- Yum! Brands Inc (NYSE:YUM) shares fell Wednesday morning as its bottom-line performance lagged behind Street expectations.
- YUM reported first-quarter FY23 sales growth of 6% year-on-year to $1.64 billion, beating the consensus of $1.62 billion.
- Worldwide same-store sales for the quarter grew 8%, KFC Division increased 9%, Taco Bell climbed 8%, and Pizza Hut gained 7%.
- Worldwide system sales excluding foreign currency translation, grew 11%, with KFC at 11%, Taco Bell at 12%, and Pizza Hut at 10%.
- Digital sales amounted to $7 billion, with digital mix exceeding 45%.
- Franchise and property revenues increased 8% to $770 million, and Company sales grew 1% Y/Y to $474 million.
- Adjusted EPS of $1.06 missed the analyst consensus of $1.13.
- Total costs and expenses decreased 8% Y/Y to $1.1 billion. The operating margin was 31.8%, and operating income for the quarter gained 3% to $523 million.
- Yum! Brands’ net cash from operating activities for the quarter totaled $349 million. It held $609 million in cash and equivalents as of March 31, 2023.
- On April 17, 2023, Yum! Brands completed its exit from the Russian market by selling its KFC business in Russia to Smart Service Ltd.
- Price Action: YUM shares are trading lower by 2.29% at $139.62 on the last check Wednesday.
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