Beyond Meat Gains After Announcing Major Walmart Expansion

Shares of plant-based food maker Beyond Meat Inc BYND gained more than 10% Tuesday morning after securing a major retail expansion at Walmart Inc WMT

What Happened: Beyond Meat's successful launch of its Cookout Classic value pack prompted Walmart to triple the availability of the plant-based meat alternative product from 800 locations to more than 2,400 sores nationwide, the company said in a press release.

This marks a continuation of Walmart's relationship with Beyond Meat that dates back to 2015 when Beyond Meat first launched its frozen products.

Since then, the relationship expanded to include the Beyond Burger and Beyond Sausage in the fresh meat aisle and most recently, Beyond Breakfast Sausage patties in the freezer section.

"Walmart has been a terrific partner and we're excited to strengthen that partnership in depth and breadth as we look to offer more Beyond Meat products at more Walmart locations, furthering our commitment to increasing accessibility of plant-based meat," said Chuck Muth, Chief Growth Officer, Beyond Meat.

Why It's Important: Beyond Meat highlighted the latest SPINS data ending in early September that ranks Beyond Meat as the top selling brand in all refrigerated plant-based meat.

Beyond Meat's products are available at more than 110,000 retail and foodservice outlets across 85 countries. The company said its momentum is due to increased demand for plant-based meat alternatives that offer a similar look and taste compared to traditional meat but with less saturated fat and no cholesterol.

The stock was up 11% to $169 at the time of publication.

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