Financial Analysis

SECTION  I: OVERVIEW

I-A. Name of Company

Yum! Brands Inc.

I-B. Principal industry (industries) in which the Company competes. Use the NAICS

Classification.

Yum! Brands is part of the services sector of the restaurants industry. More specifically they mainly

compete in the fast food restaurant industry. Their NAICS code is 551112 which associates them with

Offices of Other Holding Companies and 722110 for the fast food industry/ QSR (Quick Service

Restaurants) Industry. Yums’ SIC code is 671902, which is associated with Restaurant Holding

Companies.

I-C. Principal products/services provided by the Company.

Yum! Brands strategy involves the opening of collected, multi-brand but different food-style stores in

high traffic areas. Under Yum! Brands is KFC, Taco Bell and Pizza Hut.

KFC’s primary product offered to the public is chicken-on-the-bone. Other KFC products offered to the

public include fried and non-fried chicken products such as sandwiches, chicken strips, and other chicken

products.

Taco Bell specializes in Mexican-style food products including various types of tacos, burritos,

quesadillas, salads, nachos and other related items (Annual Report).

Pizza Hut’s primary product is an assortment of pizzas with a variety of different toppings to choose from .

Many Pizza Huts also offer pasta and chicken wings under the brand name WingStreet.

Through its concepts, Yum! develops, operates, franchises and licenses a worldwide system of both

traditional and non-traditional QSR restaurants. Traditional units feature dine-in, carryout and, in some

instances, drive-thru or delivery services. Non-traditional units, which are typically licensed outlets,

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include express units and kiosks, which have a more limited menu, usually lower sales volumes and

operate in non-traditional locations (Annual Report).

I-D . Principal competitors in each industry (4-6 competitors)

The main competitors of Yum! Brands are McDonalds Corp, Wendy’s Co, Starbucks Corp, Darden

Restaurants Inc, and Burger King Inc (Nasdaq, 2013). These companies are located in the fast food

industry as well as the restaurant industry. The products offered and distribution methods are similar to

Yum! Brands products and distribution methods.

I-E. Market share of the Company and each of the above noted competitors

The fast food industry is somewhat fragmented. The seven major players only account for 45% of total

revenues. (Wikinvest ).

KFC was the leader in the United States in fast-food chicken

sales for 2012. Although KFC remains the largest player in

the growing segment of fast-food chicken, its share is

continuing to drop as new competition enter the market such

as Chick-Fil-A, which is a much smaller chain but it is taking

the fast-food chicken market by storm (Sterling).

Leading the United States for 2012 within the Mexican QSR segment, with a whopping 49 percent market

share was Taco Bell (Annual Report).

Pizza Hut was the leader in the U.S. pizza QSR segment, with a 16 percent market share in 2012. (Annual

Report).

I-F. Industry Trend: Is the industry growing/expanding, stable, or shrinking?

The fast-food industry continues to be a large and diverse industry with plenty of new opportunity . In the

U.S alone there are over 200,000 fast-food restaurant locations and revenue has grown from $6 billion in

1970 to over $150 billion last year (Franchise Help). Emerging markets are one of the fastest growing

areas in this industry. The fast-food industry is not without any challenges though. With the rising food

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costs, economic recession and changing perceptions about health, many fast food franchises have been

feeling the heat! These challenges are being answered with innovation and fast-food franchises are

responding with new offerings, pricing and strategies to attract customers back in. As the industry

continues to evolve and the economy strengthens, fast-food franchise profitability will continue to grow

(Franchise Help).

I-G. Challenges: List the 2-3 major issues/challenges facing the industry

1. Foreign Currency (Exchange Rates) : Fluctuations of foreign currency directly affects sales and

profits in the form of currency depreciation.

2. Rising commodity prices : Livestock, corn, wheat, and anything grown organically has

significantly increased in price. In such a fierce and competitive market it is hard to compete by

lowering costs of its products to customers when costs are rising. Profit margins tend to suffer as a

result of this.

