Pizza Hut 2009 Annual Report Download - page 106
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15
We also face risks from new or changing laws and regulations relating to nutritional content, nutritional labeling, product
safety and menu labeling regulation. Compliance with these laws and regulations can be costly and can increase our
exposure to litigation or governmental investigations or proceedings. New or changing laws and regulations relating to
union organizing rights and activities may impact our operations at the restaurant level and increase our cost of labor. In
addition, we are subject to laws relating to information security, privacy, cashless payments and consumer credit,
protection and fraud, and any failure or perceived failure to comply with those laws could harm our reputation or lead to
litigation, which could adversely affect our financial condition.
The retail food industry in which we operate is highly competitive.
The retail food industry in which we operate is highly competitive with respect to price and quality of food products, new
product development, price, advertising levels and promotional initiatives, customer service, reputation, restaurant
location, and attractiveness and maintenance of properties. If consumer or dietary preferences change, or our restaurants
are unable to compete successfully with other retail food outlets in new and existing markets, our business could be
adversely affected. We also face growing competition as a result of convergence in grocery, deli and restaurant services,
including the offering by the grocery industry of convenient meals, including pizzas and entrees with side dishes. In
addition, in the retail food industry, labor is a primary operating cost component. Competition for qualified employees
could also require us to pay higher wages to attract a sufficient number of employees, which could adversely impact our
margins.
Item 1B. Unresolved Staff Comments.
The Company has received no written comments regarding its periodic or current reports from the staff of the Securities
and Exchange Commission that were issued 180 days or more preceding the end of its 2009 fiscal year and that remain
unresolved.
Form 10-K