Pizza Hut 2009 Annual Report Download - page 117
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26
Dramatically Improve U.S. Brand Positions, Consistency and Returns – The Company continues to focus on improving its
U.S. position through differentiated products and marketing and an improved customer experience. The Company also
strives to provide industry leading new product innovation which adds sales layers and expands day parts. We continue to
evaluate our returns and ownership positions with an earn the right to own philosophy on Company owned restaurants.
Our ongoing earnings growth model calls for annual Operating Profit growth of 5% in the U.S. with same store sales
growth of 2%, modest restaurant margin improvement and leverage of our G&A infrastructure.
Drive Industry-Leading, Long-Term Shareholder and Franchisee Value – The Company is focused on delivering high
returns and returning substantial cash flows to its shareholders via dividends and share repurchases. The Company has
one of the highest returns on invested capital in the Quick Service Restaurants (“QSR”) industry. The Company’s
dividend and share repurchase programs have returned over $1 billion and $6 billion to shareholders, respectively, since
2004. The Company is targeting an annual dividend payout ratio of 35% to 40% of net income and has increased the
quarterly dividend each year since inception in 2004. Shares are repurchased opportunistically as part of our regular
capital structure decisions.
Form 10-K