Yum! Brands Inc., New York symbol YUM, operates 38,000 fast-food restaurants in over 110 countries. Its main banners include KFC (fried chicken), Pizza Hut and Taco Bell (Mexican food). Yum is also a leader in investing in China. It was the first fast-food company to enter the country, in 1987.
In the three months ended June 11, 2011, Yum’s revenue rose 9.4%, to $2.8 billion from $2.6 billion a year earlier. Earnings rose 10.5%, to $316 million, or $0.65 a share, from $286 million, or $0.59 a share. Excluding unusual items, mostly gains and losses on sales of restaurants to franchisees, earnings per share would have risen 13.8%, to $0.66 from $0.58. That beat the consensus estimate of $0.61 a share.
Investing in China continues to be a major part of Yum’s growth strategy. China now accounts for 42% of Yum’s sales, and 40% of its earnings. In the latest quarter, same-store sales in China rose 18%. Same-store sales at Yum’s other international locations rose 2%, and U.S. same-store sales fell 4%.
As well, the U.S. division’s profits fell 28%, due to higher prices for ingredients, including wheat, corn and beef. In addition, legal costs to fight allegations that the company’s Taco Bell chain used lower-quality beef further weighed on the U.S. division’s profits.
We updated our advice on Yum in our July 15, 2011 Wall Street Stock Forecaster hotline, which you can immediately view when you take a 1-month free trial to Wall Street Stock Forecaster. Click here to get started right away.
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