NEWS
Steve Schmitt
Vice President, Investor Relations & Corporate Strategy


Yum! Brands Reports Fourth-Quarter EPS Growth of 11%, or $0.68 Per Share, Excluding Special Items &
Full-Year EPS Growth of 3%, or $3.18 Per Share, Excluding Special Items;
Reiterates Guidance for Full-Year 2016 Operating Profit Growth in Constant Currency of 10%

Louisville, KY (February 3, 2016)
- Yum! Brands, Inc. (NYSE: YUM) today reported results for the fourth quarter ended December 26, 2015. Fourth-quarter EPS excluding Special Items was $0.68, an increase of 11%. Reported EPS was $0.63 for the quarter and $2.92 for the year.
  
FOURTH-QUARTER HIGHLIGHTS
Worldwide system sales grew 6%. Worldwide restaurant margin increased 3.4 percentage points to 13.6%. Worldwide operating profit increased 17%.
New global restaurants totaled 1,160, including 384 in China, 374 at KFC, 270 at Pizza Hut, 109 at Taco Bell and 23 in India; 83% of international development occurred in emerging markets.
China Division system sales increased 7%, driven by 7% unit growth and 2% same-store sales growth. Restaurant margin increased 4.3 percentage points to 11.4%. Operating profit increased 207%.
KFC Division system sales increased 6%, driven by 3% unit growth and 3% same-store sales growth. Operating margin increased 0.4 percentage points to 22.4%. Operating profit increased 7%.
Pizza Hut Division system sales increased 2%, driven by 1% unit growth and 1% same-store sales growth. Operating margin increased 1.0 percentage point to 23.4%. Operating profit increased 6%.
Taco Bell Division system sales increased 7%, driven by 3% unit growth and 4% same-store sales growth. Operating margin decreased 2.7 percentage points to 25.0%. Operating profit decreased 7%.
India Division system sales decreased 9%, driven by a 13% same-store sales decline.
Worldwide effective tax rate decreased to 29.4% from 30.0%.
Foreign currency translation negatively impacted operating profit by $37 million.




FULL-YEAR HIGHLIGHTS
Worldwide system sales grew 5%. Worldwide restaurant margin increased 1.5 percentage points to 16.0%. Worldwide operating profit increased 7%.
New global restaurants totaled 2,365, including 743 in China, 715 at KFC, 577 at Pizza Hut, 276 at Taco Bell and 54 in India; 80% of international development occurred in emerging markets.
China Division system sales increased 2%, driven by 7% unit growth and partially offset by a 4% same-store sales decline. Restaurant margin increased 1.1 percentage points to 15.9%. Operating profit increased 8%.
KFC Division system sales increased 7%, driven by 3% unit growth and 3% same-store sales growth. Operating margin increased 0.8 percentage points to 23.0%. Operating profit increased 8%.
Pizza Hut Division system sales increased 2%, driven by 1% unit growth and 1% same-store sales growth. Operating margin decreased 0.4 percentage points to 25.2%. Operating profit increased 1%.
Taco Bell Division system sales increased 8%, driven by 3% unit growth and 5% same-store sales growth. Operating margin increased 1.3 percentage points to 27.1%. Operating profit increased 12%.
India Division system sales decreased 5%, driven by a 13% same-store sales decline.
Worldwide effective tax rate increased to 25.6% from 25.5%.
Foreign currency translation negatively impacted operating profit by $107 million.

Note: All comparisons are versus the same period a year ago and exclude Special Items unless noted. System sales and operating profit figures on this page exclude foreign currency translation; restaurant margin and operating margin figures are as reported.

Yum! Brands, Inc. • 1900 Colonel Sanders Lane • Louisville, KY 40213
Tel 502 874-8300 • Website www.yum.com/investors



The following information was filed by Yum Brands Inc (YUM) on Wednesday, February 3, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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