Yum Brands (NYSE:YUM) reported second-quarter earnings Thursday that beat Wall Street’s expectations, sending its shares up. Adjusted earnings per share came in for the quarter at 93 cents vs. 87 cents expected. Revenue was $1.31 billion vs. $1.28 billion
Same-store sales improved 5% vs. 3.01% increase expected.
Net sales rose 4% to $1.31 billion, topping expectations. Sales at the company’s stores open more than a year rose 5%, beating Wall Street’s estimates of a 3.01% increase.
Second-quarter net income fell to $289 million, or 94 cents a share, down from $321 million, or 99 cents per share a year ago.
Sales at Yum brand stores open more than a year beat Wall street’s expectations, pretty well across the board. Taco Bell’s same-store sales grew 7%, compared to 3.75% expected. The chain has consistently been the best performer of the Yum brands.
KFC saw same-store sales growth of 6%, topping expectations of 3.68%, while Pizza Hut grew 2% compared to an expected 1.10% increase.
The fast-food conglomerate has a market value of $34.4 billion, and is up 22% so far this year.
According to CEO Greg Creed, "Second-quarter results maintained early year momentum and helped us to exceed our already high expectations for a strong first half of 2019.
"Our commitment to being a more focused, more franchised, and more efficient growth company positions us well for long-term success."
Shares in Yum surged $3.22, or 2.9%, to $115.74
