LOUISVILLE, Ky | Yum profits strong in 2Q, some weakness in same-store sales
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LOUISVILLE, Ky | Yum profits strong in 2Q, some weakness in same-store sales
LOUISVILLE, Ky. — The company that owns KFC, Taco Bell and Pizza Hut is reporting healthy second-quarter profits, though sales at existing stores could create some unease.
Yum Brands Inc. posted earnings of $321 million, or 97 cents per share, on Thursday. Excluding nonrecurring items, per-share earnings were 82 cents, or 8 cents better than industry analysts had expected, according to a survey by FactSet.
The Louisville, Kentucky, company earned $206 million, or 58 cents per share, in the same period last year.
Revenue slipped to $1.37 billion, from $1.45 billion, but that’s about in line with projections.
Sales at restaurants open at least a year edged up 1 percent, half the increase analyst expected.
Same-store sales at Pizza Hut dipped 1 percent, while both KFC and Taco Bell posted 2 percent increases.
By Associated Press