Pizza Hut 2014 Annual Report Download - page 3

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...and grateful for the opportunity to lead Yum! Brands.
As CEO, I am privileged to lead a phenomenal business
with three iconic brands, vast global infrastructure and
the franchise capability necessary to facilitate growth.
In 2014 we grew full-year EPS 4% to $3.09 per share,
excluding Special Items. This was well below our 2014
full-year target of at least 20%. These results were heavily
skewed by the challenges handed to our biggest division
as we suered two highly publicized supplier incidents
in two years in China. However, we know our brands are
resilient and continue to believe this setback is temporary.
After our first supplier incident, which negatively
impacted 2013, we recovered and delivered strong results
in the first half of 2014. Specifically, our China Division
operating profit increased 116% and Yum! EPS grew 27%
through our first two quarters, prior to Special Items. We
were convinced 2014 would be a year of at least 20% EPS
growth. The July Shanghai Husi supplier incident changed
all that. However, we are fully committed to achieving at
least 10% EPS growth in 2015 and I'm confident we have
the people and plans in place to deliver double-digit
growth going forward.
I AM TRULY HONORED...
Greg Creed
Chief Executive Ocer,
Yum! Brands, Inc.
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