Daily Newsletter

09 February 2024

Daily Newsletter

09 February 2024

Yum! Brands net income surges 25% to $463m in Q4 2023

The company's worldwide system sales experienced 5% growth, driven by 6% unit growth and a 1% rise in same-store sales.

Umesh Ellichipuram February 08 2024

Yum! Brands has reported a 24.7% surge in net income for the fourth quarter (Q4) of 2023, reaching $463m, compared to $371m a year previously.

For the quarter ended 31 December 2023, the company’s total revenues rose marginally to $2.03bn, marking a 1% increase from the $2.01bn reported in the corresponding quarter of 2022.

The company's worldwide system sales registered 5% growth, driven by a 6% unit growth and a 1% rise in same-store sales.

The KFC division led the charge with a 7% contribution to the system sales growth, followed by Taco Bell and Pizza Hut which contributed 6% and 1% respectively.

KFC's operating profit for the period was $329m, an increase of 6% from the previous year's $310m, with system sales reaching $8.88bn.

Taco Bell's performance was also strong, with an operating profit of $286m, up 16% from $246m in the same period of 2022.

The division expanded its footprint by opening 201 (gross) new restaurants during the quarter.

The Pizza Hut division reported a slight dip in operating profit to $99m, down from $100m a year earlier, despite opening 575 (gross) new restaurants in Q4 2023.

The company's generally accepted accounting principles earnings per share (EPS) stood at $1.62, while EPS excluding special items was reported at $1.26.

Yum! Brands CEO David Gibbs said: “2023 was another remarkable year for Yum! Brands as we crossed the $60 billion system sales threshold and exceeded all aspects of our long-term growth algorithm.

“We achieved 10% 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!”

Uncover your next opportunity with expert reports

Steer your business strategy with key data and insights from our latest market research reports and company profiles. Not ready to buy? Start small by downloading a sample report first.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close