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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TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
Fixtures
50-over match
UAE v Lancashire, starts at 10am
Champion County match
MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am
Both matches are at ICC Academy, Dubai Sports City. Admission is free.
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
Most polluted cities in the Middle East
1. Baghdad, Iraq
2. Manama, Bahrain
3. Dhahran, Saudi Arabia
4. Kuwait City, Kuwait
5. Ras Al Khaimah, UAE
6. Ash Shihaniyah, Qatar
7. Abu Dhabi, UAE
8. Cairo, Egypt
9. Riyadh, Saudi Arabia
10. Dubai, UAE
Source: 2022 World Air Quality Report
MOST POLLUTED COUNTRIES IN THE WORLD
1. Chad
2. Iraq
3. Pakistan
4. Bahrain
5. Bangladesh
6. Burkina Faso
7. Kuwait
8. India
9. Egypt
10. Tajikistan
Source: 2022 World Air Quality Report
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside