Taco Bell Reports Jump in Profits
IRVINE — Taco Bell Inc. saw an increase in both sales and operating profits during the first quarter.
The Irvine-based unit of Pepsico Inc. had operating profit of $33.2 million, up 6% from $31.4 million for the corresponding three months a year ago. Revenues were $485.4 million, up 20% over the $405.5 million recorded in the first quarter of 1991.
The company credited the growth to more sales, more restaurants and lower administrative expenses, which offset higher food and labor costs. Same-store sales--a measure of growth that excludes the contribution of new restaurants--were up 5% for the quarter, compared to a year ago.
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