Yum! CEO Greg Creed said at the RBC Capital Markets conference on Thursday that in "coming months," consumers will start to see something that "no one else owns, no one else is talking about" at Pizza Hut, although he declined to go into detail.
"I don't want to say too much and give it away but as much as KFC is Southern-inspired and Taco Bell is Mexican-inspired, we finally landed on something that is very much Pizza Hut," Creed said.
Creed said while Pizza Hut is "struggling," Yum! found that the issue is "not a product problem" but that the pizza chain's outdated delivery service has fallen behind its competitors, like Domino's Pizza (DPZ) - Get Report and Papa John's (PZZA) - Get Report , which he claimed can be easily fixed.
He said Pizza Hut will soon be "delivery-centric" and that a successful turnaround is not far off.
"It's been frustrating for me personally," Creed said. "I hate not having a brand at its full potential."
Pizza Hut has consistently seen its same-store sales decline while Yum!'s Taco Bell and KFC brands post positive comparable store sales. In Yum!'s most-recent quarter, Pizza Hut's same-store sales dived 7%.
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Editor's Pick: Originally published June 1.