Yum! Brands, which also owns Taco Bell and KFC, revealed in Wednesday's earnings call that 250 "underperforming" Pizza Huts are closing in the first half of this year, which amounts to roughly 3% of its US footprint.
A specific list of locations wasn't released.
The company announced in November it had launched a "formal review of strategic options" for Pizza Hut, including a possible sale. No further additional information was released Wednesday other than that Yum! expects the review to be completed this year.
Pizza Hut has consistently struggled in a tough pizza landscape, especially against its chief rival, Domino's Pizza.
For Pizza Hut, it was another dismal quarter, with another decline in same-store sales for its US locations, dropping 3%. The chain's attempt to focus on value, namely a new $5 pizza, hasn't resonated.
Meanwhile, Taco Bell continued to be a standout. Same-store sales soared 7% for the quarter as its consistent release of new menu items lured in a variety of people, including high-income consumers, younger eaters and families.
KFC also continued its slow turnaround in the US, with same-store sales inching 1% higher. The chicken chain has brought on Taco Bell executives to focus menu innovation as it looks to regain ground it has lost to Raising Cane's and Chick-fil-A.
Shares of Yum! (YUM) have jumped 6% so far this year.
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