

Yum China Holdings' KFC, Taco Bell and Pizza Hut locations will start serving Beyond Meat menu items in limited runs starting Wednesday.

"We see great potential for the plant-based-meat market in China," Yum China Chief Executive Joey Wat said in a statement.

"This latest introduction across KFC, Pizza Hut and Taco Bell brands is expected to capture valuable consumer feedback across different regions in China.I t will enable us to optimize flavors and processes and help assess the potential for larger scale rollouts in the future."

Last month, Beyond Meat popped after reporting net income registered $1.8 million, or 3 cents a share, in the first quarter, compared with a net loss of $6.6 million, or 95 cents a share, in the year-earlier period. Analysts polled by FactSet anticipated a loss of 7 cents for the latest quarter.

Revenue more than doubled to $97.1 million in the latest quarter from $40.2 million a year ago. Analysts predicted $88.8 million for this year’s number.

Beyond Meat shares at last check added 5.8% to $141.24.