Yum Brands Same-Store Sales Below Street Estimates
Yum Brands Inc's quarterly sales at established outlets fell short of Wall Street estimates on Thursday August 2, as fewer customers dined at its Pizza Hut and Taco Bell chains.
Sales at Yum's worldwide restaurants open for at least a year rose 1%, missing analysts' average estimate of a 1.92% rise, according to Thomson Reuters I/B/E/S.
Same-store sales at Pizza Hut posted a surprise drop of 1%, missing expectations of a 1.21% increase, while Taco Bell's 2% rise also fell short of estimates.
Net income rose to $321 million, or 97 cents per share, in the second quarter ended June 30 from $206 million, or 58 cents per share, a year earlier.
Excluding one-time items, Yum earned 82 cents per share, beating analysts' expectations of 74 cents.
Total revenue fell 5.5 percent to $1.37 billion, but edged past estimates of $1.36 billion.