Yum! Brands Q2 Profit Misses Estimates; Worldwide Same-store Sales Ex-China Up 6%

Yum! Brands, Inc. (YUM) reported second quarter EPS excluding special items of $1.05, a decrease of 9% year-over-year. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items.

Net income was $224 million compared to $391 million, a year ago. GAAP EPS was $0.77, a decrease of 40% year-over-year.

Total revenues were $1.64 billion, up 2% from last year. Analysts on average had estimated $1.64 billion in revenue. Worldwide system sales excluding foreign currency translation increased 3%, with 4% unit growth and 1% same-store sales growth. Worldwide same-store sales ex-China grew 6% during the quarter.

David Gibbs, CEO, said: "Our second quarter system sales grew 5% excluding Russia, driven by sustained development momentum. Despite a complex operating environment and lapping the strongest same-store sales growth in our history, our global business continues to perform well, led by industry-leading results at Taco Bell U.S. including 8% same-store sales growth and in-line margins year-over-year."

The company added 781 gross units during the second quarter resulting in 463 net-new units offset by the removal of 1,165 Russia units for a total decline in unit count of 702 units during the second quarter.

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