What happened
Shares of Beyond Meat (BYND 6.22%) climbed on Monday after the meat alternatives company said it would begin selling value packs of its popular plant-based burgers at Walmart (WMT 0.71%) and Target (TGT +0.50%) stores nationwide.
By the close of trading, Beyond Meat's stock was up 3% after rising as much as 10% earlier in the day.
So what
This summer, Beyond Meat wants you to use its plant-based meat in place of your regular beef burgers. To help you make the switch, it will offer lower-priced "Cookout Classic" 10-packs of its meatless burger patties. The limited-edition packs will be available at Target, Walmart, and certain other retailers from June 22 until the middle of August.
"With summer grilling season underway, we are pleased to launch Cookout Classic value packs nationwide at our most affordable price point to date," Beyond Meat CEO Ethan Brown said in a press release.
Beyond Meat wants its plant-based products to become your new summertime barbecue favorites. Image source: Beyond Meat. https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-launches-cookout-classictm-most-affordable-price
Through July 4, Beyond Meat will also launch promotions for its other products at major retailers, such as Kroger and Amazon-owned Whole Foods. "This forward-looking pricing represents an important milestone along our journey to make Beyond Meat more accessible to all consumers," Brown said.
Now what
Beyond Meat also noted in its press release that it intends to launch a new direct-to-consumer website later this summer. The move could help strengthen its relationship with its end customers. It would also come at a time when more consumers are shifting their food purchases to online channels, driven in part by the coronavirus pandemic and related social distancing measures.
