Pizza Hut 2009 Annual Report Download - page 131
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40
YRI
2009 vs. 2008
Income / (Expense)
2008
Store
Portfolio
Actions Other FX 2009
Company Sales $ 2,375 $ 26 $ 34 $ (382 ) $ 2,053
Cost of Sales
(
752
)
(
11
)
(
16
)
123
(
656
)
Cost of Labor (618 ) (6 ) (6 ) 97 (533)
Occupancy and Other
(
742
)
(
6
)
(
9
)
122
(
635
)
Restaurant Profit
$
263
$
3
$
3
$
(
40
)
$
229
Restaurant Margin 11.1 % 11.1
%
2008 vs. 2007
Income / (Expense)
2007
Store
Portfolio
Actions Other FX 2008
Company Sales $ 2,507 $ (75 ) $ (10 ) $ (47 ) $ 2,375
Cost of Sales
(
751
)
17
(
29
)
11
(
752
)
Cost of Labor (655 ) 25 (1 ) 13 (618)
Occupancy and Other
(
794
)
27 3 22
(
742
)
Restaurant Profit
$
307
$
(
6
)
$
(
37
)
$
(
1
)
$
263
Restaurant Margin 12.3 % 11.1
%
In 2009, the increase in YRI Company Sales and Restaurant Profit associated with store portfolio actions was driven by
new unit development partially offset by refranchising and closures. Significant other factors impacting Company Sales
and/or Restaurant Profit were Company same store sales growth of 1% due to higher average guest check, commodity
inflation, higher labor costs (primarily wage rate and salary increases) and higher occupancy costs.
In 2008, the decrease in YRI Company Sales and Restaurant Profit associated with store portfolio actions was driven by
refranchising and closures, partially offset by new unit development. Significant other factors impacting Company Sales
and/or Restaurant Profit were the elimination of a VAT exemption in Mexico with an estimated negative impact of $38
million and $34 million, respectively. An increase in commodity costs was partially offset by higher average guest check.
China Division
2009 vs. 2008
Income / (Expense)
2008
Store
Portfolio
Actions Other FX 2009
Company Sales $ 3,058 $ 548 $ (22) $ 38 $ 3,622
Cost of Sales (1,152
) (199) 87 (13 ) (1,277 )
Cost of Labor (423 ) (81) 8 (4 ) (500 )
Occupancy and Other
(
919
)
(
196
)
12
(
11
)
(
1
,
114
)
Restaurant Profit
$
564
$
72
$
85
$
10
$
731
Restaurant Margin 18.4 % 20.2
%
Form 10-K