Yum Brands same-store sales beat Wall Street expectations
Yum Brands Inc (YUM.N) on Thursday reported better-than-expected sales at established restaurants, powered by growth across all its chains - KFC, Pizza Hut and Taco Bell, reports Trend referring to Reuters.
The company’s sales from restaurants open at least a year rose 5% in the second quarter ended June 30, beating Wall Street’s estimate of 3% growth, according to IBES data from Refinitiv.
Yum’s total revenue fell 4% to $1.31 billion, hurt by the company’s move to refranchise its restaurants which replaces sales with royalty fees. Analysts were expecting total revenue of $1.28 billion.