Yum! Brands, Inc. (NYSE:YUM) Q4 2023 Earnings Call Transcript

And I’m excited about Sean and the team we’ve got in place to lead that. I’ll wrap up by one of my fun facts that, we get hit with so many of them as we’re preparing for these calls. But if you’re not aware, in the last three years, 25% of all young restaurants have been built. And you’re talking about brands that have been 50 to 70 years old and older, but yet in the last three years, nearly 25% of our restaurants were built in the last three years. It gives you a sense for, first of all, how the condition of our asset base around the world and how new it feels given the age of the brands, but also the commitment that our franchisees have to this business. They’re investing their capital in building those stores. And we always talk about net new units.

That’s gross new units. A lot of those stores were placed, the stores that had reached the end of their useful life. So it shows their commitment to the next 20-30 years of the brand and they are fantastic partners. They’ve always been our competitive advantage. We’re seeing that even just managing through the Middle East and how Americana has done such a good job of that. And we couldn’t be more excited given the development pipeline, the commitment that our franchisees have and the strength of our brands as we head into 2024. Thank you for your time today.

Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines.