Yum! Brands: Reports Second-Quarter 2023 Results

Louisville / KY. (yb) Yum! Brands Inc. reported results for the second-quarter ended June 30, 2023. Worldwide system sales excluding foreign currency translation grew 13 percent, with 9 percent same-store sales growth and 6 percent unit growth. Second-quarter GAAP operating profit grew 4 percent. Second-quarter core operating profit grew 12 percent. Second-quarter GAAP EPS was USD 1.46 and second-quarter EPS excluding Special Items was USD 1.41. Second-quarter EPS includes a favorable USD 0.09 mark-to-market impact from unrealized investment gains and a negative USD 0.05 impact from foreign currency translation. Second Quarter Highlights:

  • Worldwide system sales grew 13 percent, excluding foreign currency translation, with KFC at 19 percent, Taco Bell at 7 percent and Pizza Hut 7 percent.
  • Added 1,025 gross new units.
  • Record digital sales of USD 7 billion, with digital mix exceeding 45 percent.
  • GAAP operating profit grew 4 percent and core operating profit grew 12 percent.
  • Foreign currency translation unfavorably impacted divisional operating profit by USD 17 million.

Chief Executive David Gibbs: «Our broad-based momentum continued in the second quarter with system sales growth of 13 percent owing to 9 percent same-store sales growth and 6 percent unit growth. KFC, our largest division, led the quarter with an astounding 19 percent system sales growth. An impressive 1,025 gross new units this quarter and nearly 30 percent digital sales growth contributed to our robust system sales growth. I remain confident we are well positioned to thrive in any consumer spending environment given the broad consumer appeal of our iconic brands, including our craveable products, compelling value and easy experiences. With our strong year-to-date results and continued momentum, we expect to deliver full year 2023 results well above our long-term growth algorithm for system sales and core operating profit growth.» For additional information please read the company’s PDF file below (163 KB):