Yum Revenue, Same-Store Sales Rise
February 09 2017 - 7:43AM
Dow Jones News
By Austen Hufford
Yum Brands Inc. on Thursday reported rising revenue and
same-store sales in its first earnings report after spinning off
its China business.
In the recently completed period, overall same-store sales rose
1%. Consensus Metrix said analysts had expected 2.1% growth.
Same-store sales at KFC rose 3%, Taco Bell reported a 3% increase
and Pizza Hut reported a 2% decrease. Financial Chief David Gibbs
said KFC and Taco Bell had relatively strong performance in the
month of December, despite difficult U.S. industry conditions.
Shares, up 7.6% in the last three months, rose 1.4% in premarket
trading.
Yum China began trading last fall on the New York Stock Exchange
under the ticker symbol YUMC. Yum was the first major Western
fast-food company in China, opening a KFC near Beijing's Tiananmen
Square in 1987 and building the brand into the largest
foreign-restaurant chain in the country.
In all for the period, Yum reported a profit of $267 million
compared with $275 million a year earlier. Profit was hurt by
higher interest expenses and an income tax provision.
On a per-share basis, earnings from continuing operations rose
to 76 cents a share from 66 cents as the number of shares
outstanding fell 15%.
Excluding special items, profit was 79 cents a share.
Revenue, which includes franchise and license fees, grew 2.4% to
$2.02 billion.
Analysts surveyed by Thomson Reuters had projected 74 cents a
share on $2.09 billion in revenue.
The company reaffirmed its long-term guidance.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 09, 2017 08:28 ET (13:28 GMT)
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