NEW YORK — The company that runs the KFC, Taco Bell and Pizza Hut chains easily beat first-quarter expectations, but that was overshadowed Wednesday by tepid sales at established restaurants.<\/p>\n
Shares of Yum Brand Inc. slid more than 5 per cent before the opening bell.<\/p>\n
Worldwide sales at restaurants open at least a year climbed 1 per cent in the quarter. That’s down from last year’s 2 per cent growth. Industry analysts had expected that number to remain flat, not decline, according to a FactSet survey.<\/p>\n
Net income soared 55 per cent to $433 million, or $1.27 per share. Removing a number of nonrecurring gains, per-share profit was 90 cents, far outpacing Wall Street projections for 76 cents, according to a survey by FactSet.<\/p>\n
The company made $280 million, or 77 cents per share, a year earlier.<\/p>\n
Yum got a boost from refranchising restaurants, as well as $66 million related to a deal with GrubHub. In February, Yum began expanding home delivery nationwide in partnership with GrubHub.<\/p>\n
Revenue for the Louisville, Kentucky, company was $1.37 billion, with increased sales at KFC, Taco Bell and Pizza Hut. That also beat the $1.08 billion that industry analysts had expected.<\/p>\n
At Pizza Hut, comparable-store sales rose 1 per cent compared with a 3 per cent decline in the year-ago period. KFC’s same-store sales growth of 2 per cent was flat with the prior-year figure. Taco Bell’s same-store sales rose 1 per cent, slowing from a year earlier when it achieved 8 per cent growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW YORK — The company that runs the KFC, Taco Bell and Pizza Hut chains easily beat first-quarter expectations, but that was overshadowed Wednesday by tepid sales at established restaurants. Shares of Yum Brand Inc. slid more than 5 per cent before the opening bell. Worldwide sales at restaurants open at least a year climbed […]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8317"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=8317"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8317\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=8317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=8317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=8317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}