Yum! Brands Reports 12% Slip in Worldwide System Sales
July 30 2020 - 7:56AM
Dow Jones News
By Robert Barba
Yum! Brands reported a 12% decline in worldwide system sales in
the latest quarter from a year earlier as the company contends with
the effects of the Covid-19 pandemic.
The parent company of KFC, Pizza Hut and Taco Bell reported
revenues of $1.2 billion, down 9% from $1.3 billion a year
earlier.
Earnings were $206 million, or 67 cents a share, compared with
$289 million, or 92 cents a share, a year earlier. Adjusted
earnings were 82 cents a share. Analysts polled by FactSet were
expecting adjusted earnings of 54 cents a share.
Digital orders reached $3.5 billion in the quarter, an increase
of more than $1 billion from a year earlier, Chief Executive David
Gibbs said in prepared remarks. He said 95% of its restaurants are
now at least partially open.
Write to Robert Barba at robert.barba@wsj.com
(END) Dow Jones Newswires
July 30, 2020 07:41 ET (11:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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