Yum Brands income surges 86% in Q2
KFC, which is the group’s largest division, contributed 19% to the overall system sales growth, while Taco Bell and Pizza Hut contributed 7% each
Yum Brands, the operator of KFC, Pizza Hut and Taco Bell, has reported that its net income surged 86% to $418m (£328.9m) for the second quarter ended 30 June.
By the end of Q2, the group’s total revenues reached $1.69bn (£1.33bn), spelling an increase of 3% from $1.64bn (£1.29bn) in the same period a year ago.
According to Yum Brands, its worldwide system sales during the quarter grew by 13%, with 9% same-store sales growth and 6% unit growth.
KFC, which is the group’s largest division, contributed 19% to the overall system sales growth, while Taco Bell and Pizza Hut contributed 7% each.
This comes as KFC reported an operating profit of $326m (£256.5m), a rise of 11% from $293m (£230.6m) a year ago. Its system sales also grew 14% to $8.28bn (£6.52bn).
David Gibbs, CEO of Yum Brands, said: “I remain confident we are well positioned to thrive in any consumer spending environment given the broad consumer appeal of our iconic brands, including our craveable products, compelling value and easy experiences.
“With our strong year-to-date results and continued momentum, we expect to deliver full year 2023 results well above our long-term growth algorithm for system sales and core operating profit growth.”
