Louisville, April 29, 2020: Yum! Brands, Inc. (NYSE: YUM) today reported results for the first-quarter ended March 31, 2020. Worldwide system sales excluding foreign currency translation declined (3)%, with 4% net-new units and (7)% same-store sales decline. First- quarter GAAP EPS was $0.27, a decrease of (68)%. First-quarter EPS excluding Special Items was $0.64, a decrease of (23)%.
DAVID GIBBS COMMENTS
David Gibbs, CEO, said “First-quarter results reflect two different realities. We began the year with momentum across many of our businesses, however as the quarter progressed we were heavily impacted by the unfortunate spread of COVID-19. Around the world, we took extraordinary measures to protect the health and safety of our employees, customers, franchisees and restaurant team members. We partnered with our franchise operators on our shared mission during this global crisis to provide affordable, convenient food in a safe, low contact environment with drive-thru, curbside carryout, and contactless delivery all enabled by our digital capability. As a result, our restaurants around the world remain largely open for business, serving customers and supporting frontline workers and other essential workers in our communities.
I’m tremendously proud of all those executing across our company and franchise system and am encouraged by the second-quarter sales trends of many of our businesses in Asia and in the U.S. Over the previous three years, we transformed Yum! to be a stronger company for its stakeholders and believe we are well positioned to weather this unprecedented crisis owing to the strength of our system-wide talent, operating capabilities, global best practices, and our healthy balance sheet and liquidity position.” Read more
Mr. Samir Menon, Managing Director, KFC India
“The quarter ending March (Q1 2020) recorded a (2%) system sales growth for India and area countries with subdued growth in March and softness seen due to the lockdown on account of Covid-19. We continue to operate around the ongoing Covid-19 pandemic with our delivery business only amidst the lockdown situation in the country as we comply with all regulatory directives. The safety, health and well-being of our employees and customers continue to be our topmost priority. We have implemented stringent hygiene and safety standards across all restaurants. In addition, we have rapidly put in place operational protocols and services like Contactless Delivery to ensure customers have access to their KFC favourites within a safe environment.”
Corporate Comm India (CCI Newswire)Yum Earnings Release_Q1 2020
