Yum Brands approves $2bn share buyback plan
Last month (August), Yum announced sales growth of 3% for Q2 with KFC at 1%, Taco Bell at 10% and Pizza Hut flat
Yum Brands, the operator of KFC, Pizza Hut and Taco Bell, has announced that its board of directors has approved a new share buyback plan which authorises repurchases of up to $2bn (£1.7m) in shares of common stock through 30 June 2024.
The new authorisation will take effect upon the exhaustion of the current authorisation approved in May 2021, of which $236m (£201.4m) remained available as of 12 September 2022.
Yum! Brands and its subsidiaries franchise operate a system of over 53,000 restaurants in 155 countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and the Habit Burger Grill.
Last month (August), Yum announced sales growth of 3% for the second quarter ended 30 June 2022 (Q2), with KFC at 1%, Taco Bell at 10% and Pizza Hut flat.
As a result of the group’s decision to exit the Russia business, KFC’s year-over-year operating profit growth was negatively impacted by 4%, and foreign currency translation impacted operating profit by $19m (£16.2m). However, KFC opened 405 gross new restaurants in 54 countries during the quarter.
Additionally, Pizza Hut removed 53 units in Russia over the quarter and opened 287 gross new restaurants in 43 countries. However, foreign currency translation impacted operating profit by $3m (£2.56m).
