Yum! Brands provides operational FY13 guidance

theflyonthewall.com

In FY13, Yum! anticipates at least 1,800 new international units, including at least: 700 new units in China, 950 at YRI, and 150 at Yum! Restaurants India; Estimated tax rate of about 27% with quarterly fluctuation; Foreign currency translation expected to be flat; Global capital expenditures of over $1B; Interest expense expected to be flat; 2% reduction in average diluted shares outstanding as a result of share repurchases; Worldwide G&A increase of 3% due to continued growth in China; U.S. refranchising of about 200 units and $200M in proceeds mostly related to Taco Bell units. This will substantially complete our U.S. refranchising program; Consistent with our transformation plan, any U.S. refranchising gains or losses will be included in special items.

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