Yum China Soars After Pizza Hut Turnaround Fuels Earnings
- Fast-food chain was spun off from U.S parent last year
- Company to open Taco Bell in multiple Chinese cities in 2017
Yum China Same-Store Sales Top Estimates
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Yum China Holdings Inc., the Asian offshoot of the U.S. fast-food giant, rallied as much as 14 percent after a turnaround at its Pizza Hut chain helped earnings outstrip estimates in the first quarter.
Pizza Hut’s same-store sales climbed 2 percent in the period, which ended Feb. 28. Analysts had predicted that growth would be flat, according to Consensus Metrix. That contributed to profit of 44 cents a share, well ahead of the 38-cent average estimate.