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Oct 5 (Reuters) - Yum China Holdings Inc’s quarterly same-store sales beat analysts’ estimates as its KFC restaurants served up strong results, and the company said its Chief Executive Micky Pant would step down.
Joey Wat, currently the company’s chief operating officer, will take over as CEO, Yum China said.
Pant, who has led the company since its spin off from Yum Brands Inc late last year, will become vice chairman of the board and senior adviser to Yum China.
Shares of the company, which also operates Pizza Hut and Taco Bell chains, rose 3.6 percent to $41.40 after the bell on Thursday.
The company’s same-store sales rose 6 percent in the third quarter ended Aug. 31. Analysts had expected a rise of 2.9 percent, according to research firm Consensus Metrix.
KFC’s same-store sales jumped 7 percent, while Pizza Hut’s were flat.
The fast food chain said net income rose about 10 percent to $211 million, while earnings per share were flat at 53 cents.
Excluding items, it earned 52 cents per share, while revenue rose 8.2 percent to $2.04 billion.
Analysts on average had expected the company to report a profit of 56 cents per share and revenue of $1.98 billion, according to Thomson Reuters I/B/E/S. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Martina D‘Couto and Anil D‘Silva)