Industry News | December 11, 2002

YUM! Brands Reaffirms 2002 Earnings Expectation

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YUM! Brands, Inc. (NYSE:YUM) today reconfirmed its earnings expectation for 2002 of at least $1.89 to $1.91 in ongoing operating earnings per share (EPS) representing a 17% to 19% increase over 2001.

Chairman and CEO David Novak also expressed confidence in EPS growth of at least 10% each year for the near future.

The company also announced that in 2003 it expects ongoing operating EPS in a range of $2.07 to $2.09, worldwide revenue growth of 7% to 8%, worldwide system-sales growth of 7% to 8%, and a U.S. blended same-store sales increase of +2%.

YUM! plans to open 1,400 restaurants worldwide, 1,000 internationally. In addition, over 400 multi-branded restaurants will be added through conversions of existing restaurants, replacements (rebuild on site or relocate), and new-restaurant builds.

Yum! Brands, Inc., based in Louisville, Kentucky, is the world's largest restaurant company in terms of system units, operating and franchising over 32,500 restaurants-KFC, Pizza Hut, Taco Bell, A&W and Long John Silver's-in more than 100 countries and territories.