David W. Gibbs
and two restaurant our everyone. third our Today, and you, franchise morning, Thank towards growth transformation good bold development quarter initiatives capability. drivers, and discuss Greg, our progress I'll unmatched results, operating of four
results. Let's start third quarter with our
first than half. better was QX expected, As the
X% respectively. improved and Our consolidated rates reaching growth X% and system same-store sales
system In both at impressive ex-FX was sales fact, to that Taco and note KFC, growth accomplishments. X% I'd at X% like Bell
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operating from now We to of to reiterating communicated to the Pizza be high a anticipate now components profit below of end profit, guidance contribution comprise we base the business. particularly full previously or six-percentage-point to Offsetting flat. seven-percentage-point G&A core savings operating the our are timing the anticipate in Subject communicated international and few at headwinds range. below that operating associated adjustments of slightly to end growth the in profit reduced low also year low the the single-digit mismatch refranchising approximately slightly range owing core this, our related growth we the Hut, between previously the be to underlying
unchanged. to three-percentage-point related the a of accounting to estimate Our recognition two-percentage-point headwind is revenue standard
this two our Regarding least $X.XX we EPS number at ago. significant introduced since to of goal in have been there have XXXX, it a in deliver that years influenced variables
recognition, Grubhub are Pizza of Some variables our the Transformation and Agreement. in these tax Hut revenue reform, cash and investments U.S.
we at clearly deliver addition, Hut. webcast. strong around investor context XXXX and than provide we performances have both during at In to December Taco more track and analyst on KFC this remain event and had said, Pizza Bell weaker and originally our performance and goal to we anticipated plan That
FX with impact target Lastly, include XXrd gains not as a in from does reminder, any the any week, $X.XX benefit losses the of changes Grubhub associated investment. or rates, the nor our
shareholders. be to our to and deliver our Now to more franchised, order initiatives, growth focused, in more transformation efficient more turning to more
system the capabilities in already And is seeing rate in more focused X% to four bold these we're growth being which talk key achieving our focus the growth. net growth our the the catalyst system benefits we means, confident First, new We're key sales aspiration most unit shortly. they the about as over increasing are on drivers about of I'll the growth, more four notably for our are long-term. sales maniacal
make progress XXX to franchised, quarter. continue we more Second, restaurants towards selling this becoming
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CapEx Third, and more company becoming a reducing spend. we efficient our are by G&A
million. with track of $XXX XXXX rate to on run $XXX million CapEx guidance and of CapEx are XXXX million We $XXX
of growth In resulting in these on initiatives system savings, we in of representing sales shareholders. G&A to X.X% Each our our G&A designed is to for XXXX. maximize deliver expect addition,
to committed remain also $X.X shareholders between XXXX. We XXXX billion returning $X our to between billion and and
over we over repurchased we for over million million of dividends. $XXX quarter, our and beginning Since third have a the million XXXX, paid total the returned During to shareholders. X $XXX shares billion in $X.X of
August, expanding beginning countries an again new XX and on unlocking ample significant asset demonstrating unit proved across held of emphasis This our KFC, capabilities, have are KFC Summit. inaugural partner Now, unlock partners franchise restaurant net data-driven through for opening Global With to drivers, this bold that on ahead. exists their franchise quarter, XXX let's a units this enthusiasm profitable brand. our nearly development. market At to there continues capitalizing powerhouse Development for with that expansion growth sizes years intended growth markets, they be new untapped the discuss brand, they whitespace plans, many
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openings quarter Cantina company including New this profile and in our York, forward and Manhattan. first more Raleigh, year, celebrated in Chicago This to look high later openings we
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customer on above-average integration is ratings year. KFC experience and expect to this this once Grubhub We POS complete the are seeing improve later
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drive on supporting expected. in with wrap-up, results We our in initiatives are positive very that confident are see as growth along on have and the as very We as noise expansion while there incremental transformation early systems. franchise and about To while is be partnership, on seen remain to operations a valuable of operating are results learnings. excited early encouraging incrementality are major with we Grubhub, throughout delivery and stages Wrapping Franchisees an third and between up of we initiative. the our brand profit quarter delivery pleased check may in quarters, sales delivering we our sales opportunity the all we were to-date. progress
the are and your Now, take happy team questions. to I
