In this articleYUMFollow your favorite stocksCREATE FREE ACCOUNTA Pizza Hut store is seen on November 01, 2023 in Austin, Texas.Brandon Bell | Getty ImagesYum Brands on Wednesday reported quarterly earnings and revenue that missed analysts’ expectations as Pizza Hut and KFC struggled to attract customers.Shares of the company fell more than 4% in premarket trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: $1.15 adjusted vs. $1.20 expectedRevenue: $1.6 billion vs. $1.71 billion expectedYum 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. The pizza chain’s U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline. The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.The company’s digital business was one of the few bright spots this quarter. Yum said its digital sales accounted for more than 50% of sales for the first time.Yum’s global footprint grew 6% in the quarter, thanks to 808 new restaurant openings. …
Article Attribution | Read More at Article Source
[mwai_chat context=”Let’s have a discussion about this article:nnIn this articleYUMFollow your favorite stocksCREATE FREE ACCOUNTA Pizza Hut store is seen on November 01, 2023 in Austin, Texas.Brandon Bell | Getty ImagesYum Brands on Wednesday reported quarterly earnings and revenue that missed analysts’ expectations as Pizza Hut and KFC struggled to attract customers.Shares of the company fell more than 4% in premarket trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: $1.15 adjusted vs. $1.20 expectedRevenue: $1.6 billion vs. $1.71 billion expectedYum 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. The pizza chain’s U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline. The chain faced tough comparisons to the year-ago period, when Pizza Hut reported 7% same-store sales growth, fueled by its new Melts.The company’s digital business was one of the few bright spots this quarter. Yum said its digital sales accounted for more than 50% of sales for the first time.Yum’s global footprint grew 6% in the quarter, thanks to 808 new restaurant openings. …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
