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Summary below and up close to 5% AH. China still a pain but getting better, slowly.

China: Sales were off 6% with 8% unit growth outrun by a -12% same-store sales comp vs -14% expected.
Restaurant margin -450 bps to 18.9% off of sales deleverage.

KFC: Sales growth of 8% derived from 2% unit growth and 5% same-store sales growth.
Operating margin i+180 bps to 26.3%.

Pizza Hut: Revenue rose sales 2% led by 2% unit growth. Same-store sales came in flat.
Operating margin -150 bps to 30.0%.

Taco Bell: Sales up 9% on 3% unit growth and a 6% comp.
Operating margin +520 bps to 26.6%.India: Sales increased 1%. Unit growth +18% offset by an 11% same-store sales decline.

294 stores were added to Yum' system during the quarter.

CNBC piece on Yum. http://www.cnbc.com/id/102596894

Tango - long time Yum holder
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