On May 3^rd, YUM! Brands (YUM) reported on Q1 of FY 2022, ending March 31^st 2023. For the period, the Company posted net earnings of $300 million on revenue of $1,645 million with a diluted EPS of $1.05.  Comparative values for Q1 of fiscal 2022 were net earnings of $399 million on revenue of $1,547 million with a diluted EPS of $1.36.

For the quarter worldwide same-store sales growth attained 13 percent with systemwide sales growth attaining 8 percent with digital sales up 45 percent to $7 billion.

Division performance for Q1 included:-

• The KFC Division comprising 28,003 restaurants posted a nine percent growth in same-store sales; system-wide sales of $8,057 million and company revenue and franchise fees combining to $412 million.  The KFC division generated an operating profit of $305 million achieving an operating margin of 44.4 percent.
• The Pizza Hut division comprising 19,046 restaurants achieved a seven percent growth in same-store sales.  System-wide sales amounted to $3,336 million with company revenue and franchise fees of $155 million.  The Pizza Hut Division generated an operating profit of $104 million and attained an operating margin of 41.2 percent.
• The Taco Bell division comprising 8,276 restaurants posted an eight percent increase in same-store sales with system wide revenue of $3,464 million.  Revenue from company stores, franchise fees and other incoming including advertising amounted to $202 million with an operating profit of $204 million attaining an operating margin of 35.6 percent.

In commenting on results David Gibbs, CEO stated, “Our first-quarter results continue to illustrate the power of our global portfolio and the advantages of our business model. The demand for our iconic brands is evident as our incredible teams and franchise partners delivered another strong quarter with system sales growth of 13% excluding Russia, driven by 8% same-store sales growth and continued development momentum. We're seeing broad-based accelerating digital sales growth leading to a record quarter for both digital system sales of nearly $7 billion and digital sales mix that exceeded 45%. I’m pleased to see the revenue flow through in the quarter translate to 11% core operating profit growth. We're proud of the strong start to the year and confident we'll continue to build on our position as the global franchisor of choice.”

On April 17, 2023, Yum! Brands completed its exit from the Russian market by selling its KFC business in Russia to Smart Service Ltd., including all Russian KFC restaurants, operating system, master franchise rights and the trademark for the Rostik's brand. With the completion of the transaction, we have now ceased our corporate presence in Russia.

On March 31^st 2023 Yum Brands posted total assets of $5,749 million including goodwill and intangibles of $990 million against long-term debt and other liabilities of $12,968 million. Yum Brands! had a market capitalization of $36,840 million on May 3^rd 2023.  The share has traded over the past 52 weeks in a range of $103.97 to $143.25 with a 50-day moving average of $131.38.  On a trailing 12-month basis, operating margin was 31.9 percent and profit margin 19.4 percent with a return on assets of 23.1 percent.  YUM! is held primarily by institutions that collectively hold 80.1 percent of equity. Pre-release on May 2^nd YUM closed at $142.94. At 13H00 YUM traded at $138.07 down 3.5 percent.