Yum Q4 2023 Earnings Report
Key Takeaways
Yum! Brands reported strong fourth-quarter results, with worldwide system sales growing 5% and 1,853 gross units opened. The company's GAAP EPS was $1.62, and EPS excluding Special Items was $1.26. Full-year results were also strong, with 10% system sales growth and a record 4,754 gross unit openings.
Worldwide system sales grew 5% excluding foreign currency translation, with KFC at 7%, Taco Bell at 6%, and Pizza Hut at 1%.
Opened 1,853 gross units during the fourth quarter.
Restaurant level margins were 17.4%, up 180 basis points year-over-year.
Ex-special EPS was $1.26, lower year-over-year driven by a $0.23 headwind from fluctuations in our quarterly tax rate that resulted in our quarterly effective rate being above our guided range in 2023 and below our guided range in 2022.
Yum
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Yum Revenue by Segment
Forward Guidance
Yum! Brands expects another strong year of global growth in 2024 and anticipates delivering their long-term growth algorithm for the year.
Positive Outlook
- Crossing 30,000 restaurants at KFC.
- Crossing 20,000 restaurants at Pizza Hut.
- Crossing well over 60,000 restaurants globally for Yum!
- Further scaling incredible technology capabilities.
- Further scaling loyalty programs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income