Yum! Brands reported results for the third quarter that ended on September 30, 2023, driven by sales at KFC International. The KFC Division opened 664 gross new restaurants across 57 countries in the reporting period. Worldwide system sales, excluding foreign currency translation, grew by 10%, with 6% same-store sales growth and 6% unit growth. The third-quarter GAAP operating profit grew by 12% and the company’s third-quarter core operating profit grew by 16%.

David Gibbs, CEO, commented on the financial results: “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 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.”

Third-quarter highlights:

• Worldwide system sales grew by 10%, excluding foreign currency translation, with KFC at 12%, Taco Bell at 11% and Pizza Hut at 4%.
• Unit count increased by 6% driven by 1,130 gross new units, a Q3 record.
• Record digital sales exceeded USD 7 billion, with a digital mix of over 45%.
• GAAP operating profit grew by 12% and core operating profit grew by 16%.
• Foreign currency translation unfavorably impacted divisional operating profit by USD 5 million.

Photo: KFC social media