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Restaurant Brands' stock jumps as star franchise beats Wendy's.
Burger King just retook a title it lost six years ago ... Show more
Burger King passes Wendy's to reclaim the No. 2 spot
Burger King passes Wendy's to reclaim the No. 2 spot
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Burger King, KFC owners take sales hit as fast-food spending tapers
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Key FactsRestaurant Brands and Yum miss quarterly expectations
Nov 5, 2024 · Reading time: ~45 sec.
Summary created with AI assistance · Source: reuters.com
Summary created with AI assistance · Source: reuters.com
- According to the report, consumers shifted spending toward cheaper meals at home as fast-food prices rose and ate out less often.
- Burger King, McDonald's, KFC and Wendy's have each offered $5 value meals since June to attract customers who are more focused on price.
- Burger King's U.S. business recorded a 0.4% revenue contraction in the quarter through September, following 6.6% growth a year earlier.
- KFC suffered its third straight quarterly U.S. decline, with sales down 5%, while Yum lost 2% worldwide and Restaurant Brands gained 1.8% internationally.
Our sales didn't meet expectations in a few key markets, including China and the Middle East, where we have outsized exposure, and as a result, we tempered our expectations in the fourth quarter, they said.— Yum Brands executives on a post-earnings call
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