Yum! Brands (YUM) China SSS Down 20%

Yum! Brands, Inc. (NYSE: YUM) first quarter same-store sales declined an estimated 20% for the China Division, versus the estimate of a drop of 25%. This included estimated declines of 24% at KFC and 2% at Pizza Hut Casual Dining. Consistent with prior years, the first quarter of the China Division is two months and includes January and February results.

February same-store sales growth was approximately 2% for the China Division, including flat same-store sales at KFC and 13% growth at Pizza Hut Casual Dining. We estimate the timing of Chinese New Year had a positive mid-teen impact on February same-store sales growth for both KFC and Pizza Hut Casual Dining, offsetting a similar negative mid-teen impact in January. For the full quarter, the Chinese New Year impact to same-store sales growth was neutral.

YUM! will release March same-store sales for our China Division on April 10, 2013 after market hours. YUM! will release first-quarter earnings on April 23, 2013 after market hours.

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