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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yum Brands Inc | NYSE:YUM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.05 | 0.77% | 136.96 | 137.32 | 135.48 | 135.50 | 1,891,041 | 22:29:06 |
By Maria Armental
Yum Brands Inc.'s profit rose in the March quarter as its China business continued to show signs of recovery, posting its third consecutive quarterly increase in a key sales metric.
Citing the results, the Louisville, Ky., company raised its projections for growth in core operating profit to 12%, adjusted for currency conversions, from its previous target of a 10% improvement.
Shares, up 2% over the past 12 months, rose 4% to $85.80 in after-hours trading.
The China business, which accounts for about half of the company's revenue and that Yum plans to spin off by year's end, reported an 11% system sales increase, adjusted for currency conversions, and a 6% increase at restaurants open for at least a year, the third consecutive quarterly increase. Restaurant margin, meanwhile, improved 3.5 percentage points to 22.4%.
In addition to planning to spin off the once fast-growing business, which had weakened by food-safety scares and stiffer competition, Yum is considering selling a stake in the business, The Wall Street Journal reported last month, citing people familiar with the situation.
As part of the planned spinoff, Yum has pledged to return $6.2 billion to shareholders before the separation is complete.
Yum was the first major Western fast-food company in China, opening a KFC near Beijing's Tiananmen Square in 1987 and building the brand into the largest foreign-restaurant chain in the country.
Over all, for the period ended March 19, Yum reported a profit of $391 million, or 93 cents a share, compared with $362 million, or 81 cents a share. Excluding certain items, including costs tied to the planned separation of the China business, profit rose to 95 cents a share from 80 cents a year earlier.
Revenue, which includes franchise and license fees, eased 0.1% to $2.62 billion.
Analysts surveyed by Thomson Reuters had projected 83 cents a share on $2.65 billion in revenue.
System sales at KFC rose 5% in the latest quarter, also adjusted for currency conversions, while Taco Bell reported a 3% increase and Pizza Hut a 4% increase.
Company sales declined 7% at KFC division, 3% at Taco Bell at 8% at Pizza Hut.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 20, 2016 17:09 ET (21:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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