3. Oversaturation in certain markets : In the United States alone there is at least one McDonald’s in

every town along with another 2 -3 rival competitors. That is not even taking into consideration

the other competition present. For example, a supermarket, grocery store, convenience store, local

deli’s, even home cooking, all represent more competition which means more competition for

market share.

I-H. Opportunities: Identify the 2-3 potential opportunities for this industry

1. Healthier options / health trends : Consumers are becoming more aware of the health concerns

related to eating foods high in fat, sodium, and sugar. There has been a significant amount of

research studies conducted that support, and in some instances proven, meat and foods that are

high in fat, sodium, and sugar are a main cause to some of the worst diseases plaguing man-kind

today. Negative publicity swarms around the fast food industry for promoting its products that are

high in fat, sodium, and sugar. Documentaries like “Super-Size Me”, are among one of the most

notorious in promoting such negative publicity.

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2. Emerging markets : As new powerhouse countries emerge so does the opportunity to gain market

share. Being a first mover in these new markets can prove to be most rewarding.

3. Offering new products- Continue to innovate and offer new products to entice people to come in

and try them out.

SECTION II:  FINANCIAL ANALYSIS

II-A. Gross Revenue of the Company

Yum! Brands Inc. reported gross revenues of $13.866 billion as of December 29, 2012 (Businessweek,

2013). This total ranks as one of the restaurant industry’s highest gross revenue total. Yum! Brands is

continuing to grow in terms of gross revenue as they gain market share especially in China .

II-B. Gross Revenue of the total industry

According to IBISWorld the total gross revenue for the fast-food industry hit $195.2 billion in 2012. As

the US economy continues to recover from the recession, the demand for fast food will increase and the

implementation of healthy options will also help the fast-food industry grow based on total revenue.

IBISWorld predicts that revenue is expected to grow by 2.2% in 2013, 2.1% in 2014 and 2.2% in 2015

(IBISWorld).

II-C. Gross Revenue for the 4-6 major competitors of the Company

Yum! Brands Inc. owns a medium sized share of the market compared to competitor’s gross revenue .

McDonald’s has the largest gross revenue, totaling $27.567 for 2012. Starbucks trails McDonald’s with a

total of $14.892 billion in gross revenue. Yum! Brands then falls behind Starbucks, but ahead of Darden

Inc. who has total gross revenues of $8.551 billion (Businessweek, 2013). Following Darden is Wendy’s

who has total gross revenues of $2.505 billion (Businessweek, 2013). Finally, Burger King has gross

revenues totaling $1.996 billion (Businessweek, 2013).

II-D. Profit Margins for the Company and primary competitors

Yum! Brands trails both Starbucks and McDonald’s in terms of gross profit margin. The table below

depicts each company’s gross profit margin (Businessweek, 2013). Burger King leads the market in gross

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profit margin, meaning that the

company retains higher earnings

per each good sold. Yum! Brands

has a margin of 26.15% which

translates to a higher cost of goods

sold in relation to revenues.

II-E. Trend: Chart the Company’s revenue, profits and stock price reported for the previous 36

months.

Over the past 36 months Yum! Brands has experienced growth in the categories of gross revenues, gross

profit, and stock price. Likewise Yum! Brands continues to grow as a company. Graph 1 notes the trends

in gross profit and total revenues over the past 36 months. Graph 2 represents Yum! Brands stock price

over the past 5 years.

Graphs 1 and 2 depict a company that is steadily growing. However, the main competitors of Yum!

Brands hold a significant lead in the market in terms of gross profit, gross revenues, and stock price.

SECTION III: BASES OF COMPETITION:

III-A. Principal bases on which firms in this industry compete, e.g. price, brand, etc.

