Shares in the company behind KFC, Pizza Hut and Taco Bell rose nearly 4 per cent in extended trading, after the company reported a 6 per cent rise in first quarter same-store sales at its China division, eclipsing estimates for a 2.1 per cent gain. That compared to a 12 per cent drop in the prior year quarter.
KFC China saw a 12 per cent jump in same-store sales growth, which the company attributed to a Chinese New Year bucket promotion.
Comparable sales increased at all of the company’s divisions and were up 2 per cent worldwide.
That helped the Kentucky-based company report profits of $391m or 93 cents a share, up from $362m or 81 cents a share in the year ago quarter*. Sales were largely flat at $2.6bn. Analysts on Wall Street were looking for earnings of 83 cents, on sales of $2.7bn.
Adjusting for one-time items earnings of 95 cents a share, topped estimates for 83 cents.
Greg Creed, chief executive, said:
While it’s early in the year and there may be bumps in the road, we’re confident in raising core operating profit growth guidance to 12%, from 10% previously.
Failure to revive sales in Asia’s largest economy following a food safety scare prompted Yum to announce a plan to spin off its China business late last year. Yum has also reportedly been in talks with KKR and other private equity funds to sell a minority stake in the Chinese business — its largest division.
The company has previously said the split should allow each company to target a 15 per cent shareholder return per year.
Yum shares have advanced 13 per cent since the start of last year.
Note: The piece was amended to reflect diluted earnings per share of 81 cents.
周三，百胜(Yum)公布了一季度财报，中国区同店销售额上升6%，远超此前2.1%的预估增益，去年同期则下跌了12%。财报公布后，百胜股票在盘后交易中上涨近4%，该公司旗下品牌包括肯德基(KFC)、必胜客(Pizza Hut)和塔可钟(Taco Bell)。