Shares were sliding 2.9% to $101.42.
Worldwide same-store sales rose 4%. KFC same-store sales increased 5%, Pizza Hut same-store sales broke even, and Taco Bell grew 4%. Analysts expected global same-store sales growth of 2.7%, with KFC growth of 3%, Pizza Hut growth of 0.4%. and Taco Bell growth of 4.6%.
"First-quarter results were a solid start to the year, reflecting particular strength at the KFC division and Taco Bell U.S.," said CEO Greg Creed in a statement. "With this quarter, we have a healthy foundation to help us achieve our 2019 guidance."
The company said its Grubhub investment hurt year-over-year earnings growth by 21 cents a share. Foreign currency translation unfavorably impacted divisional operating profit by $19 million. During the quarter, Yum said it repurchased 1.1 million shares totaling $106 million at an average price of $94.