HomeIndustriesTaco Bell, KFC Parent Company Yum! Brands Meets Expectations With Q1 Earnings

Taco Bell, KFC Parent Company Yum! Brands Meets Expectations With Q1 Earnings

Yum! Brands, the parent company of fast food chains KFC, Pizza Hut, and Taco Bell, reported its first-quarter earnings on Wednesday, largely meeting Wall Street’s expectations.

The company’s revenue of $1.63 billion was accurately forecast by analysts, as was its’ adjusted earnings per share of $1.13. Same-store sales were up by 8% over the first three months of 2023, thereby beating estimates of a 5.76% rise.

KFC proved to be the frontrunner, with same-store sales growth of 9% compared to an expected 6.74% rise. Pizza Hut’s same-store sales were up 7%, compared to an expected 3.27% rise, while Taco Bell’s growth was 8%, exceeding an expected 6.39% growth. Habit Burger Grill’s same-store sales were up by 2.66%, thereby meeting Wall Street estimates.

Shares in Yum! Brands rose by a little under 1% during Wednesday’s session, however, the stock has proven to perform well this year, rising 11% for the year to date. The restaurant company’s stock is therefore outpacing the S&P 500’s 7.2% growth for the year to date.

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