Yum China, the owner of KFC, Pizza Hut and Taco Bell brands in China, released its second quarter earnings after Wednesday’s closing bell.
The company earned $US0.27 per share and brought in $US1.59 billion in revenue, mostly in line with estimates.
Wall Street was expecting earnings of $US0.27 on revenue of $US1.60 billion.
The company reported comparable sales came of 3%, topping the 2.4% Wall Street was expecting.
The company opened 90 new stores in the second quarter.
Yum Brands spun off its China holdings into Yum China in 2015, to allow investors to invest separately in the region. The Chinese company is focused on expanding the three food brands in China.
Yum China is up 52.48% this year ahead of its second quarter results. The stock exploded more than 10% after beating first quarter expectations. In a press release accompanying its first quarter earnings, CEO Micky Pant said the company was hoping to add 600 new restaurants this year.
Pant said he was “pleased” with second quarter earnings.
Yum China was down 8.07% after it released its second quarter earnings.
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