Yum! Brands Inc YUM reported third-quarter FY23 sales growth of 4% year-on-year to $1.708 billion, missing the analyst consensus estimate of $1.774 billion.
Same-store sales for the quarter grew 6%. Same-store sales at KFC Division increased 6%, Taco Bell climbed 8%, and Pizza Hut grew 1%.
Worldwide system sales, excluding foreign currency translation, grew 10%, with KFC growth at 12%, Taco Bell at 11%, and Pizza Hut at 4%.
YUM's Company sales increased 6% Y/Y to $510 million, and Franchise and property revenues gained 5% to $796 million. Total costs and expenses remained flat at $1.09 billion.
Digital sales exceeded $7 billion, with the digital mix exceeding 45%. The company added 1,130 gross units during the third quarter.
The operating margin was 35.9%, and operating income for the quarter climbed 12% to $613 million.
YUM's operating cash flow year-to-date was $1.15 billion versus $975 million last year. It held $875 million in cash and equivalents as of September 30, 2023.
Adjusted EPS of $1.44 beat the consensus estimate of $1.28.
Price Action: YUM shares are trading lower by 0.55% at $120.20 on Wednesday.
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