Yum -1.9% AH after reiterating guidance, reporting Nov. Chinese sales

Ahead of its annual investor meeting (runs from 8:45AM-2:00PM ET on Wednesday), YUM is reiterating guidance for 2013 to decline by a "high-single to low double-digit" percentage Y/Y, and for 2014 EPS to grow by "at least 20%." (PR)

Yum expects to open at least 1,850 new international units in 2014, including 700 and 150 in China and India, respectively. KFC restaurants will account for at least 600 of the units, and Pizza Huts at least 400. Yum has already said it expects to open at least 700 units in China in 2013.

The Chinese division's op. profit, hammered this year by the impact of Avian flu worries on KFC sales, is forecast to grow at least 40% next year. 2014 capex is expected to total $1.2B, or 8% of 2014E revenue. Diluted share count is expected to drop by 1% thanks to buybacks.

Yum also reports its Chinese same-store sales rose 1% Y/Y in November, with KFC sales flat and Pizza Hut sales up 7%. That figure, aided by a Half Priced Bucket promotion at KFC over the first ten days of the month (led sales for those days to rise 16% Y/Y), represents an improvement from October's 5% decline and September's 11% drop.

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