denensive and undervalued, page-37

Interesting to note that YUM branks (which owns the KFC master brand in the USA) saw Australian/NZ 3rd qtr sales decline by 1% with YTD growth of only 1%.

Now YUM doesnt break down the divisions in australia so we dont know specifically for KFC, but it does bear watching.

Sales decline if they continue are never good for share prices. Especially when input costs: rent/wages and food input costs are all rising.

Update: YUM just released 4th qtr results, for the Australian division we are seeing 1% growth in the 4th quarter, so bit of a turnaround happening.

YTD growth still only 1%, but at least things look to have improved.