Pizza Hut 2015 Annual Report Download - page 130
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YUM! BRANDS, INC.-2015 Form10-K22
Form 10-K
PART II
ITEM7Management’s Discussion and Analysis of Financial Condition and Results of Operations
KFC Division
The KFC Division has 14,577 units, approximately 70% of which are located outside the U.S. The KFC Division has experienced significant unit growth
in emerging markets, which comprised approximately 40% of both the Division’s units and profits, respectively, as of the end of 2015. Additionally, 90%
of the KFC Division units were operated by franchisees and licensees as of the end of 2015. For 2015, KFC Division targeted at least 425 net new
international units, low-single-digit same-store sales growth and Operating Profit growth of 10%.
% B/(W) % B/(W)
2015 2014
2015 2014 2013 Reported Ex FX Reported Ex FX
Company sales $ 2,106 $ 2,320 $ 2,192 (9) 5 6 9
Franchise and license fees and income 842 873 844 (4) 7 4 7
Total revenues $ 2,948 $ 3,193 $ 3,036 (8) 6 5 8
Restaurant profit $ 312 $ 308 $ 277 1 16 12 14
Restaurant margin % 14.8% 13.3% 12.6% 1.5 ppts. 1.4 ppts. 0.7 ppts. 0.7 ppts.
G&A expenses $ 386 $ 383 $ 391 (1) (12) 2 —
Operating Profit $ 677 $ 708 $ 649 (4) 8 9 13
2015 2014
System Sales Growth, reported (4)% 2%
System Sales Growth, excluding FX 7% 6%
Same-Store Sales Growth % 3% 3%
% Increase
(Decrease)
Unit Count 2015 2014 2013 2015 2014
Franchise & License 13,189 12,874 12,647 2 2
Company-owned 1,388 1,323 1,257 5 5
14,577 14,197 13,904 3 2
2014 New Builds Closures Refranchised Acquired Other 2015
Franchise & License 12,874 609 (302) 31 (12) (11) 13,189
Company-owned 1,323 106 (22) (31) 12 — 1,388
Total 14,197 715 (324) — — (11) 14,577
2013 New Builds Closures Refranchised Acquired Other 2014
Franchise & License 12,647 553 (356) 39 (4) (5) 12,874
Company-owned 1,257 123 (22) (39) 4 — 1,323
Total 13,904 676 (378) — — (5) 14,197
Company Sales and Restaurant Profit
The changes in Company sales and Restaurant profit were as follows:
Income / (Expense)
2015 vs. 2014
2014
Store Portfolio
Actions Other FX 2015
Company sales $ 2,320 $ 54 $ 65 $ (333) $ 2,106
Cost of sales (809) (25) 2 115 (717)
Cost of labor (552) (8) (16) 79 (497)
Occupancy and other (651) (16) (6) 93 (580)
Restaurant Profit $ 308 $ 5 $ 45 $ (46) $ 312
Income / (Expense)
2014 vs. 2013
2013
Store Portfolio
Actions Other FX 2014
Company sales $ 2,192 $ 110 $ 79 $ (61) $ 2,320
Cost of sales (766) (43) (26) 26 (809)
Cost of labor (521) (25) (16) 10 (552)
Occupancy and other (628) (38) (3) 18 (651)
Restaurant Profit $ 277 $ 4 $ 34 $ (7) $ 308