Yum China’s same-store sales beat CEO Micky Pant to step down


Yum China‘s quarterly same-store sales beat estimates, driven by strong sales at its KFC restaurants, and the company said its CEO Micky Pant would step down.

Joey Wat, currently the company’s chief operating officer, will take over as CEO, Yum China said.

Net income rose to $211 million from $192 million in the third quarter ended Aug. 31.

Earnings per share were flat at 53 cents.

Yum China posted a 6 percent jump in same-store sales, while analysts expected a rise of 2.9 percent, according to research firm Consensus Metrix.

Net sales of the company, which also operates Taco Bell chains, rose to $2.04 billion from $1.88 billion.

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