[Yum! Brands Fourth-Quarter and Full-Year 2024 Results](index=1&type=section&id=Yum!%20Brands%20Reports%20Fourth-Quarter%20and%20Full-Year%20Results) [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) Yum! Brands reported a **6%** increase in full-year **2024** EPS excluding special items, reaching **$5.48**, with **8%** core operating profit growth driven by Taco Bell's **5%** same-store sales growth and KFC International's **8%** unit growth Q4 & Full-Year 2024 Earnings Per Share (EPS) | Metric | Q4 2024 | Q4 2023 | % Change | Full-Year 2024 | Full-Year 2023 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **GAAP EPS** | **$1.49** | **$1.62** | (8)% | **$5.22** | **$5.59** | (7)% | | **EPS Excluding Special Items** | **$1.61** | **$1.26** | +28% | **$5.48** | **$5.17** | +6% | - Full-year core operating profit grew **8%** excluding the impact of the 53rd week, meeting the company's long-term growth algorithm[2](index=2&type=chunk)[9](index=9&type=chunk) - Digital sales increased by approximately **15%** in **2024**, with the digital sales mix surpassing **50%** of total sales[3](index=3&type=chunk) - The company opened **4,535** new stores across more than **100** countries during **2024**[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO David Gibbs highlighted the company's resilient business model, citing Taco Bell U.S.'s **5%** same-store sales growth and KFC International's second consecutive year of over **2,000** net new units as key strengths - CEO David Gibbs emphasized the strength of the company's twin growth engines: Taco Bell U.S. same-store sales growth and KFC International unit development[3](index=3&type=chunk) - CFO Chris Turner announced "**Byte by Yum!**", a proprietary SaaS digital ecosystem, and noted that digital sales mix surpassed **50%** in **2024**[3](index=3&type=chunk) [Strategic Initiatives and Announcements](index=1&type=section&id=Strategic%20Initiatives%20and%20Announcements) The company officially announced "**Byte by Yum!**", a proprietary AI-driven SaaS platform designed to integrate and streamline restaurant technologies, with **25,000** restaurants already using at least one of its products - Launched **Byte by Yum!**, a comprehensive, proprietary AI-driven SaaS platform integrating mobile ordering, POS, kitchen/delivery optimization, and management tools. **25,000** restaurants are currently using at least one product from the suite[7](index=7&type=chunk) - Promoted Scott Mezvinsky to KFC Division CEO, effective March **1**, **2025**[7](index=7&type=chunk) - Opened first test locations of new concepts: **Saucy by KFC** (chicken tenders with **11** sauces), **Taco Bell Live Más Cafe** (beverage concept), and a new **Pizza Hut design** with self-service kiosks and a drive-thru[7](index=7&type=chunk) [Divisional Performance Analysis](index=2&type=section&id=Divisional%20Performance%20Analysis) [KFC Division](index=3&type=section&id=KFC%20Division) For the full year **2024**, the KFC Division saw system sales grow **3%** (ex-F/X) and unit count increase by **7%**, opening **2,892** gross new restaurants, despite a **2%** same-store sales decline KFC Division Performance vs. Prior Year | Metric | Q4 2024 | Full-Year 2024 | | :--- | :--- | :--- | | **System Sales Growth (Ex-F/X)** | +6% | +3% | | **Same-Store Sales Growth** | Even | (2)% | | **Unit Growth** | +7% | +7% | | **Core Operating Profit Growth** | +15% | +6% | - Opened **1,100** gross new restaurants in Q4 and **2,892** for the full year across **97** countries[12](index=12&type=chunk)[13](index=13&type=chunk) Full-Year 2024 System Sales Growth (Ex-F/X) by Market | Market | % of System Sales | FY 2024 Growth | | :--- | :--- | :--- | | China | 27% | +6% | | United States | 14% | (5)% | | Europe (ex-UK) | 12% | +8% | | Latin America | 8% | +15% | | Africa | 5% | +11% | [Taco Bell Division](index=4&type=section&id=Taco%20Bell%20Division) The Taco Bell Division was a standout performer in **2024**, delivering **8%** system sales growth (ex-F/X) and **4%** same-store sales growth for the full year, with core operating profit growing by **11%** Taco Bell Division Performance vs. Prior Year | Metric | Q4 2024 | Full-Year 2024 | | :--- | :--- | :--- | | **System Sales Growth (Ex-F/X)** | +14% | +8% | | **Same-Store Sales Growth** | +5% | +4% | | **Unit Growth** | +2% | +2% | | **Core Operating Profit Growth** | +19% | +11% | - For the full year, Taco Bell U.S. same-store sales grew **4%**, while International same-store sales were flat[18](index=18&type=chunk) - The 53rd week in **2024** provided a significant benefit in Q4, adding **6** percentage points to system sales growth and **7** percentage points to core operating profit growth[18](index=18&type=chunk) - Full-year company-owned restaurant margins increased by **70** basis points to **24.4%**[18](index=18&type=chunk) [Pizza Hut Division](index=4&type=section&id=Pizza%20Hut%20Division) The Pizza Hut Division faced challenges in **2024**, with a full-year system sales decline of **1%** (ex-F/X) and a same-store sales decline of **4%**, resulting in a **3%** fall in core operating profit Pizza Hut Division Performance vs. Prior Year | Metric | Q4 2024 | Full-Year 2024 | | :--- | :--- | :--- | | **System Sales Growth (Ex-F/X)** | +3% | (1)% | | **Same-Store Sales Growth** | (1)% | (4)% | | **Unit Growth** | +2% | +2% | | **Core Operating Profit Growth** | (3)% | (3)% | - For the full year, U.S. same-store sales declined **3%** and International same-store sales declined **5%**[18](index=18&type=chunk) Full-Year 2024 System Sales Growth (Ex-F/X) by Market | Market | % of System Sales | FY 2024 Growth | | :--- | :--- | :--- | | United States | 42% | Even | | China | 18% | +3% | | Asia | 13% | (3)% | | Europe | 11% | (6)% | | Canada | 3% | +6% | [The Habit Burger Grill Division](index=5&type=section&id=The%20Habit%20Burger%20Grill%20Division) The Habit Burger Grill Division reported a **2%** system sales growth for the full year **2024**, though same-store sales declined by **4%**, with **16** new restaurants opened during the year Habit Burger Grill Performance - Full-Year 2024 | Metric | % Change | | :--- | :--- | | **System Sales Growth** | +2% | | **Same-Store Sales Growth** | (4)% | - The division opened **6** gross new restaurants in Q4 and **16** for the full year[23](index=23&type=chunk) [Other Items and Long-Term Outlook](index=5&type=section&id=Other%20Items%20and%20Long-Term%20Outlook) The company announced a **6%** increase in its quarterly dividend to **$0.71** per share and reaffirmed its long-term growth algorithm targeting **5%** unit growth, **7%** system sales growth, and at least **8%** core operating profit growth annually - The Board of Directors approved a **6%** dividend increase to **$0.71** per share, payable March **7**, **2025**[23](index=23&type=chunk) - Terminated franchise agreements with IS Gida A.S. in Turkey, affecting **284** KFC and **254** Pizza Hut restaurants, and is seeking a new partner[23](index=23&type=chunk) Long-Term Growth Algorithm | Metric | Target | | :--- | :--- | | **Unit Growth** | 5% | | **System Sales Growth (ex-F/X, 53rd week)** | 7% | | **Core Operating Profit Growth (ex-F/X, 53rd week)** | At least 8% | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Summary of Results (Income Statement)](index=8&type=section&id=Consolidated%20Summary%20of%20Results%20(Income%20Statement)) For the full year ended December **31**, **2024**, Yum! Brands' total revenues increased by **7%** to **$7.55** billion, while GAAP net income decreased by **7%** to **$1.49** billion due to a higher income tax provision Full-Year 2024 Consolidated Income Statement Highlights (in millions, except EPS) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$7,549** | **$7,076** | +7% | | **Operating Profit** | **$2,403** | **$2,318** | +4% | | **Net