Yum Brands reports mixed quarter with declining sales at Pizza Hut and KFC.
From CNBC: 2024-08-06 08:05:34
Yum Brands reported a mixed quarter with declining same-store sales at Pizza Hut and KFC. Earnings per share were $1.35 adjusted, beating expectations of $1.33, while revenue was $1.76 billion, falling short of the expected $1.8 billion. Net sales rose 4% to $1.76 billion, driven by new restaurant openings.
KFC’s U.S. restaurants struggled, with domestic same-store sales dropping by 5%. Although KFC saw system sales rise in China, international same-store sales fell by 3%. Pizza Hut’s U.S. and international same-store sales both declined, by 1% and 4% respectively. Taco Bell saw a 5% increase in same-store sales.
Yum Brands plans to expand AI drive-thru ordering at Taco Bell restaurants in the U.S. by the end of the year. Taco Bell’s strong performance, with a 5% increase in same-store sales, positions it as a key asset in Yum’s portfolio. Stay tuned for updates on this developing story.
Read more at CNBC: Yum Brands (YUM) earnings Q2 2024