On May 1, 2024, a sign was released in front of Taco Bell Restaurant in Richmond, California.
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Yum Brand Strong sales at KFC International Restaurant and Taco Bell drove quarterly earnings and revenues Thursday, beating Wall Street estimates.
The company’s stock rose more than 2%.
What’s this Company Report Compared to what Wall Street expects, according to LSEG’s survey of analysts:
- Earnings per share: $1.61 Adjusted revenue and expected $1.60
- Revenue: $2.36 billion versus $2.35 billion expected
The restaurant company reported net revenue in the fourth quarter was $423 million, or $1.49 per share, down from $463 million or $1.62 per share a year ago. In addition to the earnings and other items from reoperation, Yum earns $1.61 per share.
Net sales rose 16% to $2.36 billion. More than half of Yum’s quarter were digital sales, which included online and delivery orders as well as orders placed through in-store kiosks.
Taco Bell, Yum’s same-store sales rose 1% in the quarter.
Taco Bell reported a 5% increase in same-store sales. Executives have previously attributed their strong perception of the chain for their success in the most recent quarter.
KFC’s same-store sales remained flat in the quarter, but demand for fried chicken chains was stronger, with KFC’s system sales growing 5% in the quarter in the largest U.S. markets. Europe and Latin America reported double-digit system sales growth. International same-store sales of chain stores rose 1% overall in the quarter.
Meanwhile, KFC’s US same-store sales fell 5% in its domestic market. Popeyes has surpassed the chain to become the second largest chicken chain in the United States, with other upstarts such as elevated sugar cane always growing rapidly.
Laggard Pizza Hut of Yum’s portfolio reported a 1% decline in same-store sales in the quarter. U.S. same-store sales of the pizza chain fell by 2%, while its international operations reported flat same-store sales.
Yum opened 1,804 new restaurants in the quarter, with its unit increase by 5%.
This story is developing. Please check it for updates.
