Same-Store Sales Continue Their Decline at Taco Bell

Taco Bell Corp. posted a slight increase in sales for the third quarter ended Sept. 7, but the PepsiCo Inc. subsidiary continued to be hampered by slow sales in stores open for more than a year.

Sales at Taco Bell rose by 1% during the quarter to $883 million from $873 million a year earlier. But sales at stores open for more than a year fell by 3%, continuing a slide that began more than a year ago.

PepsiCo executives said Tuesday that Taco Bell’s Extreme Value Combo Meals accounted for 22% of sales during the quarter, but that the menu items “did not add incrementally to same-store sales growth.”

Slow sales at Taco Bell were among the reasons that PepsiCo ousted longtime Taco Bell President John Martin last week, industry analysts said. Martin, 51, was replaced by John F. Antioco, 46, most recently chairman and chief executive of Circle K Co., the Phoenix-based convenience store operator.