KFC owner Yum Brands Inc(YUM.N)missed estimates for quarterly comparable sales on Thursday, hit by weaker than anticipated demand for its fried chicken and pizzas as rising concerns over the Delta variant of the coronavirus kept consumers away from its restaurants.
The company is also facing a severe labor crunch in the United States which, coupled with soaring freight costs and higher prices for raw materials like beef and edible oils, has threatened to hit margins of fast-food chains across the industry.
Comparable sales in the third quarter jumped 5% for Yum Brands, which also owns the Pizza Hut and Taco Bell chains, missing the average estimate of a 6.5% increase, according to Refinitiv IBES.
Total revenue in the reported quarter rose to $1.61 billion from $1.45 billion a year earlier, beating analysts' estimates of $1.59 billion.
Yum's net income rose to $528 million, or $1.75 per share, in the third quarter ended Sept. 30, from $283 million or 92 cents per share a year earlier.
Excluding items, Yum Brands earned $1.22 per share, topping estimates of $1.08.
Its shares rose more than 1% in premarket trading.
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