IRVINE, CA - DECEMBER 09: A brand known for innovation stateside, takes innovation abroad with Cyprus Halloumi Crunchwrap in European markets for a limited time. Photographed during the Taco Bell International Menu Tasting at Taco Bell Headquarters on December 9, 2019 in Irvine, California. (Photo by Rachel Murray/Getty Images for Taco Bell)IRVINE, CA - DECEMBER 09: A brand known for innovation stateside, takes innovation abroad with Cyprus Halloumi Crunchwrap in European markets for a limited time. Photographed during the Taco Bell International Menu Tasting at Taco Bell Headquarters on December 9, 2019 in Irvine, California. (Photo by Rachel Murray/Getty Images for Taco Bell)
Cyprus Halloumi Crunchwrap at the Taco Bell International Menu Tasting at Taco Bell Headquarters on December 9, 2019 in Irvine, California. (Photo by Rachel Murray/Getty Images for Taco Bell)
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Yum Brands (YUM) beat on the top line but missed on bottom line expectations during its first quarter. Amid COVID-19, the fast food chain’s Taco Bell and KFC brands grew sales year-over-year, while Pizza Hut sales remained flat compared to the same period last year.” data-reactid=”23″>Yum Brands (YUM) beat on the top line but missed on bottom line expectations during its first quarter. Amid COVID-19, the fast food chain’s Taco Bell and KFC brands grew sales year-over-year, while Pizza Hut sales remained flat compared to the same period last year.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Here were the main numbers for Yum Brands first quarter, compared to Bloomberg estimates:” data-reactid=”24″>Here were the main numbers for Yum Brands first quarter, compared to Bloomberg estimates:

  • Revenue: $1.26 billion vs. $1.20 billion expected, +0.7% YoY

  • Adj. EPS: 64 cents vs. 66 cents per share expected

  • Global same-store sales: -7% vs. -8.4% expected, +4% YoY

  • KFC same-store sales: -8% vs. -10.8% expected, +5% YoY

  • Taco Bell same-store sales: +1% vs. -2.9% expected, +4 YoY

  • Pizza Hut same-store sales: -11% vs. -8.5% expected, flat YoY

“First-quarter results reflect two different realities. We began the year with momentum across many of our businesses, however as the quarter progressed we were heavily impacted by the unfortunate spread of COVID-19. Around the world, we took extraordinary measures to protect the health and safety of our employees, customers, franchisees and restaurant team members,” CEO David Gibbs said in a statement.

“I’m tremendously proud of all those executing across our company and franchise system and am encouraged by the second-quarter sales trends of many of our businesses in Asia and in the U.S.,” Gibbs added.

Much like the broader restaurant industry, Yum Brands shifted to takeout and delivery sales and shut down its dining rooms in the U.S. in mid-March amid the coronavirus pandemic.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Louisville, Ky.-based company said in late March that the COVID-19 outbreak was having a severe impact on its operations globally. At the time of the update, approximately 7,000 stores around the world were closed. “We currently expect COVID-19 to impact our same-store sales for the quarter ended June 30, 2020 more significantly than it is impacting the current quarter due to the increasing number of markets currently impacted,” the company said in a filing.” data-reactid=”35″>The Louisville, Ky.-based company said in late March that the COVID-19 outbreak was having a severe impact on its operations globally. At the time of the update, approximately 7,000 stores around the world were closed. “We currently expect COVID-19 to impact our same-store sales for the quarter ended June 30, 2020 more significantly than it is impacting the current quarter due to the increasing number of markets currently impacted,” the company said in a filing.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Gibbs decided in late March that he would be forgoing his salary compensation for the rest of 2020, according to a SEC filing.” data-reactid=”36″>Gibbs decided in late March that he would be forgoing his salary compensation for the rest of 2020, according to a SEC filing.

Shares of Yum fell 12% this year, while the broader market was down 11% in the same time period.

The company’s earnings conference call kicks off at 8:15 a.m. ET.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This post is developing. Please check back for updates.” data-reactid=”39″>This post is developing. Please check back for updates.

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter:&nbsp;@heidi_chung.” data-reactid=”41″>Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="More from Heidi:” data-reactid=”42″>More from Heidi:

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