Yum! Brands has reported total revenues of $5.69bn for the fiscal year ending 31 December 2018 (FY2018), a 3% decline from $5.88bn in the previous year.

The restaurant company also reported a 17% fall in operating profit to $2.3bn, compared to $2.76bn for the same period 12 months before.

The company’s net income has increased by 15% from $1.34bn to $1.54bn.

Yum! Brands CEO Greg Creed said: “In 2018, our diverse portfolio of iconic brands generated over $49bn in system sales and ended the year with over 48,000 restaurants.

“As we move into 2019, we will continue to pursue even more growth, leverage our unprecedented scale, and maximise value for all Yum! stakeholders.”

“Focus on our four growth drivers, increased collaboration and a new mindset are fuelling strong results. During 2018, system sales grew 5% with same-store sales growth of 2%, and net unit growth of 4%, excluding the impact of Telepizza.”

In addition, the chain opened 1,757 new restaurants and added 1,282 Telepizza units during the full year 2018. It has also refranchised 660 restaurants, including 364 KFC, 97 Pizza Hut and 199 Taco Bell units.

Creed added: “Combined across our brands and led by over 2,000 world-class franchisees, we opened a record eight gross new restaurants per day across the globe in 2018.

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“As we move into 2019, we will continue to pursue even more growth, leverage our unprecedented scale, and maximise value for all Yum! stakeholders.”

During the fourth quarter, worldwide system sales grew by 6%, with Taco Bell at 9%, KFC at 7% and Pizza Hut at 2%.