yum! brands inc (YUM) Key Developments
Yum! Brands Invests $100 Million in Expansion of KFC Chain in Moscow Region
Dec 13 13
Yum! Brands investing $100 million in expansion of KFC chain in Moscow Region. The KFC fast food restaurant chain is investing $100 million in expansion in the Moscow Region, with most of the money going into opening outlets in a new format with drive-through windows, Yum! Brands Russia, which is developing the KFC chain in Russia, said in a statement, citing director of development Scott Mezvinsky. The first restaurant with a drive-through service was opened in the late fall in the Moscow Region town of Scherbinka. The company will also soon open a KFC restaurant in the new format in Siberia. The KFC chain in Russia and the CIS has more than 250 fast food restaurants. The company plans to open about 20 new outlets by the end of this year.
Yum! Brands, Inc. Provides Earnings Guidance for 2014; Announces Sales Results in China for November 2013; to Open at Least 1,850 New International Units in 2014
Dec 2 13
Yum! Brands, Inc. provided earnings guidance for 2014. For the year, the company expects to deliver at least 20% EPS growth in 2014, excluding special items. The company expects China Division operating profit growth of at least 40%, global capital expenditures of $1.2 billion, estimated tax rate for years 2014 to 2016 between 26% and 28%. Interest expense is expected to be about $140 million.
The company announced sales results in China for November 2013. For the month, same-store sales increased an estimated 1% for the China Division. This estimate included even sales at KFC and 7% growth at Pizza Hut Casual Dining. KFC same-store sales were down approximately 8% for the remainder of November.
The company expects to open at least 1,850 new international units in 2014, including: 700 new units in China; 150 new units in India; At least 600 new units at KFC; At least 400 new units at Pizza Hut.
Yum! Brands, Inc. Declares Quarterly Dividend, Payable on February 7, 2014
Nov 22 13
Yum! Brands, Inc. declared a dividend of $0.37 per share of common stock. The quarterly dividend will be distributed February 7, 2014, to shareholders of record at the close of business on January 17, 2014.
Richard Carucci Plans to Retire as President of Yum! Brands, Inc. in March 2014
Nov 21 13
Mr. Richard Carucci, President of the Yum! Brands, Inc., informed the company that he plans to retire as President in March of 2014. Mr. Carucci will continue to report to David Novak, the Chairman and Chief Executive Officer of the Company, until his retirement and will assist the Company with various transition issues through that date.
Yum! Brands Realigns Business Divisions to Propel Global Growth; Announces Executive Changes
Nov 20 13
Yum! Brands, Inc. announced it is reorganizing its business to drive greater brand and geographic focus. Effective January 1, 2014, Yum! Brands, Inc. will combine its Yum! Restaurants International (YRI) and the U.S. individual divisions for KFC, Pizza Hut and Taco Bell. Yum! Restaurants China and Yum! Restaurants India will remain separate divisions given their strategic importance and enormous growth potential. The KFC, Pizza Hut and Taco Bell divisions will define and drive the strategic positioning and operating models for the Brands, working closely with the China and India division teams.
The new leadership structure, reporting to Novak includes: Sam Su, Yum! Brands Vice Chairman and Chairman and CEO of Yum! Restaurants China; Micky Pant, CEO of KFC; Scott Bergren, CEO of Pizza Hut; Greg Creed, CEO of Taco Bell; and Niren Chaudhary, President of Yum! Restaurants India. Also reporting to Novak are the YUM corporate functional leaders of finance, operations, human resources, public affairs and legal. Rick Carucci played a major role in developing the new organizational strategy and resulting structure. He announced his plans to retire as Yum! Brands President in March 2014 following a smooth transition to the new structure.