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Why Pizza Hut Parent Yum! Brands’ Shares Are Falling Today

Yum! Brands Inc (NYSE: YUM) shares fell Wednesday morning as its bottom-line performance lagged behind Street expectations.
byShivani Kumaresan
May 3, 2023
1 minute read
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  • 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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