Plant-based milk substitute firm Oatly cuts its sales outlook

Firm's second-quarter revenue missed analysts’ estimates

The Swedish-based company expects cost savings of about €77m in 2024.

Plant-based milk substitute company Oatly cut its sales outlook and announced an improvement plan in Asia as consumers in the region moved away from its drinks post-covid.

The oat-drink maker now expects full-year revenue growth in a range of 7% to 12% on a constant-currency basis, down from 23% to 28% previously.