Yum! Brands reports Q4 adjusted EPS $1.26, consensus $1.40

Reports Q4 revenue $2.04B, consensus $2.11B. Worldwide same store sales grew 1% with KFC at 2%, Taco Bell at 3%, and Pizza Hut at down 2%. Worldwide system sales grew 5% excluding foreign currency translation, with KFC at 7%, Taco Bell at 6%, and Pizza Hut at 1%. David Gibbs, CEO, said “2023 was another remarkable year for Yum! Brands as we crossed the $60 billion system sales threshold and exceeded all aspects of our long-term growth algorithm. We achieved 10% system sales growth with broad-based strength across the globe and another record year for development, opening over 4,700 new stores. We also made massive strides in scaling our proprietary digital and AI-driven ecosystem in partnership with our franchisees. Looking to 2024, this will be a year of major milestones as we cross 30,000 restaurants at KFC, 20,000 at Pizza Hut and well over 60,000 globally for Yum!.”