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Yum! Brands Completes Acquisition of The Habit Restaurants
Yum! Brands, Inc. announced the completion of its acquisition of The Habit Restaurants, Inc., following the approval by The Habit Burger Grill stockholders. The transaction marks the addition of the first fast-casual concept to Yum! Brands’ portfolio of iconic global restaurant brands.
Yum! Brands acquired all of the issued and outstanding common shares of The Habit Burger Grill for $14 per share in cash or a total of approximately $375 million. Yum! Brands funded the transaction using cash on hand and available...
Yum! Brands Reports Solid Fourth-Quarter Results
Yum! Brands, Inc. today reported results for the fourth-quarter and year ended December 31, 2019. Fourth-quarter GAAP EPS was $1.58, an increase of 51%. Full-year GAAP EPS was $4.14, a decrease of (12)%. Fourth-quarter EPS excluding Special Items was $1.00, an increase of 148%. Full-year EPS excluding Special Items was $3.55, an increase of 12%.
David Gibbs & Chris Turner Comments
David Gibbs, CEO, said “I am proud to announce that we completed our three-year transformation of Yum!, having achieved all of our transformation goals and evolved into a more focused, more franchised and more efficient business. 2019 was a truly historic year for our company. For the full-year, we generated over $50 billion in system sales and ended the year with over...
Yum! Brands to Acquire The Habit Restaurants
Yum! Brands, Inc. and The Habit Restaurants, Inc. announced that they have entered into a definitive agreement pursuant to which Yum! Brands will acquire all of the issued and outstanding common shares of The Habit Burger Grill for $14 per share in cash or a total of approximately $375 million. The board of directors of The Habit Burger Grill, acting on the recommendation of a special committee composed of non-executive independent directors, has unanimously approved the transaction.
The acquisition of The Habit Burger Grill will add an award-winning fast-casual concept with a loyal fan-base to Yum! Brands, the world’s largest restaurant company in terms of units and parent of the KFC, Pizza Hut and Taco Bell global brands. Founded in California in 1969, The Habit Burger Grill offers...
Yum! Brands Reports Third Quarter Results
Yum! Brands, Inc. today reported results for the third-quarter ended September 30, 2019. Worldwide system sales excluding foreign currency translation grew 8%, with 7% net-new units and 3% same-store sales growth. Third-quarter GAAP EPS was $0.81, a decrease of (42)%. Third-quarter EPS excluding Special Items was $0.80, a decrease of (23)%.
Greg Creed Comments
Greg Creed, CEO, said “Following a very strong first half of 2019 and in line with our expectations, third-quarter results were consistent with our long-term growth model. We delivered system sales growth of 8%, with same-store sales of...
Yum! Brands Announces CEO Succession Plan to Drive Next Chapter of Global Growth
Yum! Brands, Inc. (NYSE: YUM) today announced that its Board of Directors has unanimously elected David Gibbs as Chief Executive Officer, effective January 1, 2020, and appointed him to the Company’s Board, effective November 1, 2019. Gibbs, 55, who currently serves as Yum! Brands President and Chief Operating Officer and oversees the global KFC, Pizza Hut and Taco Bell divisions, will succeed Greg Creed, 62, who has announced his decision to retire at the end of 2019 after a successful 25-year career with the Company.
“I’ve had the privilege of partnering with our franchisees to grow the three iconic brands within the Yum! Brands portfolio for over 30 years and am honored to follow in Greg’s footsteps,” Gibbs said. “It's thanks to Greg’s terrific leadership and innovative brand building during some of the most pivotal moments in our history that Yum! Brands has emerged as...
Yum! Brands Appoints Taco Bell Division and Pizza Hut Division Chief Executive Officers
Yum! Brands, Inc. (NYSE: YUM) today announced that it has appointed Taco Bell Division and Pizza Hut Division Chief Executive Officers who each will assume global responsibility for driving their respective brand’s growth strategies, franchise operations and performance. With today’s announcement, each of the Company’s three global brand divisions will be led by a Chief Executive Officer.
Mark King, 60, former President of adidas Group North America, will join the Company as Taco Bell Division Chief Executive Officer, reporting to David Gibbs, President, Chief Operating Officer and Chief Financial Officer, Yum! Brands. King brings to Taco Bell and Yum! Brands extensive retail experience and an excellent track record driving growth, innovation, brand relevance and culture. In addition, Artie Starrs, 42, President of Pizza Hut U.S., is being promoted to...
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