Industry News | March 28, 2002

Tricon Reports March Sales

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Tricon Global Restaurants, Inc., today reported estimated U.S. blended same-store sales at company restaurants increased 4 percent during the four-week period ended March 23, 2002 (Period 3). For the comparable four-week period, U.S. same-store sales increased 7 percent at Taco Bell and 4 percent at KFC and were even with last year at Pizza Hut.

For the first quarter, estimated U.S. blended same-store sales at company restaurants increased 5 percent. Same-store sales increased 8 percent at Taco Bell, 5 percent at KFC, and 2 percent at Pizza Hut.

For Period 3, estimated International system sales increased 7 percent prior to foreign-currency conversion or 2 percent after conversion to U.S. dollars. The timing of the Chinese New Year unfavorably affected system sales growth in Period 3, but will subsequently benefit system sales growth in Period 4.

For the first quarter and year to date, estimated International system sales increased 9 percent prior to foreign-currency conversion or 4 percent after conversion to U.S. dollars.

Tricon's next scheduled investor communication is the first-quarter earnings release Monday, April 29, 2002, after the market close. Same-store sales results for Period 4 (primarily April for the U.S. businesses) will be included in this earnings release. Period 4 represents the first four-week period of the second quarter.

Tricon is the largest global restaurant company in terms of system units, with more than thirty thousand restaurants around the world in more than one hundred countries and territories. Tricon's three brands—KFC, Pizza Hut, and Taco Bell—are the global leaders of the chicken, pizza, and Mexican restaurant categories, respectively. Total system sales worldwide were over $22 billion in the year 2001.

The company recently announced it has signed a definitive agreement, subject to government approval, to purchase Long John Silver's and A&W All-American Restaurants from Yorkshire Global Restaurants. Additionally, the company announced its intention to change its name to Yum! Brands, Inc., subject to shareholder approval, which is expected at the company's Annual Meeting May 16, 2002.