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Companies 0

0.10.20.30.40.50.60.7

Gross Profit Margin DardenWendy'sYUM!McDonald'sStarbucksBurger King

Gros

s Pro

fit M

argi

n (%

)

The retail food industry, in which Yum Brands concepts compete is made up of supermarkets,

supercenters, warehouse stores, convenience stores, coffee shops, snack bars and restaurants (including

the QSR segment), and is intensely competitive with respect to food quality, price, service, convenience,

marketing strategy, location and concept. The industry is often affected by changes in consumer tastes;

national, regional or local economic conditions; currency fluctuations; demographic trends; traffic

patterns; the type, number and location of competing food retailers, products and disposable purchasing

power. Each of the concepts competes with international, national and regional restaurant chains as well

as locally-owned restaurants.

III-B. Competitive Advantages of the Company and principal competitors

Yum! Brands competitive advantage is most obvious in its international locations. It has seized a

competitive advantage internationally because of their ability to procure packaging and to develop good

relationships with suppliers. This allows its international locations to build up their supply chain and its

distribution system quickly. This competitive advantage has led to tremendous international success

allowing Yum! Brands to now have more locations than its iconic competitor McDonalds. Last year 33

percent of Yum! Brands profit came from Chinese locations making the Chinese market nearly equally as

profitable as the US market. Another huge competitive advantage for Yum! Brands is that in foreign

markets there is room for both Yum! franchises and competitors such as McDonalds, which will allow for

continued growth and profits from these sectors.

III-C. Role of technology and intellectual property in this industry

Constant technological innovations has helped put the “fast” in the Fast-food restaurant industry.

Innovations in the Point of Sale systems now allow restaurants to take a customer’s order at the front of

the restaurant and that order will instantly be displayed in different locations around the kitchen allowing

cooks and assemblers to begin putting the customers order together before the customer has even finished

paying. These POS systems has even advanced enough to where the order is punched into the system and

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then the system divides and sends the order to its respective sections in the kitchen speeding up delivery

of the order and decreasing the chance of confusion in the procurement process.

Innovations in social media has allowed for marketing abilities of firms to increase while decreasing cost .

Using social media outlets such as, Twitter and Facebook, firms can reach consumers with deals and

promotions without spending a cent.

Intellectual property issues are common in the fast food industry because of its nature . With firms all

providing similar products and trying to do so at the lowest cost possible, differentiation is very low with

accusations of stealing recipes and product ideas very high. The biggest intellectual property for fast food

companies is not its products but its brand. The brand and its name receive the most attention and focus to

make sure other firms do not infringe.

SECTION IV: LOGISTICAL MANAGEMENT and VALUE CHAIN

IV-A. Mission of the Company

Yum! Brands mission statement is building a vibrant global business by focusing on four key growth

strategies: growth strategies:

1. Build leading brands across China in every single category

2. Drive aggressive International expansion and build strong brands everywhere

3. Dramatically improve U.S. brand positions, consistency and returns

4. Drive industry leading long-term shareholder and franchise value

By focusing on these four strategies, Yum! Brands is confident they will become the leading fast food

company not only in the United States but also internationally (Annual Report).

IV-B. Core Competency(ies) of the Company

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The core competencies of Yum! is its ability to build up its supply chain quickly in new locations leading

to above average procurement of packaging, key in the fast food industry. These factors combine to allow

locations to hit the ground running and do what Yum! Brands locations do best; providing low cost items

to their customer in a quick and timely fashion both domestically and internationally.

IV-C. Inbound (Upstream) logistics and Supplier dependencies

In the U.S. Division representatives of the Company’s KFC, Pizza Hut, and Taco Bell franchisee groups,

are members in the Unified Foodservice Purchasing Co-op. The Co-op was created for US firms with

large purchasing power to be able to use that power to achieve the lowest prices on store delivered

products and equipment. It is also believed that the existence of this Co-op will strengthen the relationship

of the franchisee community. To ensure quality, Yum! has in place a supplier code of conduct. This code

is to help ensure business is done in an ethical, legal and socially responsible manner. With the code in

place it has experienced no major legal issues or major shortages of supplies. Internationally franchisees

decentralize their sourcing and distribution systems. This leads to the involvement of different global,

regional, and local suppliers and distributors who they have gained a strong relationship with contributing

to international success.

