Vehicles wait in line on the drive by lane of a Yum! Brands Inc. Kentucky Fried Chicken (KFC) and Taco Bell restaurant in Lockport, Illinois, U.S.
Daniel Acker | Bloomberg | Getty Images
Yum Brands on Thursday reported quarterly earnings and income that topped analysts’ expectations, fueled by robust demand for KFC’s fried rooster.
Shares of the corporate rose greater than 1% in premarket buying and selling.
Here’s what the corporate reported in contrast with what Wall Street was anticipating, primarily based on a survey of analysts by Refinitiv:
- Earnings per share: $1.22 adjusted vs. $1.08 anticipated
- Revenue: $1.61 billion vs. $1.59 billion anticipated
The firm reported fiscal third-quarter web revenue of $528 million, or $1.75 per share, up from $283 million, or 92 cents per share, a yr earlier.
Excluding objects, Yum earned $1.22 per share, beating the $1.08 per share anticipated by analysts surveyed by Refinitiv.
Net gross sales rose 11% to $1.61 billion, topping expectations of $1.59 billion. Across all of its chains, same-store gross sales elevated by 5%. Wall Street was anticipating same-store gross sales progress of 5.8%, based on StreetAccount estimates. The world unfold of the Covid delta variant weakened demand for Yum’s pizza, rooster and tacos in a few of its key markets.
KFC’s same-store gross sales climbed 6% after falling 4% a yr in the past. While progress in China, its largest market, was muted in the course of the quarter, its residence market noticed same-store gross sales climb 4%. On a two-year foundation, U.S. same-store gross sales have been up 13%.
Pizza Hut reported same-store gross sales progress of 4% as worldwide markets bounced again. In the United States, its same-store gross sales rose by simply 2% because it confronted powerful comparisons to a yr in the past. On a two-year foundation, Pizza Hut’s U.S. same-store gross sales are up 8%.
Taco Bell’s same-store gross sales rose 5% within the quarter and eight% on a two-year foundation. The chain has struggled to recuperate late-night and breakfast gross sales all through the pandemic. The Mexican-inspired chain’s same-store gross sales had the most important miss of Yum’s portfolio. StreetAccount estimates forecast that the chain would report same-store gross sales progress of 6.2%.
Yum added 760 web new areas in the course of the quarter, setting a document for the corporate.