Yum’s same-store sales increased 8% in the quarter as KFC, Taco Bell and Pizza Hut outperformed expectations.
Yum Brands on Wednesday reported quarterly earnings that fell short of analysts’ expectations, despite a China sales rebound for KFC and Pizza Hut.
Yum joins the growing list of companies that includes Procter & Gamble and Starbucks that have reported recovering sales in China.
Shares of the company dropped more than 2% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
Yum reported first-quarter net income of $300 million, or $1.05 per share, down from $399 million, or $1.36 per share, a year earlier. The company said its earning per share decreased by 7 cents per share due to decreases in the value of unnamed investments, and took an 8 cent per share hit because of foreign currency.
