American fast-food company Yum! Brands has reported a net income of $367m for the second quarter (Q2) of 2024, down 12% from $418m in the same period of 2023.
Diluted earnings per share (EPS) declined to $1.28 from $1.46 in Q2 2023.
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For the quarter ended 30 June 2024, revenues rose 4% to $1.76bn from $1.68bn in the second quarter of 2023.
The company’s sales rose by 12% to $572m, and operating profit saw a 6% improvement at $607m.
Franchise and property revenues remained relatively stable at $789m, with a slight uptick from the previous year’s $785m.
Operating profit for Q2 2024 grew by 6% to $607m from $573m in Q2 2023.
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By GlobalDataWorldwide system sales, excluding the impact of foreign currency translation, rose 3% in Q2 2024, while a 1% decline was reported in terms of same-store sales.
KFC’s division reported an 8% increase in restaurant count and a 3% rise in operating profit to $334m for the quarter, with a slight system sales decrease.
Pizza Hut saw a 3% increase in restaurant count but experienced a 2% system sales decrease and a 4% drop in year-to-date operating profit.
The Habit Burger Grill division opened four new restaurants this quarter but saw a system sales decline of 1% and a 6% decrease in same-store sales.
The total number of units worldwide saw a 5% increase, including the addition of 894 gross new units in Q2 2024.
Yum! Brands’ digital sales reached almost $8bn in Q2 2024, with the digital mix accounting for more than 50%.
Yum! Brands CEO David Gibbs said: “Second-quarter results most clearly showcased the power of the Taco Bell brand thanks to unmatched, crave-worthy innovation and a successful menu expansion to a new platform offering, Cantina Chicken.
“Based on our first half results, we continue to expect to deliver at least 8% core operating profit growth this year. Meanwhile, as we progress into the next phase of our technology and digital journey, we are laying the groundwork for another promising year in 2025 as evidenced by the expansion of drive-through voice AI technology at Taco Bell.”
In the first half (H1 ) of 2024 YUM! Brands achieved revenues of $3.361bn, representing a 1% increase from $3.332bn recorded in the same period of the previous year.
The company reported a slight increase in total costs and expenses, rising by 1% to $2.23bn from $2.236bn.
Despite the improvements in revenue and operating profit, net income for H1 2024 fell by 5% to $681m from $718m in the same period of 2023.