Income** | **$1,486** | **$1,597** | (7)% | | **Diluted EPS** | **$5.22** | **$5.59** | (7)% | [Consolidated Balance Sheets](index=12&type=section&id=Consolidated%20Balance%20Sheets) As of December **31**, **2024**, Yum! Brands reported total assets of **$6.73** billion, an increase from **$6.23** billion at year-end **2023**, while total liabilities also increased to **$14.38** billion Year-End Balance Sheet Highlights (in millions) | Metric | 12/31/2024 | 12/31/2023 | | :--- | :--- | :--- | | Cash and cash equivalents | **$616** | **$512** | | **Total Assets** | **$6,727** | **$6,231** | | Long-term debt | **$11,306** | **$11,142** | | **Total Liabilities** | **$14,375** | **$14,089** | | **Total Shareholders' Deficit** | **$(7,648)** | **$(7,858)** | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the full year **2024**, net cash provided by operating activities was **$1.69** billion, up from **$1.60** billion in **2023**, with **$422** million used in investing activities and **$1.16** billion in financing activities Full-Year 2024 Cash Flow Summary (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | **$1,689** | **$1,603** | | Net Cash Used in Investing Activities | **$(422)** | **$(107)** | | Net Cash Used in Financing Activities | **$(1,163)** | **$(1,429)** | | **Net Increase in Cash** | **$83** | **$77** | - Key uses of cash in financing activities included **$752** million for dividends and **$441** million for share repurchases[51](index=51&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Measurements%20to%20GAAP%20Results) [Explanation of Non-GAAP Measures and Special Items](index=14&type=section&id=Explanation%20of%20Non-GAAP%20Measures%20and%20Special%20Items) This section provides reconciliations for non-GAAP measures like Core Operating Profit and EPS excluding Special Items, which are used internally to evaluate performance by excluding distorting factors such as foreign currency fluctuations and specific charges - The company provides non-GAAP measures like Core Operating Profit and EPS excluding Special Items to facilitate comparison of past and present operations by removing distorting factors[54](index=54&type=chunk) - Core Operating Profit is a key internal performance metric that excludes Special Items and the impact of foreign currency (F/X) translation[59](index=59&type=chunk) - Key Special Items in Q4 **2024** included **$61** million in German acquisition and Turkey termination-related costs and **$21** million in charges for a resource optimization program[59](index=59&type=chunk)[75](index=75&type=chunk) [Reconciliation of Operating Profit and EPS](index=14&type=section&id=Reconciliation%20of%20Operating%20Profit%20and%20EPS) For the full year **2024**, GAAP Operating Profit was **$2.40** billion, which, after adjusting for **$141** million in Special Items expenses and a **$28** million negative foreign currency impact, resulted in a Core Operating Profit of **$2.57** billion Full-Year 2024 Reconciliation of GAAP to Core Operating Profit (in millions) | Metric | Amount | | :--- | :--- | | **GAAP Operating Profit** | **$2,403** | | Special Items Expense | **$141** | | Negative Foreign Currency Impact | **$28** | | **Core Operating Profit** | **$2,572** | Full-Year 2024 Reconciliation of GAAP to Non-GAAP Diluted EPS | Metric | Amount | | :--- | :--- | | **Diluted EPS (GAAP)** | **$5.22** | | Less: Special Items Diluted EPS | **$(0.26)** | | **Diluted EPS excluding Special Items** | **$5.48** |

Wall Street analysts forecast that Yum Brands (YUM) will report quarterly earnings of $1.58 per share in its upcoming release, pointing to a year-over-year increase of 25.4%. It is anticipated that revenues will amount to $2.32 billion, exhibiting an increase of 14% compared to the year-ago quarter.The consensus EPS estimate for the quarter has been revised 1.6% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial est ...

