Yum! Brands reported third-quarter 2024 net income of $382 million, or $1.35 per share, on November 5, 2024, down from $416 million, or $1.46 per share, a year earlier. Adjusted earnings per share of $1.37 missed Wall Street's expectation of $1.41.
Net sales rose 7% to $1.83 billion but also fell short of analyst expectations. Worldwide same-store sales declined 2% for the quarter, primarily due to weaker performances at KFC and Pizza Hut.
Taco Bell U.S. was a standout performer with 4% same-store sales growth, driven by crispy chicken offerings and an expanded beverage lineup. However, KFC U.S. same-store sales slid 5%, and Pizza Hut's global same-store sales declined 1%, with a 5% drop in the U.S., attributed to an 'insufficient value message'.
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