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KFC parent doubles down on deals as consumers cut spending

By Praveen Paramasivam (Reuters) -Yum Brands Inc said on Wednesday it would offer new items and promotional deals in the coming days as it seeks to reverse a slowdown in demand...

By Praveen Paramasivam

(Reuters) -Yum Brands Inc said on Wednesday it would offer new items and promotional deals in the coming days as it seeks to reverse a slowdown in demand for its pizzas and fried chicken from low-income consumers.

Americans are increasingly tightening their belts as household savings drop and prices of gas and everyday essentials rise, hitting corporate earnings.

Retail giants Walmart (NYSE:WMT) Inc and Best Buy Co Inc (NYSE:BBY) have already lowered their earnings estimates, while McDonald's Corp (NYSE:MCD) is considering more discounts as consumers turn to cheaper items.

People are getting more cautious, with the pullback from low-income consumers getting more pronounced, Yum Chief Executive Officer David Gibbs said.

Yum has brought back its Mexican pizza at Taco Bell and $5 macaroni and cheese bowls at KFC and is banking on lower-priced offers at Pizza Hut to attract customers.

The company plans to double down on promotional offerings after its quarterly earnings missed estimates on increased costs of ingredients, labor and packaging material that pushed its overall expenses by 4%.

Yum second-quarter adjusted earnings per share of $1.05 fell short of estimates of $1.09.

The company's earnings come on the heels of better-than-expected profits from rivals McDonald's Corp and Starbucks Corp (NASDAQ:SBUX), which managed to offset higher expenses through price increases.

Yum reported quarterly same-store sales growth of 1%, largely in line with estimates, with Taco Bell posting a better-than-expected 8% increase to make up for declines at KFC and Pizza Hut.

Pizza Hut sales faltered even as more than half of its U.S. restaurants adopted third-party delivery services at the end of the quarter to beef up their operations, up from 40% at the beginning of the quarter.

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19-08-2022 15:01:53 (UTC+7)

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 EUR/USD1.0087↑ Sell
 GBP/USD1.1908↑ Sell
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 EUR/JPY137.90Buy
 EUR/CHF0.9660↑ Sell
 Gold1,766.75Buy
 Silver19.163↑ Sell
 Copper3.6305↑ Buy
 Crude Oil WTI90.06↑ Buy
 Brent Oil96.19↑ Buy
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 US Coffee C214.80↑ Sell
 Euro Stoxx 503,763.75↑ Sell
 S&P 5004,283.74Sell
 DAX13,636.05↑ Sell
 FTSE 1007,546.85↑ Buy
 Hang Seng19,772.50Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,385.59↑ Sell
 BASF43.362Sell
 Bayer53.54↑ Sell
 Allianz177.30↑ Sell
 Adidas166.65↑ Buy
 Lufthansa6.415↑ Sell
 Siemens AG109.90Sell
 Deutsche Bank AG8.705↑ Sell
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Cập nhật lúc 14:59:10 19/08/2022
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