With more than 38,000 restaurants in 117 countries, Yum! Brands Inc. is the largest restaurant operator in the world. But chief executive David Novak said repeatedly at the company’s investor conference this week that Yum is only “on the ground floor” of international growth. And while Louisville, Ky.-based Yum’s 4,000-plus-unit division in China has provided its most robust sales and unit growth over the past few years, Novak expressed optimism that the new Yum ...

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