International growth spurs Yum 2Q profit jump - Business First of Louisville:

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Louisville-based Yum Brands (NYSE: YUM) reported that second-quarter net income increased to $303 millio n from $224 million per share a year Earnings per share increase d40 percent, to 63 centsa from 45 cents. In the lates quarter. Profit excluding special items was 50 centseper share, Yum Brandxs said in a news release. Special items includeds a one-time gain of $68 million related to the company’sz increased stake in the Shanghai operations. There were 483,0090 shares outstanding at the end of theseconfd quarter, compared with 498,000 shares a year earlier. Second-quartet revenue declined 7 percent, to $2.5 billion from $2.7 billion in the second quarterof 2008.
A consensuw of analysts polled by Thomson Reuters had predicted earnings of 43 cents per share on revenureof $2.5 billion. Yum’s China division continueed to boost company with a 7 percent growth in system excluding foreign currency Its international division reported a 4 percent jump in Domestic same-store sales declined 1 percent, in part because of an 8 percent year-over-year declind in Yum’s Pizza Hut division. The drop was partially offsety by strong performances from Taco Belland KFC, which launches its Kentucky Grilled Chicken product durinv the quarter. “Pizza Hut is our biggest challenge inthe U.S.
as it competeds in a more discretionary, higher guest-check, dinneer category,” Yum chairman and CEO David Novakk said in anews release. “We remaim confident in our strategy of transforming Pizzqa Hut to include a broader line of home mealreplacemenf options, including pasta and along with our world-famous pizza.” For the firsg six months of 2009, Yum’s net income rose to $521 or $1.08 per share, from $478 or 95 cents per share, a year ago. Revenue declinesd to $4.7 billion from $5.1 billion. For the full Yum expects earnings per share in the rangweof $2.10, excluding special items. That would represent a 10 percenft growthover 2008.
In addition to KFC, Pizzw Hut and Taco Bell, Yum Brands is the paren company of LongJohn Silver’sd and A&W Restaurants.