KFC owner net revenues rise 26% in Q3
In the latest quarter, Yum Brands’ digital sales exceeded $7bn (£5.7bn), with a digital mix above 45%. Overall unit count increased 6% driven by 1,130 new units in Q3 2023
Yum! Brands, the owner of KFC, has revealed that net incomes increased 26% to $416m (£340m) for Q3 ended 30 September, as total revenues rose by 4% to $1.71bn (£1.4bn).
This comes as KFC contributed 13% to the overall global sales growth, followed by 11% by Taco Bell and 4% by Pizza Hut.
During the quarter, KFC reported that operating profit grew 13.1% to $344m (£281m), having opened 664 gross new restaurants across 57 countries.
Meanwhile, The Taco Bell brand posted an operating profit increase of 11% to $226m (£184m), as it also opened 74 gross new restaurants across 13 countries during Q3.
In addition, Pizza Hut’s operating profit rose 5% to $97m (£79m), and opened 383 gross new restaurants across 33 countries.
In the latest quarter, Yum Brands’ digital sales exceeded $7bn (£5.7bn), with a digital mix above 45%. Overall unit count increased 6% driven by 1,130 new units in Q3 2023.
David Gibbs, CEO of Yum! Brands, said: “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 US, 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.”
He added: “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 programmes.”
