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        <title><![CDATA[Surge in online sales at Taco Bell helps Yum beat quarterly results]]></title>
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            <media:title type="html">Surge in online sales at Taco Bell helps Yum beat quarterly results</media:title>
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        <content:encoded><![CDATA[<p>Yum Brands, parent of fast-food giants KFC, Taco Bell and Pizza Hut, posted a smaller-than-expected drop in comparable sales and beat profit estimates Thursday, helped by strong online sales at its Taco Bell chain as COVID-19 pandemic fears kept customers at home.</p>
<p>Fast-food restaurants, including rivals McDonald&rsquo;s and Chipotle Mexican Grill, have benefited from earlier digital investments, especially when dining rooms <strong>were closed at the height of the health crisis</strong>.</p>
<p>Yum Chief Executive Officer David Gibbs said online sales in the third quarter surged by over a billion dollars to $4 billion from a year earlier, setting a new quarterly record.</p>
<p>&ldquo;Drive-thru demand skyrocketed this quarter as Taco Bell served over 30 million more cars.&rdquo;</p>
<p>Taco Bell, which trounced third-quarter comparable sales estimates, <strong>remains the crown jewel in Yum&rsquo;s portfolio</strong>, Cowen analyst Andrew Charles said in a note.</p>
<p>CEO Gibbs said while the upward online sale trend continues in the current quarter, pandemic-related uncertainty persists. He said there could be more challenges from fresh lockdowns.</p>
<p>Yum&rsquo;s net income rose about 11 percent to $283 million, helped by $8 million in pre-tax income due to change in fair value of its investment in Grubhub, which would be acquired by European online food-ordering company Just Eat Takeaway.com early next year, once approved by regulators.</p>
<p>Yum sold its stake in food delivery firm Grubhub for $206 million, more than two years after making a $200 million investment to improve its delivery services.</p>
<p>Comparable sales fell 2 percent for the KFC owner in the quarter ended Sept. 30, compared with the estimate of a 3.74 percent slide, according to IBES data from Refinitiv.</p>
<p>Excluding items, Yum earned $1.01 per share, 21 cents more than expectations.</p>]]></content:encoded>
                <dc:creator><![CDATA[GAGmen]]></dc:creator>
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