Yum Brands Q4 revenues hit $2.03bn

Yum Brands, the operator of KFC, Pizza Hut and Taco Bell, has reported that total revenues rose 1% to $2.03bn (£1.6bn) by the end of Q4, as net incomes rose 24% to $463m (£367.3m) during the period ending December 2023.

The news comes as the group’s global operations saw a 5% rise in sales, which was driven by a 6% unit growth and a 1% rise in same-store sales. 

More specifically, KFC performed the best out of the group’s portfolio of brands, having contributed a 7% rise in total sales growth, followed by Taco Bell and Pizza Hut, which contributed 6% and 1% respectively.

KFC’s operating profits for the period rose 6% to $329m (£261m), with total operation sales reaching $8.88bn (£7.05bn).

Meanwhile, Taco Bell operating profits rose 16% to $286m (£226.9m) compared with the same period in 2022, as the division expanded by a total of 201 new restaurants in Q4. 

The Pizza Hut division reported a slight dip in operating profit to $99m (£78.5m), down from $100m (£79.3m) a year earlier, despite opening 575 new restaurants globally in Q4.

David Gibbs, CEO of Yum Brands, said: “2023 was another remarkable year for Yum! Brands. 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!.”

Chris Turner, CFO of Yum Brands, added: “Last year proved to be another great example of Yum!’s unique blend of growth and resilience. Simply put, there is no other retail business that is growing across 110 different countries and opening the equivalent of a new store roughly every two hours. 

“We are excited about our plans to further scale our incredible technology capabilities and loyalty programs while maintaining focus on cost control. I’m confident 2024 will represent another strong year of global growth and expect to deliver our long-term growth algorithm for the year.”