FILE PHOTO: People walk by Taco Bell’s first digital-only U.S. cantina location at Times Square in New York City, U.S., April 14, 2021. REUTERS/Shannon Stapleton/File Photo
July 29, 2021
(Reuters) – Taco Bell parent Yum Brands Inc beat quarterly comparable sales estimates on Thursday, as it benefited from the reopening of the U.S. economy and steady online demand for its fried chicken, pizzas and tacos.
The easing of COVID-19 restrictions on travel and restaurant capacity as well as reopening of offices have led to more people eating out, boosting sales at Yum’s chains as well as its rivals, including Domino’s Pizza and Starbucks.
Comparable sales at its KFC restaurants increased 30%, while those at Pizza Hut jumped 10%. Analysts on average had expected an increase of 21.6% and 9.6%, respectively.
Net income rose to $391 million, or $1.29 per share, from $206 million, or 67 cents per share, a year earlier.
Comparable sales rose 23% for Yum Brands in the second quarter ended June 30, beating estimates of 20.5% increase, according to IBES data from Refinitiv.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Krishna Chandra Eluri)
Source: One America News Network
