Our mission is to build the world’s most loved, trusted and fastest growing restaurant brands. We are evolving KFC, Pizza Hut Taco Bell and The Habit Burger Grill into iconic, distinctive and relevant global brands.
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Yum! Brands isn’t your average Fortune 500 company – we like to do things a little differently. From our world-famous culture of fun and recognition to our focus on your career potential, Yum! puts a unique stamp on day-to-day business. You will see why the passion of our people and the power of our brands are just two reasons there’s no place like Yum!.
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Yum! Brands is focused on building KFC, Pizza Hut, Taco Bell and The Habit Burger Grill to be the world’s most loved, trusted and fastest growing restaurant brands. As a global company that serves millions of consumers at 53,000 restaurants across 155 countries and territories,we aim to make the world better by acting responsibly with respect to food, planet and people.
Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of over 57,000 restaurants in more than 155 countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and the Habit Burger Grill. The Company's KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style food, and pizza categories, respectively. The Habit Burger Grill is a fast casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2023, the KFC, Taco Bell and Pizza Hut brands were ranked in the top five of Entrepreneur’s Top Global Franchises Ranking. In addition, in 2023 Yum! Brands was included on the Bloomberg Gender-Equality Index; Forbes’ list of America’s Best Employers for Diversity; and Newsweek’s lists recognizing America’s Most Responsible Companies, America’s Greatest Workplaces for Diversity, America's Greenest Companies and America’s Greatest Workplaces for Women. In 2022, the Company was named to the Dow Jones Sustainability Index North America.
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Yum! Brands is focused on building KFC, Pizza Hut, Taco Bell and The Habit Burger Grill to be the world’s most loved, trusted and fastest growing restaurant brands. As a global company that serves millions of consumers at 53,000 restaurants across 155 countries and territories, we aim to make the world better by acting responsibly with respect to food, planet and people.
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Press Release Archive
Yum! At A Glance
10% System Sales Growth Excluding Russia Impact;
Led by 5% Same-Store Sales Growth with 979 Gross Unit Openings
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Yum! Brands, Inc. (NYSE: YUM) today reported results for the third quarter ended September 30, 2022. Worldwide system sales excluding foreign currency translation grew 7%, with 5% same-store sales growth and 4% unit growth. Third quarter GAAP operating profit grew 4%. Third quarter core operating profit grew 8% including a 3-point headwind from Russia. Third quarter GAAP EPS was $1.14 and third quarter EPS excluding Special Items was $1.09. Our year-over-year EPS excluding Special Items results reflect a $0.23 negative impact from a higher current year tax rate, lower investment gains and the removal of Russia-based profits. Foreign currency translation also unfavorably impacted our EPS by $0.10.
DAVID GIBBS COMMENTS
David Gibbs, CEO, said “I’m pleased to report another strong quarter for Yum!, with system sales growth of 10% excluding Russia, driven by strong demand for our iconic brands, increased digital adoption and continued momentum on unit development. Our three global brands delivered widespread system sales growth, once again demonstrating that our globally diversified business, led by our world-class teams and franchisees, can thrive in any environment.”
RUSSIA UPDATE
Key Performance Metrics Adjusted for Russia
% Change
System Sales Ex F/X
Units
KFC Division
+12
+7
Worldwide
+10
+6
THIRD-QUARTER HIGHLIGHTS
Reported Results
Same-Store Sales
GAAP Operating Profit
Core Operating Profit1
+8
+2
(3)
Taco Bell Division
+9
+5
+11
Pizza Hut Division
+4
+1
(8)
1 See reconciliation of Non-GAAP Measurements to GAAP Results in our Condensed Consolidated Summary of Results for further detail of Core Operating Profit.
All comparisons are versus the same period a year ago.
System sales growth figures exclude foreign currency translation ("F/X") and core operating profit growth figures exclude F/X and Special Items. Special Items are not allocated to any segment and therefore only impact worldwide GAAP results. See reconciliation of Non-GAAP Measurements to GAAP Results in our Condensed Consolidated Summary of Results for further details.
Digital system sales includes all transactions where consumers at system restaurants utilize ordering interaction that is primarily facilitated by automated technology.
Third-Quarter
Year-to-Date
2022
2021
GAAP EPS
$1.14
$1.75
(35)
$3.28
$4.10
(20)
Special Items EPS1
$0.05
$0.53
NM
$0.08
$0.66
EPS Excluding Special Items
$1.09
$1.22
(11)
$3.20
$3.44
(7)
1 See reconciliation of Non-GAAP Measurements to GAAP Results in our Condensed Consolidated Summary of Results for further detail of Special Items.
