Yum! Brands has reported a net income of $371m in Q4 2022, in comparison to $330m in the same quarter of the previous year.

Its net income for the year ending 31 December 2022 stood at $1.3bn, a 16% decrease from $1.5bn in 2021.

Revenues rose 7% to $2bn in Q4 2022, while for the full year revenues grew 4% to $6.8bn.

In the October to December 2022 quarter, the restaurant company’s worldwide system sales increased by 8%.

KFC registered an increase of 6%, while Taco Bell and Pizza Hut recorded 14% and 4% increases, respectively.

The operating margins for the KFC, Pizza Hut and Taco Bell brands also increased in Q4 2022.

Yum! Brands added 1,830 gross units during the quarter and repurchased 4.1 million shares, which totalled $486m at an average price of $119per share.

The KFC division opened 997 gross new restaurants, while Taco Bell and Pizza Hut opened 253 and 571 new restaurants, respectively.

For the full year, Yum! Brands’ worldwide system sales grew 6%, with KFC reporting an increase of 6%, Taco Bell 11% and Pizza Hut 3%.

In 2022, the KFC Division opened 2,447 gross new restaurants in 103 countries, Taco Bell opened 496 gross new restaurants across 24 countries, and Pizza Hut opened 1,584 gross new restaurants in 73 countries.

Yum! Brands CEO David Gibbs said: “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 $24bn in digital sales, demonstrating that our iconic brands are more relevant, easy and distinctive than ever.

“I’m confident that our distinct competitive advantages, including our world-class franchisees and the industry’s best talent, will drive accelerated growth in the future.”