Yum! Brands: Reports First-Quarter 2024 Results

Louisville / KY. (yb) Yum! Brands Inc. reported results for the first quarter ended March 31, 2024. Worldwide system sales, excluding foreign currency translation, grew 2 percent, with 6 percent unit growth and a 3 percent same-store sales decline. First-quarter GAAP operating profit declined 1 percent and first-quarter core operating profit grew 6 percent. First-quarter GAAP EPS was USD 1.10 and first-quarter EPS excluding Special Items was USD 1.15. First-quarter EPS includes negative after-tax impacts of USD 0.08 from investment losses and USD 0.03 from foreign currency translation.

Chief Executive David Gibbs: «Despite a difficult operating environment, we delivered 6 percent Core Operating Profit growth demonstrating the resilience of our business model. As expected, same-store sales were pressured this quarter, but we are encouraged by strong 2-year same-store sales growth and positive momentum exiting the quarter. First-quarter unit growth was robust with over 800 new unit openings, leading to 6 percent unit growth and positioning us to surpass 60,000 restaurants this year. Our digital sales mix reached a new record, exceeding 50 percent for the first time in our history. Our world-class franchisees, globally iconic brands, and distinctive digital capabilities give me high confidence in our future growth.» For additional information please read the company’s PDF file below (150 KB):