Shares of Beyond Meat have rallied after the company announced it will be tripling the distribution of its Beyond Burger in Walmart stores.
The company said that following the successful launch of its Cookout Classic product, Walmart plans to triple availability of the burger from 800 locations to 2,400 in the US.
Walmart has continued to expand its range of Beyond Meat products since they first appeared in stores back in 2015.
“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.
Beyond Meat, products are now available in approximately 112,000 retail and food outlets worldwide, according to the company.
While the company's shares jumped 10% on the news to $166.45 per share, it has already been noticed by several traders and investors that the company had already announced the expansion on its earnings call on the 4th of August.
Back then the company said, “In September Walmart will be expanding its distribution of Beyond Burger to more than 2,400 stores while bringing our Breakfast Sausage patties to over 2,200 stores.”
So, don't be surprised if Beyond shares fall later in today's session.