From CNBC:

Yum Brands reported quarterly earnings and revenue that fell short of analysts’ expectations, citing the Israel-Hamas war as a factor in lower sales. The conflict affected sales across Middle Eastern and Asian markets, with Yum’s stock rising almost 2% despite the disappointing results.

In the last three months of 2023, Yum is the third global restaurant giant to report disappointing revenue, following Starbucks and McDonald’s. Earnings per share were $1.26 adjusted vs. $1.40 expected, while revenue was $2.04 billion vs. $2.11 billion expected.

Yum reported fourth-quarter net income of $463 million, or $1.62 per share, up from $371 million, or $1.29 per share, a year earlier. Excluding items, the restaurant giant earned $1.26 cents per share. The company’s global same-store sales increased 1%.

Sales softened in some markets as a result of the Israel-Hamas war, with Pizza Hut reporting same-store sales declines of 2%. KFC’s same-store sales rose 2%, below estimates of 4.7%. Taco Bell also underperformed with same-store sales growth of 3%, missing estimates of 3.8%.

Yum plans to hit several major milestones for its global footprint in 2024, including surpassing 60,000 locations, with KFC having more than 30,000 restaurants and Pizza Hut exceeding 20,000.



Read more: Yum Brands (YUM) Q4 2023 earnings