Wednesday August 3, 2022, 10:25:44
By Mark Kalinowski
Earlier today (Wednesday), Yum Brands reported adjusted Q2 EPS of $1.05, falling short of our $1.13 estimate and sell-side consensus (according to Consensus Metrix) of $1.10. We attribute the shortfall primarily to: (1) weaker-than-expected same-store sales at KFC and Pizza Hut (including both brands in China and the U.S.), and (2) a Q2 adjusted tax rate of 24.3% (as compared to our 21.6% estimate and consensus at 21.7%. The tax-rate difference cost Yum Brands about -4 cents in Q2 EPS, implying that Q2 EPS would have been only one cent short of consensus excluding this factor.
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Tuesday May 31, 2022, 07:00:00
By Mark Kalinowski
Taco Bell’s Mexican Pizza was on its menu from 1985-2020, and then unceremoniously dumped. It was officially brought back nationwide this past May 19th — 12 days ago — with early access provided to Taco Bell app users starting two days before that. It appears that Mexican Pizza has sold quite briskly over the last 12-14 days, with many Taco Bells already selling out of the menu item.
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Tuesday May 10, 2022, 07:00:00
By Mark Kalinowski
KFC Europe looks like it is in the beginning stages of rolling out multiple plant-based “chicken” menu items to thousands of its restaurants there. The rollout appears to include chicken sandwiches, chicken tenders, chicken buckets, and chicken wraps (Twisters).
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