Yum's quarterly profits slip despite strong same-store sales

Yum's quarterly profits slip despite strong same-store sales
FILE- In this Oct. 17, 2017, file photo, customers line up at a Kentucky Fried Chicken restaurant inside Miami International Airport in Miami. Yum Brands, Inc., which operates Taco Bell, KFC and Pizza Hut, reports financial results Thursday, Feb. 7, 2019. (AP Photo/Wilfredo Lee, File)

LOUISVILLE, Ky. (AP) — Yum Brands missed Wall Street’s profit and revenue forecasts in the fourth quarter despite strong same-store sales growth at Taco Bell and KFC restaurants.

Net earnings fell 17 percent to .04 per share.

Without one-time items, including a big gain from refranchising 331 company-owned restaurants, Yum earned 40 cents per share in the October-December period, down 58 percent from a year ago. That was well short of the 95 cents analysts had forecast, according to FactSet.

Yum says its earnings took a 41-cent hit because of a change in the fair value of the million investment it made in Grubhub last February.

Fourth-quarter revenue fell 1 percent to .56 billion, short of analysts’ forecast of .59 billion.

Shares of Yum Brands Inc. fell 1 percent to .54.