Yum! Brands (NYSE: YUM) reported Q1 EPS of $0.95, $0.12 better than the analyst estimate of $0.83. Revenue for the quarter came in at $2.62 billion versus the consensus estimate of $2.66 billion.

The company raised its 2016 core operating profit growth guidance to 12%, from 10% previously.

Highlights from the quarter:

• Worldwide system sales increased 5%.
• Worldwide same-store sales increased 2%.
• Worldwide core operating profit increased 21%.
• EPS excluding Special Items increased 19% to $0.95. Reported EPS increased 14% to $0.93.
• Foreign currency translation negatively impacted operating profit by $28 million.
• Opened 295 new restaurants worldwide; 72% of international development occurred in emerging markets.
• On track with China separation to be complete by year end.

Greg Creed, CEO, said “I’m very pleased with our results in the first quarter, including better-than-expected core operating profit growth of 21%, driven by 42% growth in our China business. KFC China had an outstanding Chinese New Year bucket promotion leading to 12% same-store sales growth for the quarter, underscoring the power of delivering insight-driven marketing that resonates with our customers. Companywide, all four of our Divisions posted positive same-store sales and core operating profit growth. I’m especially encouraged by the continued turnaround of our Pizza Hut U.S. business, which delivered 5% same-store sales growth.

While it’s early in the year and there may be bumps in the road, we’re confident in raising core operating profit growth guidance to 12%, from 10% previously. This is a transformational year for our company as we remain on track to finalize the separation of our China business by year end. We look forward to establishing two powerful, independent, focused growth companies dedicated to building on our brand strengths and rewarding our shareholders.”

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