Yum Brands (YUM) Q4 2022 Earnings
Vehicles are queuing to pass Yum! Brands Inc. Kentucky Fried Chicken (KFC) and Taco Bell restaurant in Lockport, Illinois.
Daniel Acker | Bloomberg | Getty Images
Yum Brands Wednesday reported quarterly earnings and revenue that beat analysts’ expectations, helped by strong growth in same-store sales at Taco Bell.
The company’s shares rose less than 1% in premarket trading.
Here’s what the company said compared to what Wall Street expected, based on a survey of analysts at Refinitiv:
- Earnings per share: Adjusted $1.31 vs. $1.26 expected.
- Revenue: $2.02 billion vs. expected $1.92 billion
Yum’s fourth-quarter net income was $371 million, or $1.29 per share, compared to $330 million, or $1.11 per share, a year earlier.
Excluding costs associated with the decision to leave Russia and other items, the company earned 1.31 cents per share.
net sales rose 7% to $2.02 billion. The company’s global same-store sales rose 6% in the quarter, driven by strong customer appetite for Taco Bell.
Taco Bell, which is typically the strongest player in Yum’s portfolio, reported an 11% increase in same-store sales, beating StreetAccount estimates of 6.7%. Most of the Mexican-inspired chain’s locations are in the US, although it has been expanding internationally in recent years.
KFC fell short of Wall Street’s expectations as weak results in China weighed on its results. The fried chicken chain reported a 5% increase in same-store sales, just below estimates of 5.4%. Excluding China, its largest market, same-store KFC sales grew by 9%. After the Chinese government relaxed its zero-Covid policy, a wave of new outbreaks swept through the country.
Read full details of Yum brands income statement Here.