US-based restaurant company Yum! Brands has posted total revenues of $1.5bn in Q1 2022, a 4% growth from $1.4bn in Q1 2021.
The company’s net income in the first quarter, ended 31 March 2022, stood at $399m, which is a 22% increase from $326m in the same period last year.
Its worldwide system sales, excluding foreign currency translation, grew 8%, with KFC at 9%, Taco Bell at 8% and Pizza Hut at 3%.
During Q1 2022, the company reported same-store sales growth of 3% and 6% unit growth.
Yum! Brands added 997 gross units during the first quarter resulting in 628 net-new units.
First-quarter GAAP EPS was $1.36 in Q1 2022, 27% higher than the same quarter a year earlier.
The company noted that foreign currency translation unfavourably impacted divisional operating profit by $14m.
It reported a 15% growth in digital sales, to nearly $6bn, with digital mix surpassing 40%.
Yum! Brands KFC Division opened 587 gross new restaurants in 49 countries. However, its profits were down in Russia in comparison to the first quarter of last year.
The brand’s Taco Bell Division opened 63 gross new restaurants across 13 countries, and its system sales in the US grew by 7%, while the international system sales grew 37%. Taco Bell US same-store sales increased by 5% while international same-store sales grew by 12%.
During the first three months of 2022, the company’s Pizza Hut Division opened 334 gross new restaurants across 40 countries, but the foreign currency translation unfavourably hit operating profit by $2m.
The Habit Burger Grill Division opened 13 gross new restaurants in the US and Cambodia.