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Yum! Brands, Inc. (NYSE:YUM) shares are trading lower on Wednesday after it missed on first-quarter earnings.
The company reported first-quarter adjusted earnings per share of $1.15, missing the analyst consensus of $1.20.
Yum! Brands reported quarterly revenues of $1.598 billion, missing the street view of $1.710 billion.
“First-quarter unit growth was robust with over 800 new unit openings, leading to 6% unit growth and positioning us to surpass 60,000 restaurants this year,” said David Gibbs, CEO.
First-quarter GAAP operating profit declined 1%, and first-quarter core operating profit grew 6%.
Worldwide system sales grew 2%, excluding foreign currency translation, with KFC at 4%, Taco Bell at 4% and Pizza Hut (4)%.
KFC Division opened 509 gross new restaurants across 43 countries in the first quarter, while Taco Bell Division opened 56 gross new restaurants across 14 countries.
Pizza Hut Division opened 240 gross new restaurants across 23 countries. The Habit Burger Grill Division opened three gross new restaurants this quarter.
“Our digital sales mix reached a new record, exceeding 50% for the first time in our history,” Gibbs added.
On April 29th, the company completed the previously announced acquisition of 218 KFC franchise restaurants in the U.K. and Ireland.
Price Action: YUM shares are trading lower by 3.66% to $136.08 at last check Wednesday.
Photo via Wikimedia Commons
Posted In: YUM
