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NEWS
Keith Siegner
Vice President, Investor Relations, Corporate Strategy and Treasurer

Yum! Brands Reports Third-Quarter GAAP Operating Profit Growth of 61%;
Delivers Third-Quarter Core Operating Profit Growth of 11%;
Maintains Full-Year Core Operating Profit Growth Guidance

Louisville, KY (November 2, 2017)
- Yum! Brands, Inc. (NYSE: YUM) today reported results for the third quarter ended September 30, 2017. Third-quarter GAAP EPS was $1.18, an increase of 115%. Third-quarter EPS excluding Special Items was $0.68, an increase of 22%.
GREG CREED COMMENTS
Greg Creed, CEO, said “I’m pleased to report another strong quarter with 11% core operating profit growth and 22% EPS growth excluding special items, as a result of the continued focus on our four key growth drivers. We are maintaining our full-year 2017 guidance and remain on-track with our multi-year transformation strategy. As we celebrate both our 1st anniversary from the spin-off of Yum China and our 20th anniversary as an independent company, I am proud of our accomplishments. I’m especially proud of our ability to leverage our culture to rapidly transform to a more focused, more franchised and more efficient company which delivers more growth to our shareholders.”
THIRD-QUARTER HIGHLIGHTS
Worldwide system sales grew 6%, with KFC at 7%, Taco Bell at 6% and Pizza Hut at 3%.
We opened 362 net new units for 3% net unit growth.
We refranchised 209 restaurants, including 72 KFC, 46 Pizza Hut and 91 Taco Bell units, for gross proceeds of $395 million. We recorded net refranchising gains of $201 million in Special Items. As of quarter end, our global franchise ownership mix increased to 95%.
We repurchased 6.6 million shares totaling $501 million at an average price of $75.
Foreign currency translation favorably impacted divisional operating profit by $2 million.
 
% Change
 
System Sales
Same-Store Sales
Net New Units
GAAP Operating Profit
Core
Operating Profit
KFC Division
+7
+4
+4
+14
+13
Pizza Hut Division
+3
+1
+2
(1)
Even
Taco Bell Division
+6
+3
+3
+3
+3
Worldwide
+6
+3
+3
+61
+11
 
Third Quarter
Year-to-Date
 
2017
2016
% Change
2017
2016
% Change
GAAP EPS
$1.18
$0.55
+115
$2.52
$1.73
+46
Special Items EPS1
$0.50
$(0.01)
NM
$0.51
$0.05
NM
EPS Excluding Special Items
$0.68
$0.56
+22
$2.01
$1.68
+20
1See Reconciliation of GAAP results to non-GAAP measurements within this release for further detail of Special Items.

System sales growth figures exclude foreign currency translation ("F/X") and core operating profit growth figures exclude F/X and Special Items. Special Items are not allocated to any segment and therefore only impact worldwide GAAP results. See reconciliation of GAAP results to non-GAAP measurements within this release for further details.

All comparisons are versus the same period a year ago. Effective January 2017, we removed the reporting lags from our international subsidiary fiscal calendars. To accommodate these changes, Yum! Brands now reports on a monthly calendar basis though certain subsidiaries, including our U.S. subsidiaries, continue to be included in our consolidated results on a periodic basis with 3, 3, 3 & 4 four-week periods in each quarter, respectively. Prior year figures in this earnings release have been restated to present comparable results. An 8-K was filed on April 13, 2017 with restated quarterly 2016 results.

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



The following information was filed by Yum Brands Inc (YUM) on Thursday, November 2, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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