2022 a landmark year for Yum! Says CEO David Gibbs; Taco Bell Tops the Sales Chart for Q4
2022 a landmark year for Yum! Says CEO David Gibbs; Taco Bell Tops the Sales Chart for Q4

Yum! Brands Inc has reported for the fourth-quarter and year ended December 31, 2022.

The group recorded 4th quarter GAAP EPS was $1.29, an increase of 17%. Fourth-quarter EPS excluding Special Items was $1.31, an increase of 29%. Full-year GAAP EPS was $4.57, a decrease of (12)%. Full-year EPS excluding Special Items was $4.51, an increase of 1%. Full-year GAAP Operating Profit growth was 2%. Full-year Core Operating Profit1 growth was 6%, including a 2-point headwind from the removal of Russia profits.

“2022 was a landmark year for Yum! as we beat our own industry record for unit development, opening an incredible 4,560 gross new units. Despite a challenging environment, we achieved widespread system sales growth of 8% excluding Russia with $24 billion in digital sales, demonstrating that our iconic brands are more relevant, easy and distinctive than ever,” shared David Gibbs, CEO.

Worldwide system sales grew 8% excluding foreign currency translation, with KFC at 6%, Taco Bell at 14%, and Pizza Hut at 4%.

The brand also repurchased 4.1 million shares totalling $486 million at an average price per share of $119.

Foreign currency translation unfavourably impacted divisional operating profit by $42 million.

KFC Division opened 997 gross new restaurants during the quarter, Taco Bell Division opened 253 gross new restaurants and Pizza Hut Division opened 571 gross new restaurants during the quarter.

“Our fiscal 2022 results delivered on our raised long-term growth algorithm with record-setting net new unit growth and 4% same-store sales growth. Despite inflationary pressures and a 2-point negative impact from Russia, we delivered 6% Core Operating Profit growth – a testament to the strength of our enterprise. We remain focused on executing the strategies underlying our Recipe for Good Growth to drive our business forward. I'm also pleased to announce our Board of Directors approved an increased quarterly dividend of $0.605,” added Chris Turner, CFO, Yum! Brands.

 
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