YUM! Brands, Inc. (YUM) is scheduled to report fourth-quarter 2024 results on Feb. 6, before the opening bell. In the last reported quarter, the company’s bottom line missed the Zacks Consensus Estimate by 2.8%.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.YUM’s Q4 EstimatesThe Zacks Consensus Estimate for earnings per share is pegged at $1.58, indicating a gain of 25.4% from the prior-year quarter. In the past 30 days, the consensus estimate for current-quarter earnings has witne ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Yum Brands (YUM) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 6. ...

Eli Manning to Use the new Hidden Valley Ranch Easy Squeeze Bottle to Autograph Pizza Hut Pizza Creating Crave-worthy MemorabiliaFans Can Win a Year's Supply of Hidden Valley Ranch and Pizza Hut Pizza to Create Signature Moments All Year LongOAKLAND, Calif., Jan. 15, 2025 /PRNewswire/ -- Hidden Valley ® Ranch, the nation's original ranch dressing brand, is changing the game with the launch of its brand-new Easy Squeeze bottle, making it even easier to add ranch flavor to anything. To celebrate the launch an ...

Core Insights - Pizza Hut's second annual Pizza Trends Report reveals insights into American pizza consumption habits and forecasts for 2025, indicating a strong ongoing love for pizza among consumers [2][6][14] - The report predicts a 32% increase in pizza consumption in 2025 compared to 2024, highlighting trends towards unique flavor combinations and pizza pairings [2][7] Consumer Preferences - The average American consumes 288 slices of pizza annually, totaling approximately 95 billion slices nationwide, equivalent to 240,000 Olympic-sized swimming pools [6][7] - 59% of Americans believe that pizza and wings are the ultimate pairing, with 71% occasionally ordering wings with their pizza [7][8] - Ranch is the most popular dipping sauce, with 38% of respondents preferring it, followed by garlic sauce (27%) and marinara sauce (23%) [13] Toppings and Flavors - The report indicates a growing demand for bold and modern toppings, with mushrooms (57%) being the most popular unique topping, followed by garlic (41%) and pineapple (38%) [13] - 37% of Americans express interest in trying Mexican-inspired pizza, while 21% are interested in Greek-inspired pizza, reflecting a trend towards global flavors [13] Eating Habits - Nearly half of respondents (44%) consider eating pizza with a fork a "food crime," and 57% enjoy cold pizza as leftovers [13] - Friday is the most popular day for pizza consumption, with 43% of respondents indicating it as their preferred day to eat pizza [13] Market Position - Pizza Hut has maintained its reputation as a leader in pizza innovation since its founding in 1958, with a commitment to enhancing the pizza experience through culinary innovation [2][15] - The company operates over 19,000 restaurants in more than 100 countries, emphasizing its global presence and commitment to digital ordering [15]

Options include the NEW Nashville Hot Loaded Fries BowlLOUISVILLE, Ky., Jan. 6, 2025 /PRNewswire/ -- KFC is introducing a hot new lineup of five flavor-packed bowls for a limited time, including KFC icons like the Famous Bowl and saucy twists like the new Nashville Hot Loaded Fries Bowl. For a limited time, the fan-favorite Nashville Hot Sauce is back on KFC menus nationwide, while supplies last. Indulge your cravings with a hearty, warm, comforting bowl this winter for just $5 each, making your post-holida ...

