YUM 2019 Franchise Disclosure Document Review for Taco Bell

By Mark Kalinowski Published on July 15, 2019 at 12:00 AM

Not too long ago, the Taco Bell concept owned by Yum Brands (YUM; Buy) filed its 500+ page Franchise Disclosure Document (FDD) for 2019. In this report, we cite some of the highlights from that document following our review of it, including our review of it in comparison to last year’s Franchise Disclosure Document. For example, based on data provided, our best guess is that during 2018 U.S. companyowned traditional Taco Bells generated average sales of $1,810,474 and median sales of $1,578,925. And, our best guess is that during 2018, U.S. (single-brand) franchised traditional Taco Bells generated average sales of $1,572,481 and median sales of $1,513,671. We maintain our Buy rating on YUM and note the following:

YUM Some Potential Acquisition Candidates for Yum Brands

By Mark Kalinowski Published on June 10, 2019 at 12:00 AM

In April, Restaurant Business reported that “Yum [Brands], the parent company of Taco Bell, KFC and Pizza Hut, will ‘absolutely’ acquire another brand one day, [CEO Greg] Creed said. ‘In the future, other brands will want to become part of the Yum family,’ he said. ‘We’ll do it because these brands want to join us more than I want to pay some huge multiple.’”

Updating our Q2E19 Kalinowski Quick-Service Other Same-Store Index

By Mark Kalinowski Published on May 16, 2019 at 12:00 AM

With this report, we increase our data-driven Kalinowski Quick-Service Other Index for Q2E by +30 basis points, to +2.6%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during April 2019 and the beginning of May 2019.