Yum! Brands (NYSE: YUM) reported Q1 EPS of $1.07, $0.20 better than the analyst estimate of $0.87. Revenue for the quarter came in at $1.49 billion versus the consensus estimate of $1.45 billion.

FIRST-QUARTER HIGHLIGHTS

• Worldwide system sales excluding foreign currency translation grew 11%, with KFC at 11%, Taco Bell at 11% and Pizza Hut at 7%.
• We reported 1% unit growth year-over-year and net new unit growth of 435 during the quarter.
• Foreign currency translation favorably impacted divisional operating profit by $16 million.

DAVID GIBBS COMMENTS

David Gibbs, CEO, said “First-quarter results reflect encouraging momentum across our business, including solid 2-year same-store sales growth and a meaningful uplift in unit development, underpinned by the focus and collaboration of our franchise partners and restaurant teams around the world. During the quarter we took important steps to further boost our digital and marketing capabilities through the acquisitions of two technology-focused companies that will enhance our ability to grow our sales overnight and our brands over time. Our foundation is strong and our path forward is clear. While uncertainties remain due to the ongoing impact of COVID-19 in many geographies, with our iconic brands, world-class talent and a healthy franchise system we are poised to enter a post-COVID world with a long runway of growth ahead of us.”

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