YUM! Brands Inc. (NYSE: YUM) on Thursday reported second-quarter results that were better than the street expectations. YUM shares were up 2% during pre-market trading hours.
Total revenues fell 4% year-over-year to $1.31 billion, hurt by refranchising activities. The top-line was better than the Wall Street estimate of $1.28 billion.
Company sales fell 30% during the quarter, while franchise and property revenues were up 8%.
YUM saw a 5% growth in same-store sales. Same-store sales grew 6% for the KFC division, 7% for the Taco Bell division and2% for Pizza Hut. The company has been making efforts to improve its delivery service and menu offerings. These efforts helped drive same-store sales in the quarter.
Adjusted earnings of 93 cents per share were up 15% compared to last year, and higher than the analysts’ estimate of 87 cents per share.
READ: Beyond Meat serves bittersweet results for Q2
CEO Greg Creed said, “I’m especially pleased to report that we delivered 10% system sales growth in the quarter, supported by broad-based strength at KFC International and Taco Bell.”
The company also added that it expects at least $3.75 in adjusted EPS in fiscal 2019.
Yum! Brands’ shares have gained 23% so far this year and 8% in the past three months.
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