KFC owner sees profits soar
Profits at Yum! Brands have jumped by 15 per cent in the third quarter despite headwinds created by a weak US dollar.
The owner of the Taco Bell, KFC and Pizza Hut brands saw sales remain relatively flat, however, despite a strong performance in China.
“I’m pleased to report we are raising our full year 2009 EPS growth forecast to 12% based on our strong year-to-date profit performance,” David Novak, Chairman and CEO of Yum!, said. “China and Yum! Restaurants International are on track to open over 1,400 international new units this year. We are confident our industry leading international new unit development will continue to be a key factor in our ability to drive future sales and profit growth.”
Mr Novak added that their strong positioning in China provided leverage for growth despite economic turbulence.
“There’s no question the overall worldwide environment continues to be challenging,” he said. “However, we are more confident than ever in the consistent earnings power of our global portfolio. We also continue to make major progress developing our significant, new sales layers which will better leverage our assets and drive future growth.”
System sales growth in Australia was up three per cent for the quarter and six per cent for the year-to-date.