KFC DIVISION
%/ppts Change
Reported
Ex F/X
Restaurants
26,872
26,222
N/A
System Sales ($MM)
7,824
7,878
(1)
22,809
22,789
Even
Same-Store Sales Growth (%)
+3
+14
Franchise and Property Revenues ($MM)
418
391
+15
1,195
1,124
Operating Profit ($MM)
304
314
888
932
(5)
Operating Margin (%)
43.4
45.4
(2.0)
(0.6)
43.5
46.6
(3.1)
(2.5)
Third-Quarter (% Change)
Year-to-Date (% Change)
International
U.S.
System Sales Growth Ex F/X
Same-Store Sales Growth
(2)
KFC Markets1
Percent of KFC System Sales2
China
27%
United States
17%
Asia
12%
Europe (excluding United Kingdom)
10%
+25
+30
United Kingdom
8%
Australia
7%
Latin America
5%
+26
+31
Middle East / Turkey / North Africa
+46
+43
Africa
4%
Canada
2%
Thailand
+35
India
1%
+45
+60
1Refer to investors.yum.com/financial-information/financial-reports/ for a list of the countries within each of the markets.
2Reflects Full Year 2021 adjusted for the exclusion of Russia.
TACO BELL DIVISION
7,974
7,619
3,417
3,143
10,034
9,212
196
177
574
518
204
184
604
560
35.9
34.6
1.3
1.4
36.1
0.1
PIZZA HUT DIVISION
18,807
18,007
3,146
3,170
9,345
9,409
145
147
438
435
92
101
287
306
(6)
39.0
40.6
(1.6)
(0.9)
40.1
40.9
(0.8)
(0.3)
Pizza Hut Markets1
Percent of Pizza Hut System Sales2
43%
16%
14%
Latin America / Spain / Portugal
Europe (excluding Spain & Portugal)
3%
+51
+57
<1%
+19
HABIT BURGER GRILL DIVISION
OTHER ITEMS
CONFERENCE CALL
Yum! Brands, Inc. will host a conference call to review the company's financial performance and strategies at 8:15 a.m. Eastern Time November 2, 2022. The number is 844/200-6205 for U.S. callers, 833/950-0062 for Canada callers, and 929/526-1599 for international callers, conference ID 294847.
The call will be available for playback beginning at 10:00 a.m. Eastern Time November 2, 2022 through November 9, 2022. To access the playback, dial 866/813-9403 in the U.S., 226/828-7578 in Canada, 0204/525-0658 for U.K. (local), and +44/204-525-0658 internationally, conference ID 923614.
The webcast and the playback can be accessed by visiting Yum! Brands' website, investors.yum.com/events-and-presentations and selecting “Q3 2022 Yum! Brands, Inc. Earnings Call.”
ADDITIONAL INFORMATION ONLINE
Quarter end dates for each division, restaurant count details, definitions of terms and Restricted Group financial information are available at investors.yum.com. Reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures are included in our Condensed Consolidated Summary of Results.
FORWARD-LOOKING STATEMENTS
This announcement may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Yum! Brands, will prove to be correct or that any of our expectations, estimates or projections will be achieved.
Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: the severity and duration of the COVID-19 pandemic, food safety and food borne-illness issues; health concerns arising from outbreaks of a significant health epidemic; the success of our franchisees and licensees; our significant exposure to the Chinese market; changes in economic and political conditions in countries and territories outside of the U.S. where we operate; the macroeconomic and regional instability caused by the Russia conflict in Ukraine; our ability to protect the integrity and security of personal information of our customers and employees; our ability to successfully implement technology initiatives; our increasing dependence on multiple digital commerce platforms; the impact of social media; our ability to secure and maintain distribution and adequate supply to our restaurants; the loss of key personnel, or labor shortages or difficulty finding and retaining qualified employees; the success of our development strategy in emerging markets; changes in commodity, labor and other operating costs; harm or dilution to our brands caused by franchisee and third party activity; pending or future litigation and legal claims or proceedings; changes in or noncompliance with government regulations, including labor standards and anti-bribery or anti-corruption laws; tax matters, including changes in tax laws or disagreements with taxing authorities; consumer preferences and perceptions of our brands; failure to protect our service marks or other intellectual property; changes in consumer discretionary spending and general economic conditions, including inflationary pressures; competition within the retail food industry; not realizing the anticipated benefits from past or potential future acquisitions, investments or other strategic transactions, and risks relating to our significant amount of indebtedness. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q) for additional detail about factors that could affect our financial and other results.
Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of nearly 54,000 restaurants in more than 155 countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and the Habit Burger Grill. The Company's KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style food, and pizza categories, respectively. The Habit Burger Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. Yum! Brands was named to the 2021 Dow Jones Sustainability Index North America and was ranked on Newsweek’s list of 2021 America’s Most Responsible Companies. In 2022, Yum! Brands was named to 3BL Media’s 100 Best Corporate Citizens.
Category: Earnings
Analysts are invited to contact: Gavin Felder, Chief Strategy Officer and Interim Head, Investor Relations at 888/298-6986
Members of the media are invited to contact: Virginia Ferguson, Vice President, Public Relations, at 502/874-8200