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Yum! Brands posts 21% EPS gain in Q3 2009
October 6, 2009
Pizza Hut parent company Yum! Brands Inc. today reported earnings per share of 70 cents for the 2009 third quarter that ended Sept. 5, representing a 21 percent growth over earnings per share for the same period in 2008, according to a company statement. The growth was driven by new stores in the U.S. and especially China markets.
Though same-store sales in mainland China were flat, the company opened 88 new restaurants there this quarter, leading to a system sales growth of 10 percent. This helped offset the decline in U.S. same-store sales, which dropped 6 percent.
The international division's system sales growth of 4 percent also was driven by new units. Same-store sales were flat.
Revenues for the quarter were $2.78 billion, down from $2.84 billion this time last year, a 2 percent decrease. Year-to-date reportings also were down 6 percent at $7.47 billion for this quarter compared to $7.91 billion this time last year.
Despite some lower numbers, overall net income was up due to aggressive international expansion: $334 million compared to $282 million from last year's third quarter, an increase of 18 percent. Year-to-date, net income increased to $855 million, up 12 percent from last year's $760 million.The company raised its full-year 2009 EPS forecast from $2.10 to $2.14 per share, or 12 percent growth, because of "stronger-than-expected" full year performance.
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