NEW YORK – Yum's shares fell after the parent company of KFC, Taco Bell and Pizza Hut reported a quarterly profit and sales on Wednesday that missed Wall Street expectations.
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The company said sales at established locations for its China unit, which it is spinning off in coming weeks, fell 1 percent during the period.
Its Pizza Hut division also saw a 1 percent decline in sales at established locations, while the figure rose 4 percent for KFC. The figure rose 3 percent for the Taco Bell division, which mostly reflects the U.S.
For the quarter, Yum Brands earned $622 million, or $1.56 per share. Adjusted earnings were $1.09 per share, a penny less than analysts expected, according to FactSet.
Total sales were $3.32 billion, also short of Wall Street expectations.