Yum Brands earnings miss estimates as KFC, Pizza Hut report same-store sales declines
Yum Brands on Tuesday reported quarterly earnings and revenue that missed Wall Street’s expectation as same-store sales at KFC and Pizza Hut slid more than expected.
Yum Brands on Tuesday reported quarterly earnings and revenue that missed Wall Street’s expectation as same-store sales at KFC and Pizza Hut slid more than expected.
“The complex consumer environment that exists in many markets around the globe has contributed to pronounced regional sales variations, which has caused our system-sales growth to fall short of our long-term algorithm this year,” CEO David Gibbs said on the company’s conference call.
In 2022, Yum raised its long-term target to 5% unit growth, 7% system-sales growth and 8% operating profit growth.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Yum reported third-quarter net income of $382 million, or $1.35 per share, down from $416 million, or $1.46 per share, a year earlier.
Rating: 5