Page 1

Yum ! M KFC NEWS Habit Gavin Felder TALL Chief Strategy Officer and Interim Head of Investor Relations Yum ! Brands Reports First - Quarter Results ; Strong Recovery Driven by Record Digital System Sales of Over $ 5 Billion with Accelerated Off - Premise Growth ; System Sales Growth of 11 % with Same - Store Sales Growth of 9 % and Unit Growth of 1 % Louisville , KY ( April 28 , 2021 ) - Yum ! Brands , Inc. ( NYSE : YUM ) today reported results for the first - quarter ended March 31 , 2021. Worldwide system sales excluding foreign currency translation grew 11 % , with 9 % same - store sales and 1 % unit growth . First - quarter GAAP EPS was $ 1.07 . First - quarter EPS excluding Special Items was also $ 1.07 , an increase of 67 % over the prior year quarter . DAVID GIBBS COMMENTS David Gibbs , CEO , said " First - quarter results reflect encouraging momentum across our business , including solid 2 - year same - store sales growth and a meaningful uplift in unit development , underpinned by the focus and collaboration of our franchise partners and restaurant teams around the world . During the quarter we took important steps to further boost our digital and marketing capabilities through the acquisitions of two technology - focused companies that will enhance our ability to grow our sales overnight and our brands over time . Our foundation is strong and our path forward is clear . While uncertainties remain due to the ongoing impact of COVID - 19 in many geographies , with our iconic brands , world - class talent and a healthy franchise system we are poised to enter a post - COVID world with a long runway of growth ahead of us . " FIRST - QUARTER HIGHLIGHTS • . Worldwide system sales excluding foreign currency translation grew 11 % , with KFC at 11 % , Taco Bell at 11 % and Pizza Hut at 7 % . We reported 1 % unit growth year - over - year and net new unit growth of 435 during the quarter . Foreign currency translation favorably impacted divisional operating profit by $ 16 million . % Change System Sales Ex F / X Same - Store Sales Units GAAP Operating Profit Core Operating Profit² KFC Division +11 +8 +4 +34 +28 Pizza Hut Division +7 +12 ( 4 ) +34 +30 Taco Bell Division Worldwide¹ +11 +9 +1 +24 +24 +11 +9 +1 +117 +33 First - Quarter 2021 2020 % Change GAAP EPS $ 1.07 $ 0.27 NM Special Items EPS² $ 0.00 $ 1.07 $ ( 0.37 ) $ 0.64 NM +67 EPS Excluding Special Items 1 Worldwide system sales ex F / X includes the benefit of our acquisition of Habit Burger Grill on March 18 , 2020. Same - store sales reflects the inclusion of Habit Burger Grill in the prior year base for periods in the first - quarter of 2020 both before and after the acquisition . 2 See reconciliation of Non - GAAP Measurements to GAAP Results within this release for further detail of Core Operating Profit and Special Items . All comparisons are versus the same period a year ago . System sales growth figures exclude foreign currency translation ( " F / X " ) and core operating profit growth figures exclude F / X and Special Items . Special Items are not allocated to any segment and therefore only impact worldwide GAAP results . See reconciliation of Non - GAAP Measurements to GAAP Results within this release for further details . Digital system sales includes all transactions where consumers at system restaurants utilize ordering interaction that is primarily facilitated by automated technology . Yum ! Brands , Inc. • 1900 Colonel Sanders Lane Louisville , KY 40213 • P : 502 874-8300 • investors.yum.com