Yum Brands (NYSE: YUM) revealed Thursday, same-store sales worldwide were down 15% in the second quarter but managed to top Wall Street expectations. Furthermore, the brand assures that sales have begun to average out in the last few weeks.
CEO David Gibbs explained in a conference call with analysts that store closures escalated in April. Adding that the American fast food corporation has slowly been able to reopen certain locations for curbside pickup.
“Digital sales were a big driver of the dramatic improvement in sales from the initial impact of COVID-19, reaching an all-time high of $3.5 billion for the quarter, an increase of more than $1 billion over the prior year,” CEO David Gibbs said in a statement. “Same-store sales trends for open stores stabilized in June just a few points short of flat … and these trends have continued into July.”
The company, which operates KFC, Taco Bell and Pizza Hut reported earning per share of USD .82 compared to the USD .54 anticipated by experts. Revenue amounted to USD1.2 Billion in comparison to the USD1.19 Billion awaited. Yum said net income dropped to USD 206 Million or USD .67 a share, from last year’s USD 289 Million or USD .92 per share.
Though over 95% of Yums locations were able to open by the end of the quarter, approximately 24,000 dining rooms remained unavailable to the public, according to Gibs.
“It’s really quite impressive that we were able to get sales now globally back to approaching flat without those dining rooms in the majority of our stores,” he said.