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Yum Brands Misses Estimates
Yum Brands (NYSE:YUM) shares swooned on Wednesday, as the restaurant conglomerate reported quarterly earnings and revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers.
Earnings per share came in at $1.15 adjusted vs. $1.20 expected, on revenue of $1.6 billion vs. $1.71 billion expected.
Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier.
Excluding investment losses and other items, the company earned $1.15 per share.
Net sales dropped 3% to $1.6 billion. Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth.
Across Yum's three largest brands, only Taco Bell reported same-store sales growth. The metric rose 1% during the quarter at the Mexican-inspired chain. Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%.
KFC's same-store sales fell 2% in the quarter. The bigger decline came in the U.S., where they shrank 7%. However, the chicken chain's international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market. A year ago, KFC's quarterly same-store sales rose 9%.
Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally.
YUM shares waned $4.38, or 3.1%, Wednesday to $136.75.
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