Yum Brands beats Q2 sales forecasts on new stores, traffic

 The company that owns KFC and Taco Bell posted better-than-expected sales in the second quarter thanks to stronger customer demand and a record new store building spree.

Yum Brands built 603 net new stores during the quarter, including 522 KFC outlets in 62 countries.

Sales for the Louisville, Kentucky, company rose 34% in the April-June period to $1.6 billion. That was ahead of Wall Street's forecast of $1.48 billion, according to analysts polled by FactSet.

Same-store sales, or sales at locations open at least a year, jumped 23%. Last year, the company's sales dropped 12% in the second quarter as the pandemic slowed customer traffic.

Net income rose 89% to $391. Adjusted for one-time items, the company earned $1.16 per share. That was also ahead of analysts'' forecast of 96 cents.

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