By Micah Maidenberg
Yum China Holdings Inc. reported stronger demand in the first quarter and more than tripled its profit in the period.
The operator of KFC, Pizza Hut and Taco Bell restaurants and other establishments in China on Tuesday said net income attributable to the company increased to $230 million from $62 million for the year-earlier period.
Profit rose to 53 cents from 16 cents on a per-share basis. Adjusted earnings per share totaled 54 cents, beating expectations from analysts by 8 cents.
Yum China generated $2.56 billion in revenue, up from $1.75 billion for the year-earlier period. Analysts anticipated $2.32 billion in revenue for the latest period, according to FactSet.
Comparable sales were up 10% year over year, including a 38% gain at Pizza Hut locations.
While the company notched gains in the first quarter, its results compared with the year-earlier quarter, when the pandemic hit operations and demand.
The coronavirus is still complicating results, Yum China said Tuesday.
"First quarter sales were impacted by regional resurgences of COVID-19 before the Chinese New Year and tightened public health measures across China. The tightened measures and associated consumer caution resulted in smaller gatherings and a noticeably reduced volume of travel," the company said.
Write to Micah Maidenberg at firstname.lastname@example.org
(END) Dow Jones Newswires
April 27, 2021 16:58 ET (20:58 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.