Feb. 24, 2002
LOUISVILLE, Ky. -- On Feb. 25, shares of Tricon Global Restaurants Inc. climbed to $58.50 on word that senior vice president for public affairs, Jonathan Blum, would sell more than 44,000 of his own shares. According to a filing with the U.S. Securities and Exchange Commission, the sale would be worth $2.3 million if all Blum's shares sold.
The company owns Pizza Hut, Taco Bell and KFC, which includes more than 30,000 food outlets world wide.
At the close of trading on Friday, Feb. 22, the stock (YUM: NYSE) closed at $56.61. Last March, it traded for $35, but has climbed steadily ever since, thanks to strong same-store sales at Taco Bell and KFC. Pizza Hut posted same-store sales drops for the last quarter of 2001 and flat sales for Jan. '02.
Last fall the company revealed plans to open more than 1,400 food outlets in '02, 1,000 of which will be in international locations.
It also reported in February that its fourth-quarter '01 performance beat analysts' expectations. Net income for the period was $164 million -- a 28 percent increase over the previous year -- and earnings per share were $1.08.