IV-D. Outbound (Downstream) logistics and principal Distribution Channels of the Company

Since November 30, 2000, the McLane Company has been the exclusive distributor for Yum! Brand’s

KFCs, Pizza Huts and Taco Bells in the U.S. and for a substantial number of franchisee and licensee

stores. McLane became the distributor when it assumed all supply and distribution responsibilities under

an existing agreement between Yum! Brands and AmeriServe Food Distribution. For its international

locations specifically in China, third party distributors are used. These distributors must meet

requirements of Yums’ code on conduct and are found and secured through good relationships and long

term contracts to achieve confidence and longevity.

IV-E. Comment on the extent to which the Company uses each of the following

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1. Vertical Integration

For operations in China it was announced in February of 2013 that Yum! will be investing in their own

chicken farms to help the company follow a more strict vertical integration strategy . By making this move

the company can have more control over the raising of chicken for its international locations, eliminating

the risk of possible malpractices.

2. Outsourcing & Offshoring

Executives at Yum! believe that the best way to stay on top and improve operations is through the

deployment of the 360 degree feedback strategy. With the size and diversity of Yum! being able to gather

the proper information was almost impossible for Yum!. They decided to outsource parts of its Human

Resource department in order to gather all of the information. The choice to outsource these human

resource operations has led to allowing for 360 feedback which has led to Yum! becoming an

international success and earn a spot on the fortune 300 companies list. Because of the need and ability for

supplies to be produced in close proximity to locations of restaurants and the nature of the restaurant

industry there is no real opportunity for off shoring in Yum! Brands

SECTION V: MARKETS and MARKETING

V-A. Primary Geographical Markets: Identify geographical markets and level of business by

market

Yum! has a highly diverse geographic income

stream with over 50% of unit locations outside

the US and 42% of operating income coming

from China. Yum Brands positions its units in

high traffic locations. Figure 1 shows the

worldwide diversification that Yum! Brands

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has taken on through rapid international unit expansion taken on by the YRI (YUM Restaurant

International) division. Yum! Brands is focusing on expanding through international expansion, as they

continue to target people in US (Day). According to IBISWorld the company has about 33,000 company-

owned, franchised and licensed international restaurants in more than 100 countries, with about 20,000

stores in the United States (IBISWorld). Globalization in this industry is high and the trend is increasing.

Many major operators have a high level of globalization due to the maturing stage of the domestic

industry, leading these firms to expand internationally in order to increase revenue and earnings .

“IBISWorld anticipates the continuing entry of US operators into international markets, particularly in the

new growth countries/regions of Asia and China” (IBISWorld).

V-B. Marketing Strategies: Identify primary marketing strategies of the Company and

competitors

There has been an increase in the number of fast food marketing strategies, as companies seek to capture

the rewarding fast food market. For fast-food marketing to be successful, firms need to focus on what the

consumers want. This includes the convenience of being able to get food on the go, without having to wait

for a long time, a budget-friendly food that is inexpensive as well as healthy options as health concerns

are becoming increasingly popular. Most have the major fast-food companies have similar strategies to

attract customers. These strategies include:

1. Kids: A lot of fast-food marketing strategies have added kid meals to their menus. These meals

are small and tasty and features food that kids enjoy eating such as chicken nuggets . Many of the

kids meals includes a toy that is appealing to kids in order to attract more kids to want to eat at

that restaurant.

2. Convenience Factor: As consumers become busier, the convenience factor becomes a major focus

in the marketing strategy. The drive thru makes it very easy to grab a meal to go and the more

convenient the fast-food restaurant can be the more appealing they are to consumers.

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3. Getting more for less: Fast food marketing strategies focus on giving consumers more of a

product for less. Many strategies include promoting deals on different products to entice

consumers to pick their restaurants over another fast-food restaurant.

4. Loyalty programs: Many fast food restaurants have implanted a loyalty program for those

customers who visit their restaurants frequently. Most loyalty programs will give the customer a

reward after buying something from them a certain amount of times.

Yum Brands as well as their major competitors follow these marketing guidelines in order to attract

consumers (Fast Food).

