LOUISVILLE, Ky. ( TheStreet) -- Yum! Brands (YUM - Get Report) met quarterly profit expectations on Tuesday as continued strong performance in China drove year-over-year revenue growth of more than 14%.
Total revenue jumped 14.3% to $3.27 billion, from $2.86 billion, topping the $3.1 billion analysts had called for. Even so, investors bid Yum shares 2.1% lower in afterhours trading though the stock closed the regular session 2% higher at $49.44. On the back of another strong quarterly performance in China and emerging markets, Yum reiterated its full-year earnings-per-share forecast for growth of at least 12%.
The company said worldwide system sales grew 6% in the quarter, prior to foreign currency translation, including 29% in China and 8% at Yum Restaurants International (YRI). System sales in the U.S. declined 3%. Same-store sales -- or sales at stores open at least one year, a closely watched metric in the restaurant industry -- grew 19% in China and 3% at YRI, and declined 3% in the U.S.
-- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to @miriamsmarket.
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