Yum! Brands income up 4% in quarter
October 07, 2008
by FoodBusinessNews.net Staff
LOUISVILLE, KY. — For the third quarter, net income for Yum! Brands, Inc. was $282 million, equal to 60c per share on the common stock, up 4% from $270 million, or 52c per share, during the same quarter of the previous year.
Total revenue for the quarter was $2,835 million, up 11% from $2,564 million, during the same quarter of the previous year.
"The global strength of our business in 2008 is widespread and best demonstrated by sales growth performance for each of our divisions, with the notable exception of the KFC U.S. business," said David C. Novak, chairman and chief executive officer. "This year’s international expansion continues to be robust as we drive record new unit openings and profits in both China and Yum! Restaurants International. In the U.S., Taco Bell and Pizza Hut are both delivering solid same-store-sales and profit growth performance for the full year. Our KFC U.S. business continues to lag the rest of the global portfolio and is the driver of our underperforming profit in the U.S. business, along with unprecedented commodity inflation."
For the nine months, Yum! had income of $760 million, or $1.59 per share, up 12% from $678 million, or $1.28 per share, during the same period of the previous year. Revenue for the nine months was $7,896 million, up 10% from $7,154 million during the same period of the previous year.
"We are confidently reaffirming our full-year forecast for 12% e.p.s. growth based on our year-to-date- 17% e.p.s. growth and our fourth-quarter outlook for both strong global system-sales growth and double-digit operating profit growth," Mr. Novak said.