Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Flashback: Top five wildest moments from Elon Musk’s...
Less than half of DOGE-terminated contracts can be...
Jill Biden should have to answer for ‘cover...
DOGE staffing shakeup as Elon Musk hangs up...
State Dept says DOGE’s changes will be permanent...
President Trump teases ‘last day, but not really’...
Trump denounces court’s ‘political’ tariff decision, calls on...
I’m a physician and I’m worried that our...
Inside the late-night drama that led to Trump’s...
Alleged attempt to impersonate White House chief of...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

Yum Brands earnings miss estimates as KFC, Pizza Hut report same-store sales declines

by admin November 7, 2024
November 7, 2024
Yum Brands earnings miss estimates as KFC, Pizza Hut report same-store sales declines

Yum Brands on Tuesday reported quarterly earnings and revenue that missed Wall Street’s expectation as same-store sales at KFC and Pizza Hut slid more than expected.

“The complex consumer environment that exists in many markets around the globe has contributed to pronounced regional sales variations, which has caused our system-sales growth to fall short of our long-term algorithm this year,” CEO David Gibbs said on the company’s conference call.

In 2022, Yum raised its long-term target to 5% unit growth, 7% system-sales growth and 8% operating profit growth.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Yum reported third-quarter net income of $382 million, or $1.35 per share, down from $416 million, or $1.46 per share, a year earlier.

Excluding items, the company earned $1.37 per share.

Net sales rose 7% to $1.83 billion.

Yum’s worldwide same-store sales fell 2% in the quarter, dragged down by weaker performances at KFC and Pizza Hut, which both reported same-store sales declines of 4%.

The company’s sales have been hurt by pressures related to “geopolitical conflicts and challenged consumer sentiment,” Gibbs said in a statement.

Conflict in the Middle East has weighed on Yum’s results since the fourth quarter of last year. KFC’s same-store sales have tumbled as much as 45% over that period in the Middle East, Indonesia and Malaysia, for example.

KFC’s U.S. same-store sales slid 5% this quarter. The market is KFC’s second largest, trailing only China, but the chain has ceded market share to Popeyes in recent years. Last year, Popeyes overtook KFC as the No. 2 chicken chain in the U.S.

Executives said Tuesday that KFC will focus on value in the fourth quarter.

Pizza Hut, on the other hand, had a steeper decline in its international markets. The pizza chain saw its international same-store sales shrink 6%, while U.S. same-store sales fell just 1%. Pizza Hut has shifted to offering more discounts in China, India and some Middle Eastern countries, according to Gibbs.

Taco Bell, the gem of Yum’s portfolio, reported same-store sales growth of 4%. The launch of the Cheesy Street Chalupas, the return of the Big Cheez-It and the rollout of a $7 value meal boosted Taco Bell’s sales during the quarter.

Gibbs said Taco Bell led the industry in the third quarter in value perception among all fast-food consumers, helping its sales even during an industrywide slowdown.

This post appeared first on NBC NEWS

previous post
Fox News projects Donald Trump defeats Kamala Harris to become 47th president of the United States
next post
Home Depot co-founder Bernie Marcus dies

You may also like

Google’s second antitrust trial could help shape the...

September 7, 2024

Plummeting stock, boycotts and flagging sales: What’s fueling turmoil for Tesla?

March 18, 2025

GM slows its EV plans again even as...

July 24, 2024

Amazon set to pass Walmart in revenue for...

February 7, 2025

Peloton announces Ford exec, founder of Apple Fitness+...

November 1, 2024

7 ways that Starbucks CEO Brian Niccol plans...

November 1, 2024

Weekly mortgage refinance demand soars 16% as rates...

August 8, 2024

To fix Starbucks, incoming CEO will have to...

August 20, 2024

The fight over credit card swipe fees enters...

January 7, 2025

CrowdStrike says it isn’t to blame for Delta’s...

August 6, 2024

Recent Posts

  • Flashback: Top five wildest moments from Elon Musk’s DOGE tenure as it comes to an end
  • Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
  • Jill Biden should have to answer for ‘cover up’ of former president’s decline, White House says
  • DOGE staffing shakeup as Elon Musk hangs up his hat, White House confirms
  • State Dept says DOGE’s changes will be permanent amid Musk’s departure

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (751)
    • Investing (2,211)
    • Politics (2,729)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.