PEPSICO INC. COMPLETES SPINOFF OF KFC, PIZZA HUT, TACO BELL.Byline: Skip Wollengg Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Wall Street can take its hunger for profits to a new fast-food hangout. The KFC KFC Kentucky Fried Chicken (restaurant chain) KFC Kenya Flower Council KFC Kitchen Fresh Chicken (Kentucky Fried Chicken motto) KFC Kung Fu Cult (Cinema) KFC Kitchen Fixed Charge , Pizza Hut and Taco Bell Taco Bell Corp., a subsidiary of Yum! Brands, Inc., is a Mexican-style quick service restaurant chain based in Irvine, California, United States. The restaurant has locations primarily in the United States and Canada, but also operates outlets in several other markets. restaurant chains The following is a list of restaurant chains. See also: Fast-food restaurant, Casual dining, List of reference tables. International
Tricon, which trades under the symbol YUM YUM The ISO 4217 currency code for the Yugoslavia New Dinar. on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , fell almost 3 percent Tuesday, dropping 87-1/2 cents to $31.12-1/2 a share. It has been trading for nearly a month in anticipation of Tuesday's independence from Pepsico. On the spinoff, Pepsico gained almost 5 percent, $1.81-1/4, to reach $38.75 a share on the NYSE NYSE See: New York Stock Exchange . Tricon instantly became the world's largest restaurant group with more than 29,000 outlets. Its $20 billion in systemwide sales last year trailed only the $30 billion of the hamburger chain McDonald's Corp. Pepsico decided earlier this year to cut its 2-decade-old ties to the restaurant business so it could concentrate on its more profitable soft drink and snack foods businesses. It gave shares in the restaurant company to Pepsico stockholders. The leaders of Tricon said they expect to boost results from the three chains by improving the food, providing better service and turning more stores over to franchisees. ``We will be correcting some of the sins of the past,'' said Andrall Pearson, the 72-year-old former Pepsico president who was lured away from a buyout firm to be chairman of Louisville, Ky.-based Tricon. The three chains have had a mixed performance of late. KFC, formerly Kentucky Fried Chicken, has showed the strongest sustained growth in recent months and sales at outlets open at least a year were up 4 percent for the first half. Such ``same-store'' sales are a common measure of performance for restaurant chains. Taco Bell has shown same-store sales gains for the past two quarters, and its sales were up 3 percent for the first half. Pizza Hut, however, has seen its same-store sales slide 7 percent for the first half of the year and has posted five consecutive quarterly declines. |
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