Yum! Brands Reports Second-Quarter GAAP Operating Profit Growth of 7%; Second-Quarter Core Operating Profit Decline of (6)%; Maintains Full-Year Guidance
LOUISVILLE, Ky.--(BUSINESS WIRE)--Aug 2, 2018--Yum! Brands, Inc. (NYSE: YUM) today reported results for the second quarter ended June 30, 2018. Second-quarter GAAP EPS was $0.97, an increase of 68%. Second-quarter EPS excluding Special Items was $0.82, an increase of 20%.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180802005127/en/
GREG CREED COMMENTS
Greg Creed, CEO, said, “We continue to execute against our multi-year transformation strategy and remain on track with our full-year 2018 guidance. Second quarter core operating profit was consistent with our expectations and we are seeing good progress against our plans as we start the second half of the year. Importantly, I remain confident our actions to become more focused, more franchised and more efficient are establishing the foundation required for sustainable, long-term growth that will translate to strong returns for all Yum! Brands stakeholders.”
All comparisons are versus the same period a year ago. As required, we adopted a new accounting standard on revenue recognition effective January 1, 2018. Prior year results have not been restated for this change. See the Other Items section of this release for further details.
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 Non-GAAP Measurements to GAAP Results within this release for further details.
PIZZA HUT DIVISION
This article has been truncated. You can see the rest of this article by visiting http://www.businesswire.com/news/home/20180802005127/en.