Yum! Brands has reported a net income of $416m for the third quarter of 2023, a surge of 26% compared to $331m in the same quarter of the previous year.
For the quarter ending 30 September 2023, total revenues were $1.71bn, an increase of 4% from $1.64bn in that quarter of 2022.
Its worldwide system sales grew 10%, with 6% same-store sales growth and 6% unit growth.
The company noted that KFC contributed 12% to the overall system sales growth, Taco Bell contributed 11% and Pizza Hut contributed 4%.
For the period under review, the KFC division reported an operating profit of $344m, up 13.1% from $304m a year earlier. Its system sales grew 10% to $8.62bn.
The division opened 664 gross new restaurants across 57 countries during the quarter.
The Taco Bell brand of Yum Brands posted an operating profit of $226m, up 11% from $204m in the same period of 2022. It opened 74 gross new restaurants across 13 countries during the quarter.
Pizza Hut division’s operating profit was $97m, an increase of 5% from $92m one previously ago. It opened 383 gross new restaurants across 33 countries.
The company reported 12% GAAP [generally accepted accounting principles] operating profit growth and 16% core operating profit growth in the third quarter of 2023.
In the latest quarter, Yum Brands’ digital sales exceeded $7bn, with a digital mix above 45%. Overall unit count increased 6% driven by 1,130 new units in Q3 2023.
Yum! Brands CEO David Gibbs stated: “We're incredibly pleased to report yet another excellent quarter with 10% system sales growth driven by 6% same-store sales growth and 6% unit growth with a Q3 record of over 1,100 gross new units.
“Our twin growth engines, KFC International and Taco Bell US, 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 programmes.”
