Yum! Brands Earnings Beat, Revenue Miss
Adjusted earnings came in at $1.62 per share, beating the analyst consensus estimate of $1.58. Revenue totaled $2.17 billion, below analysts’ estimate of $2.20 billion.
Worldwide system sales increased 5%, excluding currency effects, while the company expanded its restaurant count by 5% with 1,053 gross new units.
GAAP operating profit rose 5%, while core operating profit increased 5%. Digital system sales approached $9 billion, with digital orders accounting for more than 60% of system sales.
KFC opened 660 gross new restaurants across 55 countries during the quarter. Pizza Hut opened 333 locations across 33 countries, while Taco Bell added 54 restaurants across 15 countries.
