Yum Improves

April 21/Louisville, Ky./Reuters -- Yum Brands Inc., the parent of the KFC, Taco Bell and Pizza Hut fast-food chains, reported higher-than-expected quarterly sales, boosted by growth in China, helping to send its shares up 4.9% in afterhours trading.

Yum, based in Louisville, Ky., said sales rose 13% at existing restaurants in China, where the company has opened 92 new restaurants.

Same-store sales in the U.S. fell 1% after negative press following a lawsuit regarding the beef used at Taco Bell. The lawsuit was later dropped.

Net income was $264 million, or $0.54 per share, in the first quarter, ended on March 19, compared with $241 million, or $0.50 per share, a year earlier. Excluding special items, profit was $0.63 per share.

Revenue was $2.43 billion, compared to $2.35 billion a year earlier and analysts' estimates of $2.40 billion.

From the April 21, 2011, Prepared Foods' Daily News.

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