Yum Manufacturers (YUM) Q1 2022 earnings

Yum Brands on Wednesday reported quarterly earnings and income that missed analysts’ expectations as lockdowns in China weighed on gross sales.

Here is what the corporate reported in contrast with what Wall Avenue was anticipating, based mostly on a survey of analysts by Refinitiv:

• Earnings per share: $1.05 adjusted vs. $1.07 anticipated
• Income: $1.55 billion vs. $1.59 billion anticipated

Yum reported first-quarter web earnings of $399 million, or $1.36 per share, up from $326 million, or $1.07 per share, a yr earlier.

Excluding refranchising beneficial properties, income from Russian operations and different objects, the corporate earned $1.05 cents per share, lacking the $1.07 per share anticipated by analysts surveyed by Refinitiv.

Web gross sales rose 4% to $1.55 billion, falling in need of expectations of $1.59 billion. International same-store gross sales rose 3% within the quarter.

KFC reported same-store gross sales progress of three% throughout the interval, however Yum stated, excluding China, same-store gross sales for the fried rooster chain truly climbed 10%. China is KFC’s largest market by system-wide gross sales. Wall Avenue was anticipating same-store gross sales progress of 4.4%, in keeping with StreetAccount estimates.

Likewise, China additionally weighed on Pizza Hut’s outcomes. The market is the pizza chain’s second-largest. Pizza Hut reported flat same-store gross sales progress for the quarter. Worldwide markets, together with China, noticed same-store gross sales rise 5%.

Pizza Hut’s U.S. gross sales had been additionally beneath strain. The chain stated same-store gross sales declined 6% in its residence market.

Taco Bell was the one chain in Yum’s portfolio to report better-than-expected same-store gross sales progress, at 5% versus an anticipated 2.7%.

Read the full earnings report here.

That is breaking information. Please examine again for updates.