Pizza Hut 2014 Annual Report Download - page 14

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When you consider the growth opportunity we
have with our brands, and the cash we return to our
investors, we believe our company is set up to provide
compelling total shareholder return over the long run.
And we continue to drive the three things that create
shareholder value in retail:
NEW-UNIT DEVELOPMENT
Our new-unit development opportunity in China and
other emerging markets remains the best in retail. We
plan to open 2,000+ new international restaurants in
2015, 90% of which will be opened by our franchisees.
SAME-STORE SALES GROWTH
We have over 41,000 underleveraged assets with
significant capacity to grow. We’re growing our brands
with a powerful combination of new sales layers,
expanded day parts, menu innovation, digital platform
development and strong value.
HIGH RETURNS
Our return on invested capital has consistently been
among the best in the retail industry. We generate
nearly $2 billion in annual franchise fees and
concentrate our investments in high-growth, high-
return businesses. We’ve announced plans to take
our franchise mix outside of China and India from 91%
to about 95% over the next three years through the
combination of selective refranchising and franchise
development. These actions, along with our expected
China sales recovery, should boost our return on
invested capital further.
Yum! Restaurants Per Million
People in the U.S.
Yum! Restaurants Per Million People
in the Top Ten Emerging Markets
12