V-C. Product Life Cycles: Comment on the life cycle of the Company’s Primary products

Yum! Brands most popular items such as fried-chicken on the KFC menu, the traditional taco on the Taco

Bell menu and a large cheese pizza from Pizza Hut continue to remain in the mature stage in the life

cycle. As Yum! continues to attempt to prolong the maturity phase as long as possible for these items, it is

also introducing alterations and innovations to the products to keep customers interested and to stay a step

ahead of their competition. Its new innovations include different variations of the fried-chicken, taco and

pizza as well as offering deals on these products (Maturity).

SECTION VI: STRATEGIC ANALYSIS

VI-A. Comment on the extent to which the Company utilizes each of the following strategies:

1. Horizontal Integration

PepsiCo first entered the restaurant business in 1977 when it first acquired Pizza Hut’s 3200-unit

restaurant system. Then Taco Bell was merged into a division of PepsiCo in 1978. PepsiCo completed the

acquisition of Yum! Brands when it acquired KFC in 1986 (Kentucky). This acquisition with PepsiCo

decreased Yum! Brands core competencies and allowed them to focus on the other products they sell .

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In 2003 Yum! Brands announced that it acquired the Pasta Bravo restaurant concept for US$5 million

from California-based Pasta Bravo, Inc. The acquisition included the recipes, cooking platform and

trademarks of the quick-casual concept. The Pasta Bravo’s outstanding line of fresh pastas was aligned

with Pizza Hut’s menu allowing Pizza Hut to be more competitive in the market (Yum!).

In 2006 Yum! Brands, Inc. announced that it has completed the purchase of the remaining 50% interest of

its 541 Pizza Huts in the UK from Whitebread PLC, its long-time joint venture partner. The transaction

purchase price was US$184 million (Yum!).

In 2011 Yum! Brands acquired a hot-pot restaurant operator Little Sheep Group Ltd for US$860 million.

This was one of the first successful foreign takeovers of a major Chinese brand. Yum! Brands bought

Little Sheep Group to gain market share and to become more competitive in China. Consolidating an

industry can increase a firm’s market power, and that was Yum! Brand’s goal when they acquired Little

Sheep Group Ltd. (Yum’s Proposed).

2. Related Diversification

Throughout the years Yum! Brands, KFC, Taco Bell and Pizza Hut has taken on related diversifications

and have added items on their menu hoping to attract more customers. Some examples are as follows:

KFC: KFC has introduced a healthier option to their menu, Grilled Chicken. KFC has always been known

for its delicious fried-chicken but with health becoming more of a concern, KFC introduced this more

nutritious option to their menu.

Taco Bell: Is in the process introducing breakfast options at its restaurants to gain more business . Taco

Bell is working on introducing a waffle taco. This waffle taco includes scrambled eggs, sausage and a side

of syrup all in a taco shaped waffle.

Pizza-Hut: Has started offering pasta options on their menu such as tuscani meaty marinara and tuscani

creamy chicken alfredo.

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Yum! Brands continues to expand its menu is order to attract more customers and stay competitive with

the fast-food industry competition.

3. Unrelated Diversification

YUM Brands has not pursued any unrelated diversification strategies. YUM is focusing on continuing to

remain in just the fast-food industry. YUM has not yet entered any products or services that are dissimilar

to their present businesses.

4. Strategic Alliances/Joint Ventures

In 2012 Americod announced that “China Merchants Americold Holdings Co., Ltd (CMAC) and Yum!

China signed a Strategic Alliance Framework Agreement to cooperate on the outsourcing and relocation

of selected logistics centers for Yum! China and the establishment of new logistics centers in the future”

(Zack’s). Neal Rider, President of Americold International Operations and CEO of CMAC, said in a

statement. "Yum! China has been fast growing and our cooperation will allow Yum! to support the growth

in its restaurant units with a flexible distribution infrastructure, while ensuring service reliability, product

and temperature integrity and competitive cost. Yum! operates the largest integrated temperature

controlled distribution network in China today and we are honored that they have chosen us to be their

long term strategic partner." (Zack’s).

