The world’s biggest oat milk manufacturer has claimed that production and distribution issues shaved $7 million off its revenue this quarter.
Oatly shares plunged almost a fifth yesterday after admitting it was “investigating a quality issue” that could force it to bin products and cut further into margins.
According to the Guardian, UK sales were $1 million lower than projections thanks to driver shortages delaying deliveries.
Technical issues at Oatly’s US factory in Utah meant $3 million in lost sales, with another $3 million Covid closures of hospitality businesses in Asia.
It is the latest company to reveal widespread supply chain issues, which have seen rising demand but staff and raw material shortages as lockdown restrictions ease.
Oatly said sales growth across Europe and the Middle East was “slower than we anticipated”, pointing the finger at the pandemic.
Its share price has dived almost 60 per cent amid concerns about competition from big name brands such as Alpro, Danone and Nestlé.
Oatly boss Toni Petersson said: “We’re pleased with our ability to continue to be a leader in driving growth and sales velocity for the plant-based milk category within our key markets.
“This positive momentum was partially offset by temporary headwinds as we scale our global production capacity, particularly in Ogden, Utah, and… Asia.
“Despite this near-term variability, we remain very confident in our ability to meet the rapidly growing global demand for our products.”
Sales rose by almost 50 per cent to $171 million this quarter, but pre-tax losses have stretched to almost $41 million from $9.8 million since this time last year.
Amid growing demand for its drinks, Oatly produced 131 million litres of oat milk, up by 77 per cent.