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July 29, 2021, 10:13 a.m. EDT

Yum Beats on Earnings Figures

Jul 29, 2021 (Baystreet.ca via COMTEX) -- Yum Brands (NYS:YUM) on Thursday reported quarterly earnings and revenue that topped analyst predictions as same-store sales grew at all of its major brands, and it opened new restaurants at a record pace.

Earnings per share were $1.16 vs. 96 cents expected

Revenue proved $1.6 billion vs. $1.48 billion expected

During its second quarter, the company reported a net income of $391 million, or $1.29 per share, compared with $206 million, or 67 cents per share, from a year earlier.

Excluding re-franchising gains and other items, Yum earned $1.16 per share, beating the 96 cents per share expected by analysts.

The company's revenue grew 34% from last year to $1.6 billion, and outpaced expected revenue of $1.48 billion. Worldwide same-store sales grew 23% in the quarter.

Yum said it opened 603 net new locations during the quarter and it plans to pick up the pace of its expansion by reinstating its long-term growth targets. Yum said it plans to grow the number of restaurants it operates by between 4% and 5% over the long term.

One of Yum's flagship brands, KFC's same-store sales grew 30% in the quarter, led by growth in the U.S. On a two year basis, same-store sales were up 2%. KFC's international same-store sales fell 1% over the two-year period as 2% of KFC stores remain temporarily closed as of the end of its second quarter. U.S. same-store sales grew 19% on a two-year basis as pandemic restrictions ease and diners came back.

YUM shares skyrocketed $5.03, or 4.1%, to $127.64.

COMTEX_390610419/2559/2021-07-29T10:13:02

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