The oat drink producer reported revenues of $196m (£153m) for the second quarter of this year.
While the Americas and EMEA region saw a year-on-year increase in revenue of 19.4% and 17.6% respectively, Asia saw a 14.9% decrease when compared to Q2 of 2022.
Following these results, the Malmo-based firm adjusted its outlook for the end of 2023. Oatly said it now expects 7% to 12% revenue growth across the whole year, down from the 23% to 28% projection which was forecast in its year-end 2022 results.
In the aftermath of the figures being released, chief executive Jean-Christophe Flatin announced the introduction of a “comprehensive improvement plan” in Asia following a disappointing quarter.
“As Asia has transitioned to a post-pandemic era, consumers have behaved differently than we had originally expected, and we need to adjust,” said Flatin.
“We have also taken actions to further simplify our corporate functions and Americas segment overhead, which will lead to additional cost savings as well as increased focus and agility. While we are reducing our 2023 sales guidance, we continue to expect to achieve our fourth quarter gross margin target of the high 20%s.”
The improvement plan set to be introduced in Asia includes refocusing on the core business, simplifying the product portfolio and reducing operating costs.
Amazon link-up expands
Meanwhile, Oatly has expanded its partnership with Amazon across Europe, meaning that its products will now be available via the Prime subscription service in markets including Germany, France, Italy, Spain, the Netherlands and Belgium.
The drinks maker has the ability to list the following products under the agreement: Oatly Barista Edition, Oatly Light, Oatly Semi, Oatly Whole, Oatly ‘No’ Sugars and Mini Barista.
“We’re excited to build on the successful relationship we’ve had with Amazon in the UK and look forward to making more Oatly products available to more Amazon customers across Europe,” said chief operating officer Daniel Ordoñez.
“Amazon is an important part of our customer mix that helps support our mission to make plant-based drinks increasingly accessible and affordable to people and small businesses everywhere for the benefit of our planet.”