Earnings release
Page 1
Yum ! NEWS Habit Jodi Dyer BELL Vice President , Investor Relations and CFO , Digital & Technology Yum ! Brands Reports Third - Quarter Results ; Record 760 Net - New Units and Same - Store Sales Growth of 5 % , Driving System Sales Growth of 8 % ; Sustained Digital System Sales of Over $ 5 Billion Louisville , KY ( October 28 , 2021 ) - Yum ! Brands , Inc. ( NYSE : YUM ) today reported results for the third - quarter ended September 30 , 2021. Worldwide system sales excluding foreign currency translation grew 8 % , with 5 % same - store sales and 4 % unit growth . Third - quarter GAAP EPS was $ 1.75 , an increase of 90 % over the prior year quarter . Third - quarter EPS excluding Special Items was $ 1.22 , an increase of 21 % over the prior year quarter . DAVID GIBBS COMMENTS David Gibbs , CEO , said " Our third quarter results , led by record - breaking unit development and sustained momentum in digital sales , are a testament to the strength of our Brands and the unmatched commitment and capability of our best - in - class franchise partners . I am proud that each of our global divisions contributed to delivering 760 net - new units in the quarter . Our 5 % same store sales growth for the third quarter , or 3 % same - store sales growth on a 2 - year basis , demonstrates the resilience of our diversified global business model despite the headwind of the Delta variant in certain key markets . During the quarter , we advanced our digital capabilities with the acquisition of Dragontail and its AI - based integrated kitchen order management and delivery technologies that strengthens store operations , enhances the customer experience and makes it easier for team members to run a restaurant . As we continue to navigate the short - term uncertainties of the COVID recovery , we are incredibly confident in the ability of our iconic brands and our world - class talent to drive growth and maximize stakeholder value by delivering on our long - term growth algorithm . " THIRD - QUARTER HIGHLIGHTS • • • Worldwide system sales excluding foreign currency translation grew 8 % , with KFC at 11 % , Taco Bell at 8 % and Pizza Hut at 4 % . We reported 4 % unit growth year - over - year and record third - quarter net - new unit growth of 760 . Foreign currency translation favorably impacted divisional operating profit by $ 12 million . % Change System Sales Ex F / X Same - Store Sales Units GAAP Operating Profit Core Operating Profit¹ KFC Division +11 +6 +7 +14 +10 Pizza Hut Division +4 +4 +1 +13 +11 Taco Bell Division +8 +5 +3 ( 1 ) ( 1 ) Worldwide +8 +5 +4 +12 +3 Third - Quarter Year - to - Date 2021 2020 % Change 2021 2020 GAAP EPS $ 1.75 $ 0.92 +90 $ 4.10 $ 1.86 % Change +120 Special Items EPS¹ $ 0.53 EPS Excluding Special Items $ 1.22 $ ( 0.09 ) $ 1.01 NM $ 0.66 $ ( 0.61 ) NM +21 $ 3.44 $ 2.47 +39 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