Yum Brands: Reports Third Quarter 2023 Results

Louisville / KY. (yb) Yum! Brands Inc. reported results for the third quarter ended September 30, 2023. Worldwide system sales, excluding foreign currency translation, grew 10 percent, with 6 percent same-store sales growth and 6 percent unit growth. Third-quarter GAAP operating profit grew 12 percent and third-quarter core operating profit grew 16 percent. Third-quarter GAAP EPS was USD 1.46 and third-quarter EPS excluding Special Items was USD 1.44. Third-quarter EPS includes a favorable USD 0.05 mark-to-market impact from the remeasurement of the Company’s investment in Devyani International Ltd. and a negative USD 0.01 impact from foreign currency translation.

CEO David Gibbs: «We’re incredibly pleased to report yet another excellent quarter with 10 percent system sales growth driven by 6 percent same-store sales growth and 6 percent unit growth with a Q3 record of over 1,100 gross new units. Our twin growth engines, KFC International and Taco Bell U.S., led the way, with KFC showing broad-based strength across both developed and emerging markets. With our strong year-to-date performance, we continue to expect that our full-year 2023 results will outperform on all aspects of our long-term growth algorithm. We set another digital sales record this quarter, with the next leg of our digital growth planned through enhancements of our customer insights platforms and expansions of our global loyalty programs. The exceptional performance of our teams and franchisees gives us confidence in sustaining our top and bottom line momentum in the years ahead.»

For additional information please read the company’s PDF file below (166 KB).