• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Yum Brands earnings miss estimates as KFC, Pizza Hut report same-store sales declines

by November 6, 2024
written by November 6, 2024

Yum Brands on Tuesday reported quarterly earnings and revenue that missed Wall Street’s expectation as same-store sales at KFC and Pizza Hut slid more than expected.

“The complex consumer environment that exists in many markets around the globe has contributed to pronounced regional sales variations, which has caused our system-sales growth to fall short of our long-term algorithm this year,” CEO David Gibbs said on the company’s conference call.

In 2022, Yum raised its long-term target to 5% unit growth, 7% system-sales growth and 8% operating profit growth.

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

Yum reported third-quarter net income of $382 million, or $1.35 per share, down from $416 million, or $1.46 per share, a year earlier.

Excluding items, the company earned $1.37 per share.

Net sales rose 7% to $1.83 billion.

Yum’s worldwide same-store sales fell 2% in the quarter, dragged down by weaker performances at KFC and Pizza Hut, which both reported same-store sales declines of 4%.

The company’s sales have been hurt by pressures related to “geopolitical conflicts and challenged consumer sentiment,” Gibbs said in a statement.

Conflict in the Middle East has weighed on Yum’s results since the fourth quarter of last year. KFC’s same-store sales have tumbled as much as 45% over that period in the Middle East, Indonesia and Malaysia, for example.

KFC’s U.S. same-store sales slid 5% this quarter. The market is KFC’s second largest, trailing only China, but the chain has ceded market share to Popeyes in recent years. Last year, Popeyes overtook KFC as the No. 2 chicken chain in the U.S.

Executives said Tuesday that KFC will focus on value in the fourth quarter.

Pizza Hut, on the other hand, had a steeper decline in its international markets. The pizza chain saw its international same-store sales shrink 6%, while U.S. same-store sales fell just 1%. Pizza Hut has shifted to offering more discounts in China, India and some Middle Eastern countries, according to Gibbs.

Taco Bell, the gem of Yum’s portfolio, reported same-store sales growth of 4%. The launch of the Cheesy Street Chalupas, the return of the Big Cheez-It and the rollout of a $7 value meal boosted Taco Bell’s sales during the quarter.

Gibbs said Taco Bell led the industry in the third quarter in value perception among all fast-food consumers, helping its sales even during an industrywide slowdown.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Amazon gets FAA approval for new delivery drone as it begins tests in Arizona
next post
Mike Johnson reveals where House stands as GOP fights to keep majority after Trump win

related articles

Walmart boosts sales outlook as it says tariff...

August 21, 2025

How a ship that glides like a pelican...

August 21, 2025

Apple just landed a key win for the...

August 20, 2025

Best Buy launches third-party marketplace as it looks...

August 19, 2025

Group accused of using fake accounts to buy...

August 19, 2025

Playboy moving its headquarters to Miami Beach and...

August 17, 2025

Lyft co-founders to step down from ride-hailing firm’s...

August 16, 2025

Warren Buffett’s Berkshire Hathaway reveals new stake in...

August 16, 2025

Apple Watch getting redesigned blood oxygen feature following...

August 15, 2025

The CEO in chief: How Trump is getting...

August 15, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Cathie Wood’s Ark Invest sold Roku, Robinhood on Thursday: here’s what it bought

    February 14, 2025
  • RFK Jr. tapped to lead Department of Health and Human Services

    November 14, 2024
  • Vance issues ultimatum to Russia, Ukraine on peace negotiations

    April 23, 2025
  • Trump’s Fed Criticism Sparks Investor Concerns

    April 22, 2025
  • S&P 500 closes above 5,600 for the first time, lifted by gains in Big Tech

    July 11, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,785)
  • Investing (634)
  • Stock (893)

Latest Posts

  • DOJ releases former Special Counsel Jack Smith’s report on investigation into Trump election interference case

    January 14, 2025
  • Trump once stopped Erdogan attacks on US-backed Kurds in Syria, and has opportunity to do it again: Jack Keane

    December 15, 2024
  • Heritage flips script on fired director of Project 2025 after ‘disconcerting’ revelations surface

    September 27, 2024

Recent Posts

  • EURUSD and GBPUSD: The pound falls to a new weekly low

    July 26, 2024
  • Trump’s DOJ to tackle ‘barbaric Hamas terrorists’ with new Oct 7 task force

    March 18, 2025
  • JPMorgan Chase CEO Jamie Dimon on Trump tariffs: ‘Get over it’

    January 23, 2025

Editor’s Pick

  • Trump’s convincing 2024 victory sets House GOP up for homefield advantage in 2026 midterm elections

    December 30, 2024
  • Israel’s Netanyahu departs for US to meet with Trump, hoping to strengthen ties with Washington

    February 2, 2025
  • Top trade association sends letters calling on big changes in three key departments: ‘Unleash American energy’

    January 24, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock