At Yum! Brands Inc.’s annual investor conference in December, chairman and chief executive David Novak started the day with the familiar Yum cheer: “Give me a Y! Give me a U! Give me an M! What’s that spell? Yum! Yum! Yum!” He said the cheer was more important in tougher years — and 2013 was indeed a tough year for the Louisville, Ky.-based parent of KFC, Taco Bell and Pizza Hut. Despite a relatively strong performance in the United States, the ...

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