Yum! It’s All About China
Senior Field Producer
David Novak, Chairman and CEO of Yum! Brands, spoke with Maria Bartiromo today on the Closing Bell in a first on CNBC interview right after the company released its results.
For the second quarter, the company reported EPS of 58-cents, 3-cents better than analyst estimates. Revenue also beat estimates at $2.57 billion for the quarter, versus expectations of $2.54 billion.
Yum! continues to see growth from China. Novak said "China is clearly the big part of our story, it's 35-percent of our profits"
"The opportunity for us is very very unique," said Novak referring to the BRIC countries. Additionally, Yum! has close to 100 restaurants in Vietnam. Novak pointed out McDonald's isn't even in Vietnam.
Bartiromo asked the Yum! chief what he expects the business looks like in 3 to 5 years. "We are definitely going long in China. That's where we are putting most of capital investment. In the next 3-5 years 65% of our business will come from emerging countries," said Novak.
Crystal Lau contributed to this article
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