Yum Brands, owner of KFC and Taco Bell, posted better-than-expected sales in the second quarter thanks to stronger customer demand and a record new store building spree.
Yum Brands built 603 net new stores during the quarter, including 522 KFC outlets in 62 countries.
Sales for the Louisville, Kentucky, company rose 34% in the April-June period to $1.6 billion. That was ahead of Wall Street's forecast of $1.48 billion, according to analysts polled by FactSet.
Same-store sales, or sales at locations open at least a year, jumped 23%. Last year, the company's sales dropped 12% in the second quarter as the pandemic slowed customer traffic.
Net income rose 89% to $391. Adjusted for one-time items, the company earned $1.16 per share. That was also ahead of analysts' forecast of 96 cents.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)