Yahoo Finance Yum Brands reports strong sales led by KFC
Yum Brands (YUM) reported stronger-than-expected earnings and sales during the first quarter.
Same-store sales, a key metric for restaurants, grew 4% globally. Global sales were expected to have grown at a 2.7% rate during the first quarter.
KFC, Yum’s largest brand, posted 5% same-store sales growth, exceeding analysts’ expectations for 3.1% growth.
Meanwhile, Taco Bell posted same-store sales growth of 4%. Analysts were projecting 4.8% during the quarter.
Pizza Hut same-store sales stayed steady. Consensus estimates were for 0.3% growth.
“First-quarter results were a solid start to the year, reflecting particular strength at the KFC division and Taco Bell U.S. With this quarter, we have a healthy foundation to help us achieve our 2019 guidance,” CEO Greg Creed said in a statement.
Yum reported adjusted earnings of 82 per share during the first quarter, better-than-expectations for 81 cents per share. Revenue was in line with expectations at $1.25 billion.
Yum’s earnings conference call kicks off at 8:15 a.m. ET.
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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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