Yum Brands worldwide same-store sales miss estimates

REUTERS - Yum Brands Inc, the owner of KFC and Taco Bell, reported a lower-than expected rise in quarterly sales at established restaurants worldwide as fewer diners ate at its Pizza Hut restaurants.

Sales at restaurants open at least one year rose 2 percent in the second quarter ended June 30, missing the 2.2 percent rise analysts polled by Consensus Metrix had expected.

Net income from continuing operations fell to $206 million or 58 cents per share, from $336 million or 64 cents per share a year earlier.

Net sales fell to $1.45 billion from $1.51 billion, hurt by a 1 percent decline in same-restaurant sales at Pizza Hut.

 

(Reporting by Siddharth Cavale in Bengaluru; Editing by Shounak Dasgupta)