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Yum! Brands tick higher premarket after its market-beating fourth quarter numbers

David Gibbs: "We are on track with our strategic transformation to accelerate growth and make significant progress towards achieving these objectives in 2017”

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Global same-store sales rose 2%, with a 3% jump at KFC, 1% rise at Pizza Hut, and 2% growth at Taco Bell.

Yum! Brands Inc.(NYSE:YUM) saw its shares move higher in premarket trade after its fourth quarter earnings and sales figures beat market expectations.

In a statement, the fast-food company said in the quarter, net income came in at US$436.0mln, or US$1.26 per share, up from the US$303.0mln, or 83 US cents per share, a year ago.

READ:Fast food chain owner Yum! Brands shares up after third quarter results

Earnings excluding special items stood at 96 US cents per share.

Revenue in the fourth quarter fell to US$1.58bn, from the US$1.89bn reported in the year ago period.

The market consensus was for EPS of 80 US cents and sales of US$1.59bn.

Global same-store sales rose 2%, with a 3% jump at KFC, 1% rise at Pizza Hut, and 2% growth at Taco Bell.

David Gibbs, president and CFO said: “We are on track with our strategic transformation to accelerate growth and make significant progress towards achieving these objectives in 2017.”

READ: Yum! Brands Pizza Hut draws on outer space to keep delivered pizzas warmer

The owner of the well-known fast food chains also announced a partnership deal with GrubHub Inc (NYSE:GRUB).

In premarket, its shares were up 1.09% at US$81.00.

Quick facts: Yum! Brands

Price: 104.98 USD

NYSE:YUM
Market: NYSE
Market Cap: $31.67 billion
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