Yum Manufacturers (YUM) Q1 2021 earnings beat
Scott Mlyn | CNBC
Shares of the corporate rose lower than 1% in premarket buying and selling.
Here is what the corporate reported in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by Refinitiv:
- Earnings per share: $1.07 adjusted vs. 87 cents anticipated
- Income: $1.49 billion vs. $1.45 billion anticipated
The corporate reported fiscal first-quarter web earnings rose to $326 million, or $1.07 per share, from $83 million, or 27 cents per share, a yr earlier.
Excluding refranchising positive factors and different gadgets, Yum earned $1.07 per share, topping the 87 cents per share anticipated by analysts surveyed by Refinitiv.
Internet gross sales rose 18% to $1.49 billion, beating expectations of $1.45 billion. International same-store gross sales rose 9% within the quarter as the corporate confronted comparisons to final yr’s first quarter, when Covid-19 started hurting demand.
Yum stated that it noticed file digital systemwide gross sales of greater than $5 billion, helped by accelerated off-premise progress. To additional drive on-line gross sales, the corporate purchased two tech start-ups, Tictuk and Kvantum, throughout the quarter. Tictuk permits clients to order meals whereas on social media and messaging apps, and Kvantum makes use of synthetic intelligence for shopper insights and advertising efficiency analytics. Monetary phrases for each offers weren’t disclosed.
KFC’s same-store gross sales grew by 8%. On a two-year foundation, its same-store gross sales have been flat. The fried hen chain’s worldwide gross sales are returning at a slower tempo, harm by prolonged lockdowns in some nations. Its U.S. division, nonetheless, reported two-year same-store gross sales progress of 11%.
Pizza Hut’s same-store gross sales climbed 12% within the quarter. On a two-year foundation, its same-store gross sales declined 1%. About 3% of its places have been quickly closed throughout the first quarter, dragging down its same-store gross sales progress. Pizza Hut’s U.S. division reported 8% same-store gross sales progress on a two-year foundation, whereas the worldwide division noticed same-store gross sales shrink by 7% in the identical time.
Taco Bell reported same-store gross sales progress of 9% in contrast with the year-ago interval and 10% on a two-year foundation.
The Behavior Burger Grill, which Yum acquired throughout the first quarter final yr, reported same-store gross sales progress of 13%. On a two-year foundation, its same-store gross sales rose 3%.
Yum added 435 web new eating places to its worldwide footprint throughout the quarter. KFC and Taco Bell grew their complete unit counts, however Pizza Hut’s fell.