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Pizza Hut aims for turnaround with makeover

Pizza Hut customers will now be able to order their pies more than 2 billion different ways, David Gibbs, the chain's president and incoming global CEO, told CNBC on Wednesday.

As part of a brand overhaul, the subsidiary of Yum Brands is rolling out 11 new specialty pizzas, 10 different crust flavors, six new sauces and five new ingredients. It is also introducing a new logo, more casual uniforms and a website redesign.

The new menu includes salted and toasted cheddar crusts and "drizzles" such as balsamic and honey Sriracha, available at more than 6,300 domestic locations.

"Peruvian cherry peppers on your pizza, that's something that I don't think customers are expecting today," Gibbs said on "Squawk Box."

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The shake-up comes at a time when Pizza Hut has suffered eight consecutive quarters of declining same-store sales and as rivals have reaped the benefits of revamps.

Domino's Pizza implemented a brand overhaul five years ago. It recently capped its 14th consecutive quarter of same-store sales growth.

Papa Murphy's is also on a 14-quarter streak of positive comparable-store sales on the strength of its "Take 'n Bake" option, which lets customers assemble a pizza at the restaurant and bake it at home.

Domino's "did a nice job with their turnaround and it's worked out well for them by being consistent on their message, but we're in a different place obviously," said Gibbs, noting that Pizza Hut has a legacy dine-in business and remains the biggest player in the category by sales per unit.

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Gibbs said the company is looking at the initiative as a long-term play that can get it to 3 to 5 percent comparable-store growth.

"In our industry that's what you're always looking for is those kinds of numbers on a consistent basis and we think this more than gets us to that kind of a place," he said.

—CNBC's Kirsten Chang contributed reporting to this story.

This story has been updated to correct the name of Pizza Hut's incoming global CEO.