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.