brandspowerWorld News

Taco Bell, KFC power Yum Brands quarterly profit, revenue beat


Investing.com - Financial Markets Worldwide

Please try another search

ReutersStock Markets26 minutes ago (Oct 28, 2021 08:07AM ET)


© Reuters. FILE PHOTO: A delivery staff member wearing a protective mask enters a KFC fast food outlet after a delivery, amid concerns about the spread of the coronavirus disease (COVID-19), in Colombo, Sri Lanka, July 9, 2020. REUTERS/Dinuka Liyanawatt/File Photo

(Reuters) -KFC owner Yum Brands Inc beat Wall Street estimates for quarterly revenue and profit on Thursday, as steady demand for its fried chicken and tacos cushioned the blow from a slowdown in sales in its Pizza Hut chain.

The company benefited from customers returning to its restaurants following the roll-out of vaccinations, even as rising concerns over the Delta variant of the coronavirus kept consumers away from its stores in some key markets.

Rival fast-food chains Chipotle Mexican Grill (NYSE:) and McDonald’s (NYSE:) have also delivered a strong beat in the quarter, aided by the reopening of seating areas in their restaurants and product price hikes.

However, Yum Brands’ Pizza Hut division saw its same-store sales drop 2% in the quarter, as pizza chains grapple with a slowdown in delivery demand following a surge during last year’s lockdowns.

Earlier this month, rival Domino’s Pizza (NYSE:) Inc posted its first drop in U.S. same-store sales in over a decade as it also faced a tight labor market that created a shortage of drivers.

Comparable sales for Yum Brands jumped 5% in the third quarter ended Sept. 30, missing the average estimate of a 6.5% increase, according to Refinitiv IBES.

The Taco Bell owner still reported an adjusted profit of $1.22 per share on revenue of $1.61 billion, beating estimates of earnings of $1.08 per share on revenue of $1.59 billion.

Related Articles

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

tp

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close