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Yum! Q4 net slides 12%
February 3, 2009
LOUISVILLE, Ky. — Global comparable-store sales at Yum! Brands Inc., parent company of thePizza Hut, KFC, Taco Bell, Long John Silver's and A&W brands, rose 3 percent in the company's fourth quarter ended Dec. 27. The increase marks Yum's 21st consecutive quarter of comparable-store sales growth.
Full-year comps also rose 3 percent.
Comps for the company's Mainland China division grew by 1 percent for the quarter and 7 percent for the year, while comps for the company's international division grew 5 percent for the fourth quarter and 4 percent for the year. U.S. comps grew 2 percent for the quarter and 2 percent for the year.
Revenues for the quarter were $3.4 billion, up 3 percent compared with revenues of $3.3 billion for the 2007 fourth quarter. Year-to-date revenues were $11.3 billion, up 9 percent compared with revenues of $10.4 billion for the previous year.
Net income for the quarter was $204 million, off 12 percent compared with net income of $231 million for the 2007 fourth quarter. Year-to-date net income was $964 million, up 6 percent compared with net income of $909 million the previous year.
The company expects earnings per share to decline in the first quarter of 2009, although it projects earnings per share growth of 10 percent for the full year.
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