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential [1] - The popularity of insurance companies in the Philippines since 2014 indicates a shift in investment strategies among local investors [1] - The diversification of investment portfolios across various industries and market capitalizations is becoming a common practice among investors [1] Investment Trends - There is a notable trend of investing in blue-chip companies initially, followed by a broader investment strategy that includes various sectors such as banking, telecommunications, and retail [1] - The entry into the US market has been facilitated by platforms like Seeking Alpha, which provide valuable analyses for comparison with local markets [1] - The focus on retirement investments alongside trading profits suggests a dual strategy aimed at long-term financial security and short-term gains [1] Market Engagement - The logistics and shipping industries are gaining traction in both the ASEAN and US markets, reflecting their importance in global trade [1] - The experience of acting as a personal broker for a relative has increased awareness and understanding of the US market dynamics [1] - The continuous use of analytical tools from platforms like Seeking Alpha demonstrates the importance of research in making informed investment decisions [1]

Core Viewpoint - Chipotle Mexican Grill (CMG) is considered a better investment option compared to Yum! Brands (YUM) due to its superior revenue growth, profitability, and financial position, despite CMG trading at a higher sales multiple [1]. Group 1: Stock Performance - CMG stock has shown more volatility in annual returns over the last three years, with returns of 26% in 2021, -21% in 2022, and 65% in 2023, compared to YUM's more stable returns of 30% in 2021, -6% in 2022, and 4% in 2023 [2]. Group 2: Revenue Growth - Chipotle's sales have increased at an average annual rate of 14.4%, rising from approximately $7.6 billion in 2021 to $9.9 billion in 2023, while Yum! Brands' sales grew at an average rate of 3.7%, from $6.6 billion to $7.1 billion in the same period [4]. - In the first three quarters of 2024, CMG's revenues grew by 15% year-over-year to $8.5 billion, while YUM's revenues increased by only 3% year-over-year to $5.2 billion [4]. Group 3: Profitability - Chipotle's operating margin improved from 10.7% in 2021 to 15.8% in 2023, and reached 17.7% for the first nine months of FY 2024, while Yum! Brands' operating margin increased slightly from 32.5% to 32.8% during the same period [7]. Group 4: Financial Position - Yum! Brands has a better debt position with a debt-to-equity ratio of 28.7%, compared to Chipotle's 120% [8]. - However, Chipotle has a higher cash position, with 15% of its assets in cash compared to Yum! Brands' 9% [9]. Group 5: Future Expectations - Chipotle is expected to achieve a return of 33% over the next three years, while Yum! Brands is projected to have a 12% return [10]. - Chipotle's valuation is estimated at $61 per share based on a 54x P/E multiple and expected earnings of $1.12 per share for the full year 2024 [10].

以下文章来源于真故研究室 ，作者尹凯 真故研究室 . 真问题，更商业 精品县城生活。 作者 | 尹 凯 编辑｜龚 正 来源 | 真故研究室 (ID：zhengulab） 2020年播出的电视剧《三十而已》中，王漫妮返回老家县城后，连一杯手磨咖啡都喝不到，溢出屏幕的嫌弃感，让准备返乡的年轻人 望而却步。 如今，县城的商业门面早已天翻地覆。瑞幸、奈雪、蜜雪冰城纷纷下沉。尾随这些大牌其后的，是各种将一线城市业态复制到县城的 区域连锁品牌，包括轻食店、火锅店、零食店等。 降维版的它们，一方面让县城青年吃上了健身餐、喝上了精酿啤酒，过上了能对标一线的"精品级县城生活"，但另一方面，千篇一律 的店头也让县城少了些烟火气，关键是部分实力不佳的品牌，还套牢了返乡创业的年轻人。 精品县城生活： 大城市业态的降维版复制 北漂七年的夏天今年5月回到了老家平顶山——一个GDP 只有2700多亿的地级城市，她给自己留出了一年时间做自媒体创业，虽然不 稳定，但幸福感暴增。 以前，她在北京每月花4300元只能租到一间30平小公寓，但在老家花800元就租到了80平的两室一厅，养的猫也由一只变为了两 只。 夏天最大的爱好就是喝酒。在北京时，她 ...