Yum Brands Q3 earnings beat estimates, but Taco Bell's same-store sales declined 4% due to Cyclospora outbreak
Yum Brands on Tuesday reported earnings that beat expectations, but Taco Bell's same-store sales declined by 4% as a Cyclospora outbreak linked to iceberg lettuce at its restaurants weighed on traffic. The company reported fiscal third-quarter net income of $1.62 billion, or $5.92 per share, and net sales rose 4% to $2.05 billion. Yum CEO Chris Turner stated that Taco Bell U.S. has since rebounded, outpacing the quick-service restaurant industry on same-store sales growth since the end of September.
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