Yum! Brands (NYSE:YUM), the parent company of quick service restaurants KFC, Taco Bell and Pizza Hut, posted a profit beat for the second quarter, sending its shares higher.
It reported earnings per share excluding special items of $1.41, ahead of the Street estimate per Zacks Consensus Estimate of $1.23 and up 33% from the year-ago quarter.
Revenue of $1.69 billion, however, fell short of the forecast $1.75 billion on weaker sales at Taco Bell and Pizza Hut, which both saw a 4% increase in same-store sales during the quarter.
The company’s largest division KFC led the quarter with a 13% increase in same-store sales, above the expected 8.3%.
Yum! Brands (NYSE:YUM) CEO David Gibbs said on the company’s earnings call that KFC saw the greatest growth in the United States among low-income and young consumers.
KFC opened 600 new restaurants across 60 countries during 2Q.
Yum! Brands shares had added 1.3% at US$138.18 late morning on Wednesday.
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