SECTION VII: STRATEGIC RECOMMENDATIONS

VII-A.   Strategic Imperatives: Identify any imperatives critical to the Company’s survival in the

next 36-60 months.

Yum! Brands needs to continue to run its business as they have been. Yum! is able to accomplish its

fiduciary responsibility and remains to be a major contender in this competitive industry.

 VII-B. Based on the team’s research and analysis, formulate 4-6 recommendations for the senior

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management of the Company. Make sure the recommendations are both specific and strategic

(requiring 3-5 years), and are supported by your research.

1. U.S. Division

Yum! Brands should make efforts to sustain its position as the second leading brand in the U.S.

market. It should focus on continuing to build its brand reputation. Yum! Brands is bouncing back

from the slowing sales the last few years due to the economic situation in the U.S. For Yum! To

maintain and increase its revenue, it is important that the company concentrates on sustaining its

position in the fast food industry rather than driving aggressive growth. Investing in rapid growth

in the domestic market may actually hurt the corporation. There would be no major gain from

opening up new stores in the U.S. because 75% of Americans already live within three miles of a

McDonalds, and two-thirds live within three miles of a KFC, Pizza Hut, and Taco Bell. So adding

more restaurant units would not have a significant effect. In conclusion Yum! Brands should

focus on increasing its revenue rather than increasing its market share. In order to accomplish this,

Yum! should give a lot of its attention to Taco Bell because Taco Bell brings in 60% of the

revenue for Yum!. It should pair a KFC or Pizza Hut’s with a Taco Bell to not only increase

customer volume, brand awareness and sales, but to also help the company save on investments

in capital (Strategy Report).

2. China Division

Yum! Brands should take a different approach with their China Division. The corporation should

strive to maintain dominance in China as the number one, largest, and fast growing quick service

brand in the country. Unlike the U.S., KFC and Pizza Hut are dominant in China. Yum! Brands

has a first mover advantage in the country because Yum! was the first to introduce pizza, pizza

delivery, and western-style casual dining to China. In order to maintain its competitive advantage

it must continue to grow at a rapid rate. McDonalds only has half the number of units as Yum!

Brand does in China, and Yum! Should capitalize on this advantage by pushing for more

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aggressive growth in order to remain the dominant brand in China. It can reach the older

population of China by opening up a new brand that sells traditional Chinese cuisine and East

Dawning. Yum! should still continue to capture new customers tastes by attracting the younger

population. In order to do this KFC and Pizza Hut need to establish strong reputation with the

younger population and by doing this it will also help the company to build its brand reputation

and recognition in China. A strong brand reputation will allow Yum! Brands to continue to push

forward with rapid expansion in China (Strategy Report).

3. International Division

Yum! Brands should continue to focus on rapid growth internationally especially in India. India

represents a lot of potential for Yum! India could bring in a lot of revenue and it is important to

get a first mover advantage in India as well. It already has an advantage over McDonalds because

Yum’s products are not based around beef. From a religious standpoint, followers of the Hindu

religion look at a cow as a sacred animal and do not eat beef. It should continue rapid expansion

and continue to gain brand recognition in India, as this will allow Yum! to gain a large market

share and become a top competitor in India as well (Strategy Report).

4. Healthy Options:

With health issues such as obesity and diabetes becoming more of a concern Yum! Brands should

add healthy options to its menu. Yum! has already taken a step in this direction but it should

continue to create healthier options with more nutritional value to its menu. By doing this, Yum!

has a better chance of maintaining its customer base as well as attracting new customers who

need to get food on the go but also want to make a healthy choice. It should incorporate this to all

of its brands and promote its new healthy options to attract customers. Yum! should also make the

nutrition facts for each item available for its customers to see. By allowing the customer to see the

break down of each item it will ensure them that the item is a healthy choice and will be more

likely to purchase that item. It will reassure the customer that they are putting food with

nutritional value inside of their body (Strategy Report).

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SECTION VIII: SOURCES/REFERENCES

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