Yum China Holdings Inc (NYSE:YUMC) reported on its latest quarter after hours today.
The parent company of KFC and Taco Bell in China posted a loss during its fourth quarter due in part to a charge related to the changes in the U.S. tax code. Yum China’s fourth quarter yielded a loss of $90 million, or 23 cents per share, below the net income of $88 million, or 23 cents per share from the year-ago quarter.
The company was hit with a one-time tax charge of $164 million, which means its adjusted earnings would’ve been 19 cents per share without the charge. Analysts polled by FactSet were calling for adjusted earnings of 18 cents per share.
On the revenue front, Yum China reported $2.2 billion in net sales, a 13% gain compared to the year-ago quarter. Analysts surveyed by FactSet were calling for revenue of $2.15 billion.
Same-store sales impressed as they gained 5% year-over-year, thanks in part to a solid performance from KFC in China, which grew 7% year-over-year, while Taco Bell gained 1%. The Wall Street consensus estimate called for a same-restaurant sales growth of 3%, according to Thomson Reuters.
YUMC stock fell nearly 3% after the bell Wednesday.