KFC and Taco Bell father or mother Yum Manufacturers posted better-than-expected gross sales within the second quarter because of stronger buyer demand and a report retailer constructing spree
Yum Manufacturers constructed 603 internet new shops throughout the quarter, together with 522 KFC shops in 62 international locations.
Gross sales for the Louisville, Kentucky, firm rose 34% within the April-June interval to $1.6 billion. That was forward of Wall Avenue’s forecast of $1.48 billion, in response to analysts polled by FactSet.
Similar-store gross sales, or gross sales at areas open no less than a yr, jumped 23%. Final yr, the corporate’s gross sales dropped 12% within the second quarter because the pandemic slowed buyer site visitors.
Similar-store gross sales additionally rose in comparison with 2019 ranges. However on that foundation the numbers had been extra uneven, with stronger ends in the U.S. the place extra shops have totally reopened.
U.S. same-store gross sales jumped 19% in comparison with 2019 ranges, for instance, however worldwide KFC same-store gross sales fell 1%. The corporate mentioned 2% of its worldwide shops remained briefly closed attributable to virus restrictions on the finish of June.
Equally, Pizza Hut’s U.S. same-store gross sales rose 9% in comparison with 2019, whereas worldwide same-store gross sales had been down 6%.
Web revenue rose 89% to $391. Adjusted for one-time objects, the corporate earned $1.16 per share. That was additionally forward of analysts’ forecast of 96 cents.
Yum Manufacturers shared rose 2% in premarket buying and selling.
Yum’s outcomes got here the day after rival McDonald’s reported an enormous rebound within the second quarter. McDonald’s mentioned its world same-store gross sales jumped 40.5% within the April-June interval.