Yum Brands has reported a net income of $418m for the second quarter of 2023, a surge of 86% compared to its income of $224m a year ago.
For the quarter that ended 30 June 2023, the company’s total revenues were $1.69bn, an increase of 3% from $1.64bn in the same period a year ago.
Yum Brands said its worldwide system sales during the quarter grew by 13%, with 9% same-store sales growth and 6% unit growth.
KFC, the group’s largest division, contributed 19% to the overall system sales growth while Taco Bell and Pizza Hut contributed 7% each.
For Q2 2023, The KFC division reported an operating profit of $326m, up 11% from $293m a year ago. Its system sales grew 14% to $8.28bn.
The division opened 600 gross new restaurants across 60 countries during the period under review.
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Yum Brands’ Taco Bell division reported operating profit of $228m, up 6% from $215m a year ago. It opened 63 gross new restaurants across nine countries during the quarter.
The Pizza Hut division reported a 2% decline in operating profit to $91m from $93m a year ago. Its system sales grew by 4% to $19.24bn from $18.59bn a year earlier.
During the quarter, Pizza Hut opened 357 gross new restaurants across 42 countries.
Overall, the company added 1,025 gross new units during this period.
Yum Brands’ digital sales during the quarter grew by 30% to $7bn.
Yum Brands CEO David Gibbs said: “Our broad-based momentum continued in the second quarter with system sales growth of 13% owing to 9% same-store sales growth and 6% unit growth.
“KFC, our largest division, led the quarter with an astounding 19% system sales growth. An impressive 1,025 gross new units this quarter and nearly 30% digital sales growth contributed to our robust system sales growth.
“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.”