Taco Bell Introduces New Grilled Cheese Burrito

The new grilled cheese burrito has a layer of of cheese both inside and outside the tortilla.
Author:
Publish date:

Taco Bell is introducing a new grilled cheese burrito, with cheese inside and outside the tortilla. 

Shares of Yum Brands  (YUM) - Get Report, parent of  Taco Bell, Pizza Hut and KFC, at last check were up 0.4% to $86.83. 

The burrito comes with a vegetarian option. 

In June, Yum! Brands reported that sales rose at all three chains in the U.S. during May.

“Trends have improved meaningfully in recent weeks," the Louisville, Ky., company said in a Securities and Exchange Commission filing.

["However,] the covid-19 pandemic continues to impact sales in numerous markets across the world, particularly in markets where we continue to experience significant temporary restaurant closures.”

Taco Bell U.S. posted same-store sales growth of slightly positive in May, swinging from a drop of 30% in March. “The result is a quarter-to-date same-store sales decline of high-single digits,” Yum said.

KFC U.S. registered same-store-sales growth in the mid-teens percent during May, swinging from a drop in the low 20s percent during March. “The result is quarter-to-date same-store sales growth of mid-single digits,” Yum said.

Pizza Hut U.S. delivered same-store-sales growth in the low-teens during May, swinging from the negative mid-teens in March. “The result is quarter-to-date same-store sales growth of low-single digits’” the company said.

Yum reported first-quarter net income of $83 million, or 27 cents a share, down from $262 million, or 83 cents, a year earlier. Adjusted earnings came to 64 cents a share, falling short of FactSet's consensus of 67 cents.

During the pandemic restaurants have shut their dining areas and switched to delivery and takeout ordering in response to social distancing requirements.