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Yum! Brands, Inc. (YUM) Tops Q1 EPS by 2c

April 22, 2014 5:21 PM EDT

Yum! Brands, Inc. (NYSE: YUM) reported Q1 EPS of $0.87, $0.02 better than the analyst estimate of $0.85. Revenue for the quarter came in at $2.72 billion versus the consensus estimate of $2.8 billion.Yum! Brands, Inc. reaffirmed FY2014 guidance.

  • Worldwide system sales grew 4%. Worldwide restaurant margin increased 3.3 percentage points to 19.2% and worldwide operating profit increased 22%.
  • Total international development was 249 new restaurants; 86% of this development occurred in emerging markets.
  • China Division system sales increased 17%, driven by 7% unit growth and 9% same-store sales growth. Restaurant margin increased 6.8 percentage points to 23.4%. Operating profit increased 80%.
  • KFC Division system sales increased 4%, driven by 2% unit growth and 1% same-store sales growth. Restaurant margin decreased 0.3 percentage points to 12.9%. Operating profit increased 4%.
  • Pizza Hut Division system sales were even, as 2% unit growth was offset by a 2% same-store sales decline. Restaurant margin decreased 4.2 percentage points to 10.8%. Operating profit decreased 14%.
  • Taco Bell Division system sales were even, as 1% unit growth was offset by a 1% same-store sales decline. Restaurant margin decreased 2.6 percentage points to 15.6%. Operating profit decreased 16%.
  • India Division system sales increased 21%, driven by 25% unit growth which was partially offset by a 1% same-store sales decline. Operating profit declined $1 million.
  • Worldwide effective tax rate, prior to Special Items, decreased to 25.8% from 26.0%.
  • Foreign currency translation negatively impacted operating profit by $3 million.

For earnings history and earnings-related data on Yum! Brands, Inc. (YUM) click here.



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