Yum! Brands income up 10% in quarter

by Staff
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LOUISVILLE, KY. — With strong results in China and emerging markets offsetting disappointing U.S. results, Yum! Brands, Inc. posted a 10% increase in net income during the second quarter.

For the quarter ended June 11, the company had an income of $316 million, equal to 67c per share on the common stock, which compared with an income of $286 million, equal to 61c per share, during the same quarter of the previous year. Total revenue for the quarter was $2,816 million, up 9% from $2,574 million during the same quarter of the previous year.

“I am pleased to report we are raising our full-year e.p.s. growth forecast to at least 12% based on the continued strength of our international businesses,” said David C. Novak, chairman and chief executive officer. “We delivered e.p.s. growth of 13% in the second quarter as strong performance in China and other emerging markets, combined with the benefit of a lower tax rate, offset a very disappointing quarter in the U.S.”

Operating profit in the United States fell 28% in the quarter while it grew 31% in the China Division.

For the six months ended June 11, the company as a whole had an income of $580 million, equal to $1.23 per share, up 10% from $527 million, equal to $1.11 per share. Revenue for the six months was $5,241 million, up 7% from $4,919 million.

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