Pizza HUT store will be observed on November 1, 2023 in Texas. Pizza Hut’s third-quarter earnings fell short of analysts’ same-store expectations.
Brandon Call | Getty Images
Yum Brands On Tuesday, it announced that it will explore strategic options for the pizza park.
“The Pizza Hut team has worked hard to solve business and category challenges; however, Pizza Hut’s performance shows that it needs to do more to realize the full value of the brand, which is yum! It can be done better than the brands, it’s “Chris Turner, head of Yum”.
The company has not set a deadline or specific timetable for the review process. Yum did not specify what the review’s “range of strategic options” would be, and potential outcomes could include an open split, a joint venture or a sale of a stake in the chain.
Pizza Hut has been around for decades, with KFC and Taco Bell making a comeback Pepsico there are still fast food chains. The beverage giant spun off from restaurants in 1997, becoming Triicon Global in 1997, later known as Yum.
Tuesday’s announcement marks years of struggle for Pizza Hut.
on tuesday Hume reported The chain’s same-store sales fell 1% in the third quarter, down 6% in its home market. In the same quarter, Taco Bell and KFC posted same-store sales growth of 7% and 3%, respectively.
Before the pandemic, Pizza Hut tried to feed off its reputation and sell pizza-only, and as Covid-19 shuttered restaurants, the rest of the chain saw the rest of the pizza industry. But the restrictions, known as “pizza fatigue,” have led to another slump in sales.
Now with fewer customers to eat, Pizza Park’s pizza house faces competition for fewer diners. The chain’s share of the US pizza market will shrink from 22.6% in 2019 to 18.7% in 2024, as competition pushes customers away Domino’s PizzaAccording to Barclays.
While cutting consumer spending, other restaurant companies have recently tried to improve their balance sheets.
Starbucks on monday was published It will sell most of its haunted China operations and form a joint venture with Boyu Capital. last month, A nest in a nest $115 million less than Del Taco, and less than the $575 million it paid for the chain four years ago. Again Krispy Kreme This summer, Unsomnia’s remaining price in cookies focused on increasing its U.S. compliance this summer.