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.

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