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Yum! Brands Q3 Profit Misses Estimates; Same-Store Sales Up 3%

Yum! Brands, Inc. (YUM) reported third-quarter earnings per share excluding special items of $0.80, a decrease of 23 percent from prior year. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $0.94, for the quarter. Analysts' estimates typically exclude special items. GAAP earnings per share was $0.81, a decline of 42 percent from prior year.

Third-quarter total revenues declined 4 percent to $1.34 billion. Analysts expected revenue of $1.34 billion, for the quarter. Worldwide system sales excluding foreign currency translation grew 8 percent, with KFC at 8 percent, Pizza Hut at 7 percent and Taco Bell at 7 percent. The company delivered same-store sale growth of 3 percent and net-new unit growth of 7 percent, led by continued strong performances at KFC International and Taco Bell.

For 2019, the company's 2019 adjusted EPS target is at least $3.75. Analysts expect the company to report profit per share of $3.86.

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