Yum! Brands (YUM) shares edge higher after topping earnings expectations

Yum! Brands (NYSE: YUM) shares rose premarket after the company topped consensus expectations for its latest quarter, boosted by strong same-store sales growth at Taco Bell.

The American fast food corporation reported fourth-quarter earnings of $1.31 per share, $0.05 better than the analyst estimate of $1.26, while revenue came in at $2.02 billion versus the consensus estimate of $1.92 billion.

Worldwide same-store sales grew 6% in the fourth quarter. Taco Bell reported same-store sales growth of 11%. Meanwhile, KFC's same-store sales growth was 5%, with Pizza Hut's at 1%.

"Our fiscal 2022 results delivered on our raised long-term growth algorithm with record-setting net new unit growth and 4% same-store sales growth," said Yum! Brands CFO Chris Turner.

"Despite inflationary pressures and a 2-point negative impact from Russia, we delivered 6% Core Operating Profit growth – a testament to the strength of our enterprise. We remain focused on executing the strategies underlying our Recipe for Good Growth to drive our business forward," he added.

Yum! Brands shares are up around 0.9% at the time of writing.

By Sam Boughedda

You May Also Be Interested In

• Chevron (CVX) earnings fall short while revenue tops estimates in Q1
• Charter Communications (CHTR) Misses Q1 EPS by 31c
• U.S. Silica (SLCA) Tops Q1 EPS by 2c