Yum! Brands: Reports Fourth-Quarter and Full-Year Results

Louisville / KY. (yb) Yum! Brands Inc. reported results for the fourth-quarter and year ended December 31, 2023. Fourth-quarter worldwide system sales, excluding foreign currency translation, grew 5 percent, with 6 percent unit growth and 1 percent same-store sales growth. Full-year worldwide system sales, excluding foreign currency translation, grew 10 percent, with 6 percent unit growth and 6 percent same-store sales growth. Full-year GAAP Operating Profit growth was 6 percent. Full-year Core Operating Profit growth was 12 percent. Fourth-quarter GAAP EPS was USD 1.62 and EPS excluding Special Items was USD 1.26. Full-year GAAP EPS was USD 5.59 and EPS excluding Special Items was USD 5.17, an increase of 14 percent.

David Gibbs and Chris Turner comments

David Gibbs, CEO, said «2023 was another remarkable year for Yum! Brands as we crossed the USD 60 billion system sales threshold and exceeded all aspects of our long-term growth algorithm. We achieved 10 percent system sales growth with broad-based strength across the globe and another record year for development, opening over 4,700 new stores. We also made massive strides in scaling our proprietary digital and AI-driven ecosystem in partnership with our franchisees. Looking to 2024, this will be a year of major milestones as we cross 30,000 restaurants at KFC, 20,000 at Pizza Hut and well over 60,000 globally for Yum!.»

Chris Turner, CFO, said «Last year proved to be another great example of Yum!’s unique blend of growth and resilience. We delivered 6 percent unit growth, 10 percent system sales growth, and 12 percent Core Operating profit growth. Simply put, there is no other retail business that is growing across 110 different countries and opening the equivalent of a new store roughly every two hours. We are excited about our plans to further scale our incredible technology capabilities and loyalty programs while maintaining focus on cost control. I’m confident 2024 will represent another strong year of global growth and expect to deliver our long-term growth algorithm for the year.»

For additional information please read the company’s PDF file below (167 KB):

20240207-YUM-FY2023.

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