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Yum reported tonight after close. The market seems to like it. But the figures are not great.

Read company report here:

Highlights EPS Growth of 13%, Raises Full Year 2011 EPS Growth Forecast to at least 12

Operating profit grew 25% in China and 11% at Yum! Restaurants International prior to foreign currency translation.
Operating profit declined 28% in the U.S., resulting in a Worldwide operating profit decline of 2%

Worldwide system sales grew 3%, prior to foreign currency translation, including 28% in China and 6% at YRI. System sales in the U.S. declined 5%.

Strong international development continued with 241 new restaurants opened, including 99 new units in China.

Same-store sales grew 18% in China and 2% at YRI, and declined 4% in the U.S.

Worldwide restaurant margin declined 0.6 percentage points to 15.9%.

Worldwide effective tax rate, prior to Special Items, declined to 16.7% from 23.6%.

Share repurchases totaled $166 million for 3.2 million shares at an average price of $52 per share.


So we have standard operating procedure: US sales down while China Up.
Total sales up or down depending on currency calculations.

But key - improved outlook and share buy back. After hours pop of 3% Yum Yum.

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