Pizza Hut 2014 Annual Report Download - page 118
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13MAR201517272138
PART II
ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
% B/(W) % B/(W)
2014 2013
2014 2013 2012 Reported Ex FX Reported Ex FX
Company sales $ 607 $ 609 $ 993 — (1) (39) (39)
Franchise and license fees and
income 541 538 517 1 2 4 5
Total revenues $ 1,148 $ 1,147 $ 1,510 — 1 (24) (24)
Restaurant profit $ 50 $ 71 $ 110 (30) (32) (36) (36)
Restaurant margin % 8.2% 11.7% 11.2% (3.5) ppts. (3.7) ppts. 0.5 ppts. 0.4 ppts.
G&A expenses $ 246 $ 224 $ 258 (10) (11) 13 13
Operating Profit $ 295 $ 339 $ 320 (13) (13) 6 7
2014 2013
System Sales Growth, reported —% —%
System Sales Growth, excluding FX 1% 1%
Same-Store Sales Growth (Decline)% (1)% (1)%
% Increase
(Decrease)
Unit Count 2014 2013 2012 2014 2013
Franchise & License 12,814 12,601 12,393 2 2
Company-owned 788 732 667 8 10
13,602 13,333 13,060 2 2
2013 New Builds Closures Refranchised Acquired Other 2014
Franchise & License 12,601 586 (359) 6 (19) (1) 12,814
Company-owned 732 91 (48) (6) 19 — 788
Total 13,333 677 (407) — — (1) 13,602
2012 New Builds Closures Refranchised Acquired Other 2013
Franchise & License 12,393 612 (363) 22 (60) (3) 12,601
Company-owned 667 80 (53) (22) 60 — 732
Total 13,060 692 (416) — — (3) 13,333
Company Sales and Restaurant Profit
The changes in Company sales and Restaurant profit were as follows:
2014 vs. 2013
Store
Portfolio
Income / (Expense) 2013 Actions Other FX 2014
Company sales $ 609 $ 21 $ (24) $ 1 $ 607
Cost of sales (173) (7) — — (180)
Cost of labor (183) (9) 4 — (188)
Occupancy and other (182) (8) — 1 (189)
Restaurant profit $ 71 $ (3) $ (20) $ 2 $ 50
11.7% 8.2%
24 YUM! BRANDS, INC. - 2014 Form 10-K
Form 10-K