Yum Brands, the owner of KFC and Taco Bell, has reported a lower than expected rise in quarterly sales at established restaurants worldwide as fewer diners ate at its Pizza Hut chain.
Sales at restaurants open for at least one year rose 1 per cent in the fourth quarter ended December 31, compared with a 2.1 per cent rise analysts polled by Consensus Metrix had expected.
Same-store sales rose 3 per cent at KFC and Taco Bell, but this was tempered by a 2 per cent decline at Pizza Hut.
“KFC and Taco Bell had relatively strong performance in December, despite difficult US industry conditions,” said the chief financial officer David Gibbs.
US restaurant chains have been struggling with competition from convenience stores, supermarkets and meal-kit delivery services such as Blue Apron and Chefd.
Minimum wage increases have also forced restaurants to raise menu prices while supermarkets have been able to pass on lower food costs to shoppers.
The latest-quarter results are Yum’s first since spinning off its China business in November.
Yum’s income from continuing operations fell to US$285 million in the quarter from $290m a year earlier.
Diluted earnings per share from continuing operations was 76 cents per share compared with 66 cents per share. Earnings excluding special items was 79 cents per share.
Total revenue rose 2 per cent to $2.02 billion.
Analysts on average had estimated sales of $2.09bn, according to Reuters.
* AFP
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Sweet%20Tooth
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
UAE currency: the story behind the money in your pockets
Company%20Profile
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The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
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RESULTS
West Asia Premiership
Thursday
Jebel Ali Dragons 13-34 Dubai Exiles
Friday
Dubai Knights Eagles 16-27 Dubai Tigers
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
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Company%20Profile
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Usain Bolt's time for the 100m at major championships
2008 Beijing Olympics 9.69 seconds
2009 Berlin World Championships 9.58
2011 Daegu World Championships Disqualified
2012 London Olympics 9.63
2013 Moscow World Championships 9.77
2015 Beijing World Championships 9.79
2016 Rio Olympics 9.81
2017 London World Championships 9.95
COMPANY%20PROFILE
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Contracted list
Ashton Agar, Alex Carey, Pat Cummins, Aaron Finch, Peter Handscomb, Josh Hazlewood, Travis Head, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Mitchell Marsh, Tim Paine, Matt Renshaw, Jhye Richardson, Kane Richardson, Billy Stanlake, Mitchell Starc, Marcus Stoinis, Andrew Tye.
Company%20profile
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5