Yum Brands on Tuesday reported disappointing revenue as its KFC and Pizza Hut restaurants suffered a dismal sales slump in the US.
The company reported adjusted earnings per share of $1.44, missing Wall Street estimates of $1.46, and revenue of $1.93 billion, below projections of $1.94 billion.
Colonel Sanders’ famous fried-chicken franchise has been struggling for months, last year losing enough market share to rivals Raising Cane’s and Wingstop that it slipped to the No. 5 chicken chain in the US by sales. 3
Yum’s overall business – including results at Pizza Hut – was also hit by anxiety over the economy that has led consumers to grow more cautious and dine out less.
Net income for the company – which also owns Taco Bell, typically its star performer – hit $374 million, or $1