- Same-store sales declined 4% in China, and 2% in the U.S. They grew 2% at YRI.
- In China, KFC same-store sales fell 4% during the Q and 15% for 2013. Pizza Hut same-store sales grew 5% in the Q and 4% for the year.
- Worldwide restaurant margin fell 20 basis points to 14.2%, including a 30 bp decline in the U.S. and 140 bp decline at YRI. Margins 40 bps higher in China.
- CEO David Novak: "We are confident we have the people and resources to deliver at least 20% EPS growth in 2014 and re-establish our track record of double-digit EPS growth."
- 10.9M shares repurchased during 2013 at an average price of $69 each.
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CC tomorrow at 9:15 ET
- Press release, Q4 results
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NYSE:YUM +3.6% AH