Yum Profit Misses; Shares Jump as China Sales Climb
Yum Brandsreported a profit that misssed Wall Street's estimates slightly, but the shares rose as investors reacted to sales in China that continue to push higher.
The fast-food company, whose brands include KFC, Taco Bell and Pizza Hut, reported first-quarter earnings of 63 cents a share, compared with 59 cents a share in the year ago period.
Revenue for the most recent period came in at $2.43 billion, against $2.35 billion last year.
Analysts on average were expecting earnings of 64 cents a share on revenue of $2.397 billion, according to data from Thomson Reuters.
Shares of Yum were last trading higher in extended trading. Get after-hour quotes for Yum Brands here.
The fast-food company said same-store sales were up 13 percent in China, while same-store sales fell 1 percent in the U.S.
In January, Yum put its Long John Silver's and A&W chains up for sale, saying the restaurants do not fit into the company's long-term strategy as it continues to expand in the U.S. and international markets such as China.
Yum Brands is the world's largest restaurant company with more than 37,000 restaurants in more than 110 countries and territories.
The stock closed up 68 cents, or 1.34 percent, to end at $51.57 a share.