Beyond Meat hit a session low of $119, last down about 7% in the last hour of the session, after CNBC reported Burger King slashed the price of the Impossible Whopper following declining sales.
Shares of Beyond Meat have surged more than 80% since the start of the year, news of declining fake meat sales at Burger King has led to some of those gains being lost.
CNBC noted that Carrols Restaurant Group Inc., the largest Burger King franchisee in the U.S., said sales of the Impossible Whopper edged down from 32 to 28 per store. The franchisee has 1,000 stores across the U.S. and was selling vegan patties for a two-for-$6 discount – compared with the $5.59 suggested price per sandwich.
Dominic Flis, a Burger King owner in Little Rock, Arkansas, said the hype for the Impossible Whoppers is over. Flis said when the vegan patties first came out, he was selling 30 per day – now it’s more like 20 per day. He said he’s taking a loss on the fake meat.