Pizza Hut 2000 Annual Report Download - page 3

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As you’ll see on the front cover, we’re a company on a global mission.
From Mexico to Malaysia, and Boston to Bangkok, we’ve become obsessed –
even maniacal – about satisfying customers better than any other restaurant
company in the world.
Our PASSION is to put a YUM on people’s faces around the world…we offer that
special eating experience that makes you smile and creates lifelong customers.
We’ll do that with: food you crave…comeback value…and customer-focused teams.
Our jobs are the best in the world for people who are committed to
quality food and satisfying customers better than anyone.
Dear Partners
It’s been said the true test of any great company is how it
responds to a difficult and challenging year. There’s no ques-
tion that 2000 was just that kind of year for Tricon, and
we’re confident the way we responded will make us stronger
in 2001 and beyond.
For the full year 2000, we achieved 16% growth in
ongoing operating earnings per share, driven by strong
performance at our International business, continued same
store sales growth at Pizza Hut and by significant reductions
in overhead, interest expense and the ongoing operating tax
rate. While 16% growth is nothing to sneeze at, it fell well
below our expectations for the year because of a decline of
2% in U.S. blended same store sales, driven by a 5% decline
at Taco Bell and 3% decline at KFC.
The year was further complicated by the bankruptcy of
AmeriServe, our primary food distributor. Our team worked
around the clock to arrange for interim financing and to set
David C. Novak
Chairman and Chief Executive Officer