Yum! income rises 5% in quarter

by Staff
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LOUISVILLE, KY. — Despite some declines in China, income for Yum! Brands, Inc. increased 5% during the second quarter. For the quarter ended June 16, the company had income of $331 million, equal to 71c per share on the common stock, which compared with income of $316 million, or 67c per share, during the same quarter of the previous year. Sales for the quarter were $2,762 million, up 14% from $2,431 million during the same quarter of the previous year.

“I’m pleased to report we generated strong system sales growth in each of our divisions in the second quarter with robust new-unit development and exceptional same-store sales growth,” said David C. Novak, chairman and chief executive officer. “Operating profit increased 8% while e.p.s. growth of 1% was negatively impacted, as expected, by a higher tax rate versus last year. Our U.S. business increased operating profit 26% in the second quarter and drove our overall operating profit growth. We expect China and Yum! Restaurants International to drive our second-half profit growth. Based on our first-half results and current solid sales trends, we reconfirm our full-year guidance of at least 12% e.p.s. growth, excluding special items.”

For the six months ended June 16, the company’s income was up 36% at $789 million, or $1.70 per share, which compared with $580 million, or $1.23 per share, during the same period of the previous year. Sales for the period were $5,106 million, up 14% compared with $4,482 million.

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