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Yum Manufacturers on Tuesday reported quarterly earnings and income that missed analysts’ expectations as Pizza Hut and KFC reported U.S. same-store gross sales declines.
Here is what the corporate reported for the interval ended June 30 in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by LSEG:
- Earnings per share: $1.44 adjusted vs. $1.46 anticipated
- Income: $1.93 billion vs. $1.94 billion anticipated
Yum reported second-quarter internet earnings of $374 million, or $1.33 per share, up from $367 million, or $1.28 per share, a yr earlier.
Excluding refranchising positive factors and different objects, the corporate earned $1.44 per share.
Web gross sales climbed 10% to $1.93 billion. Yum’s same-store gross sales rose 2% in the course of the quarter.
KFC reported same-store gross sales progress of two%, lifted by its worldwide eating places. The fried rooster chain counts China as its greatest market.
However domestically, KFC’s struggles proceed. Its U.S. same-store gross sales slid 5%. Final yr, the chain dropped from the No. 3 rooster chain within the U.S. by gross sales to No. 5, falling behind Elevating Cane’s and Wingstop. In April, Catherine Tan-Gillespie took over as president of KFC U.S., tasked with turning round its gross sales droop.
Globally, Pizza Hut’s same-store gross sales fell 1%, harm by weaker demand in its residence market. Like KFC, Pizza Hut noticed its U.S. same-store gross sales fall 5% in the course of the quarter. The chain is dealing with elevated competitors from its rivals as many shoppers dine out much less usually.
Taco Bell, the jewel of Yum’s portfolio, reported same-store gross sales progress of 4%. The chain’s rising worldwide enterprise additionally noticed same-store gross sales enhance 4% in the course of the quarter.
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