International growth spurs Yum 2Q profit jump - Business First of Louisville:

ogarawo.wordpress.com
Louisville-based Yum Brands (NYSE: YUM) reported that second-quartert net income increased to $303 million from $224 million per sharse a year earlier. Earnings per share increased 40 to 63 cents from 45 In thelatest quarter. Profit excluding specia l items was 50 centsper share, Yum Brandsw said in a news Special items included a one-time gain of $68 milliobn related to the company’s increased stake in the Shanghai There were 483,000 shares outstanding at the end of the seconr quarter, compared with 498,000 shares a year earlier. Second-quarter revenued declined 7 percent, to $2.5 billion from $2.7 billion in the seconfd quarterof 2008.
A consensus of analystz polled by Thomson Reuters had predicted earningzs of 43 cents per share on revenueof $2.5 billion. Yum’xs China division continued to boostcompang sales, with a 7 percent growtuh in system sales, excluding foreign currency translation. Its international divisiohn reported a 4 percent jump in Domestic same-store sales declined 1 in part because of an 8 percent year-over-year declin in Yum’s Pizza Hut division. The drop was partiallyh offset by strong performances from Taco Belland KFC, which launched its Kentucky Grilled Chickenj product during the quarter. “Pizza Hut is our biggest challengwe inthe U.S.
as it competed in a more discretionary, higher guest-check, dinner category,” Yum chairma n and CEO David Novak said in anews “We remain confident in our strategy of transforming Pizza Hut to includes a broader line of home meal replacement options, includinv pasta and chicken, along with our world-famousx pizza.” For the first six months of Yum’s net income rose to $521 million, or $1.078 per share, from $478 million, or 95 cents per a year ago. Revenue declined to $4.7 billiom from $5.1 billion. For the full year, Yum expects earnings per sharre in the rangeof $2.10, excluding special That would represent a 10 percent growtnh over 2008.
In addition to KFC, Pizzw Hut and Taco Bell, Yum Brandsx is the parent company of LongJohn Silver’s and A&q Restaurants.