LOUISVILLE, Ky.—Pizza Hut parent Yum! Brands reported in its 2003 annual report that comparable-store sales at the world's largest pizza chain dropped 1 percent last year.

According to a 10-K filed with the Securities and Exchange Commission, Pizza Hut's guest transactions declined 4 percent, while its average check rose 3 percent.

Yum did not report Pizza Hut's system sales for the period, though it claimed the chain has a 15 percent share of the U.S. pizza market. At the end of 2003, there 12,083 Pizza Hut units (7,523 domestic and 4,560 international).

In 2004, comps have risen nicely on the heels of the company's 4forALL pizza launch. January comps rose a modest 2 percent, but February sales soared 9 percent over the same period last year.

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