Signage is displayed exterior a Yum! Brands Inc. Taco Bell restaurant in Lockport, Illinois.
Daniel Acker | Bloomberg | Getty Images
Yum Brands on Thursday reported that its quarterly revenue rose 8%, fueled by Taco Bell’s return to optimistic same-store gross sales progress.
Shares of the corporate rose greater than 2% in premarket buying and selling.
Here’s what the corporate reported in contrast with what Wall Street was anticipating, based mostly on a survey of analysts by Refinitiv:
- Earnings per share: $1.01, adjusted, vs. 80 cents anticipated
- Revenue: $1.45 billion vs. $1.42 billion anticipated
Yum reported third-quarter internet revenue of $283 million, or 92 cents per share, up from $255 million, or 81 cents per share, a yr earlier.
Yum’s funding in Grubhub lifted earnings per share by 2 cents this quarter resulting from adjustments in its truthful worth. The KFC proprietor, which had disputed the phrases of the settlement with Grubhub this summer season, additionally mentioned it offered its stake for $206 million.
Excluding bills from a voluntary early retirement program, restructuring costs and different objects, the corporate earned $1.01 per share, topping the 80 cents per share anticipated by analysts surveyed by Refinitiv.
Net gross sales rose 8% to $1.45 billion in contrast with the year-ago interval, beating expectations of $1.42 billion. Same-store gross sales throughout Yum fell 2%, however the firm’s digital gross sales set a brand new document for a single quarter, reaching $Four billion.
Taco Bell reported same-store gross sales progress of three%. Last quarter, the chain noticed its same-store gross sales fall 8%, damage by decrease demand from early morning and late-night prospects.
Yum’s different manufacturers reported same-store gross sales declines within the quarter. KFC’s and Pizza Hut’s outcomes had been each dragged down by lagging demand of their worldwide markets. KFC’s international same-store gross sales fell 4%, regardless of U.S. same-store gross sales progress of 9%. Pizza Hut reported international same-store gross sales declines of three%. The pizza chain’s quarterly same-store gross sales rose 6% within the United States.
Habit Burger Grill, which Yum purchased earlier this yr, noticed same-store gross sales fall 3% within the quarter.
Yum completely closed 267 eating places through the quarter. Compared with the identical time a yr in the past, its restaurant footprint was up 2%.