Taco Bell Corp. aims to add approximately 2,350 restaurants worldwide by 2022, a move that will boost annual sales from $10 billion to $15 billion, the company said Thursday.
Part of the expansion will include a focus on Brazil, Canada, China and India, with at least 100 restaurants slated for each market.
“We have tremendous potential to continue to grow this brand domestically, as well as globally, with our world-class franchise system,” said Taco Bell CEO Brian Niccol in a statement.
“We are already off to a great start by continuing with breakthrough menu innovation, digital innovation and diversifying our development portfolio,” he said. “Our new and remodeled restaurants deliver a Taco Bell ‘category-of-one’ brand experience for suburban, urban and rural markets.”
Mark Kalinowski, managing director of Nomura, shared Niccol’s optimism in a report Friday.
“In more recent performance, Taco Bell's same-store sales have outperformed those of the larger quick-service sector by an average of three percentage points since the third quarter of 2015,” Kalinowski wrote. “Over the five years 2012-16, the average annual same-store sales number for Taco Bell is +4%, for KFC U.S. is +2%, and for Pizza Hut U.S. is 0%.”
Between 2012 and 2016, Taco Bell opened 600 net new restaurants in the U.S. Internationally, the chain has 350 restaurants in 22 countries.
Irvine, Calif.-based Taco Bell aims to do business in more than 40 countries by 2022, and targets approximately 9,000 locations. Currently, the chain has more than 6,650 units worldwide.
Taco Bell is a subsidiary of Yum! Brands Inc.
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