Yum Brands posts whopping 1st-ptr profit gain
Wednesday, April 18, 2012
LOUISVILLE, Ky. (AP) -- The owner of the Pizza Hut, Taco Bell and KFC chains says its first-quarter net income rose 73 percent as rebounding U.S. sales were coupled with a continued strong performance overseas.
Yum Brands Inc.'s revenue increased 13 percent to $2.74 billion in the period.
Operating profit in Yum's China operation rose 14 percent, adjusted for currency fluctuations. In the U.S., operating profit surged 27 percent as all three chains reported sales gains at established stores.
Yum reported net income of $458 million, or 96 cents per share, in the quarter, up from $264 million, or 54 cents per share. Yum took a charge of 9 cents per share a year ago.
Analysts expected profit of 73 cents per share on revenue of $2.71 billion.