Saturday, May 18, 2024

Add Some Life to...

Disclosure: Our...

You’re Reading Body Language...

Opinions expressed by Entrepreneur contributors are their own....

Why You Should Bet...

Opinions expressed by Entrepreneur contributors are their own....
HomeBusinessYum Brands (YUM)...

Yum Brands (YUM) Q1 2024 earnings


A Pizza Hut store is seen on November 01, 2023 in Austin, Texas.

Brandon Bell | Getty Images

Yum Brands on Wednesday reported quarterly earnings and revenue that missed analysts’ expectations as Pizza Hut and KFC struggled to attract customers.

Shares of the company fell 3% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: $1.15 adjusted vs. $1.20 expected
  • Revenue: $1.6 billion vs. $1.71 billion expected

Yum reported first-quarter net income of $314 million, or $1.10 per share, up from $300 million, or $1.05 per share, a year earlier.

Excluding investment losses and other items, the company earned $1.15 per share.

Net sales dropped 3% to $1.6 billion. Yum’s global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth.

Across Yum’s three largest brands, only Taco Bell reported same-store sales growth. The metric rose 1% during the quarter at the Mexican-inspired chain. Taco Bell’s U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%.

KFC’s same-store sales fell 2% in the quarter. The bigger decline came in the U.S., where they shrank 7%. However, the chicken chain’s international division saw same-store sales decrease just 2%, thanks to growth in China, its largest market.

Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally. The pizza chain’s U.S. restaurants reported a decrease of 6%, while its international division posted an 8% decline.

The company’s digital business was one of the few bright spots this quarter. Yum said its digital sales accounted for more than 50% of sales for the first time.

Yum’s global footprint grew 6% in the quarter, thanks to 808 new restaurant openings.

Continue reading

Add Some Life to the Office with $60 off This Bluetooth Speaker

Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of...

eBay Delivers a New Way to Encourage Resale of Products

eBay has unveiled a new ‘resell on eBay’ feature designed to make it easier for users to list their clothing for resale with just a few clicks. This innovation supports eBay’s commitment to promoting circular fashion circular fashion...

How to Write a Great One [+ Free Generator]

I send out dozens of emails every day. Like a letter, each ends with a handy email signature that shares a bit more information about the work that I do. It’s a little note that allows me to...