<SUBMISSION>
<ACCESSION-NUMBER>0001041061-02-000011
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20020701
<ITEMS>5
<FILING-DATE>20020702
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>YUM BRANDS INC
<CIK>0001041061
<ASSIGNED-SIC>5812
<IRS-NUMBER>133951308
<STATE-OF-INCORPORATION>NC
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13163
<FILM-NUMBER>02694772
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1441 GARDINER LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
<PHONE>5028748300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1900 COLONEL SANDERS LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GREAT AMERICAN RESTAURANT CO
<DATE-CHANGED>19970618
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>TRICON GLOBAL RESTAURANTS INC
<DATE-CHANGED>19970627
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k702.htm
<DESCRIPTION>PRESS RELEASE DATED 7-1-02
<TEXT>
<HTML>
<head>
<title>7-1-02 Earnings Release Update</title></head>
<BODY>

<HR SIZE=5 NOSHADE><BR><BR>

<p ALIGN=CENTER><b><FONT SIZE=4>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</font></b><BR>
<font size=3>Washington, D.C. 20549</font><BR><BR>
<font size=4><b>FORM 8-K</b><BR><BR>
CURRENT REPORT</FONT><BR><BR>
<font size=3><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act
 of 1934<BR><BR>
Date of Report (Date of earliest event reported)</b><BR>
<b>July 1, 2002</b><BR><BR>
<b>Commission file number 1-13163</b></font><BR></p>

<HR SIZE=1 WIDTH=15% ALIGN=CENTER NOSHADE>

<p align=center><b><FONT SIZE=4>YUM! BRANDS, INC.</font></b><BR>
<font size=3>(Exact name of registrant as specified in its charter)</font><BR>
<BR>

<TABLE>
<TR VALIGN="BOTTOM">
     <TD align=center width=35%>North Carolina</Td>
<td width=40%>&nbsp;</td>
     <Td  align=center width=25%>13-3951308</Td></TR>
<TR VALIGN="TOP">
     <TD align=center ><HR Size=1 noshade width=85%></TD>
<td>&nbsp;</td>
     <TD align=center ><HR Size=1 noshade width=70%></TD></TR>
<TR VALIGN="TOP">
     <TD align=center >(State or other jurisdiction</TD>
<td>&nbsp;</td>
     <TD align=center >(IRS Employer</TD></TR>
<TR VALIGN="TOP">
     <TD align=center >of incorporation or organization)</TD>
<td>&nbsp;</td>
     <TD align=center > Identification No.)</TD></TR>
</TABLE><BR><BR>

<p align=center>1441 Gardiner Lane, Louisville, Kentucky&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40213<BR>
(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</p>

<BR>

<p align=center>Registrant's telephone number, including area code:&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(502) 874-8300</p>

<BR>

<p align=center>Former name or former address, if changed since last report:
&nbsp;&nbsp;N/A</P>

<BR><BR>

<HR SIZE=5 NOSHADE>


<p>Item 5.&nbsp;<U>OTHER EVENTS</U></p>

<blockquote>On July 1, 2002, YUM! Brands,  Inc.  confirmed their  second-quarter  ongoing operating EPS at high end of forecasted
                  range. Strong international  results combined with solid U.S. brand portfolio  performance drive better than expected
                  second quarter results.</blockquote>

<p>Item 7.&nbsp;<U>FINANCIAL STATEMENTS AND EXHIBITS</U></p>

<blockquote>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits<BR><BR>

99&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release dated July 1, 2002.</blockquote>


<p align=center>2</p>

<HR SIZE=1 NOSHADE> <BR><BR>


<p ALIGN=CENTER><FONT SIZE=3>SIGNATURE</FONT></p>

<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the  requirements of the
Securities  Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly authorized.</p>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="45%">&nbsp;</td>
<TD><U>YUM! BRANDS, INC.</u><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)<BR>
</TD></TR>
</TABLE>
<BR>
<BR><BR><BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="45%">Date:&nbsp;&nbsp;July 1, 2002</td>
<TD><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;Matthew M. Preston&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Vice President and Associate General Counsel

<BR>
</TD></TR>
</TABLE>

<p align=center>3</P>
<HR SIZE=1 NOSHADE><BR><BR>



<P><B>YUM! BRANDS, INC. . . .</b></P>
<ul><LI><B>CONFIRMS SECOND-QUARTER ONGOING OPERATING EPS AT HIGH END OF FORECASTED RANGE<BR>
<LI>STRONG INTERNATIONAL RESULTS COMBINED WITH SOLID U.S. BRAND PORTFOLIO PERFORMANCE DRIVE BETTER THAN EXPECTED SECOND-QUARTER RESULTS</b></UL>


<P><B>LOUISVILLE, Ky., July 1, 2002</b> - Yum! Brands, Inc. (NYSE: YUM), today confirmed that ongoing operating EPS for the second quarter
would be at the high end of the previously forecasted range of $0.42 to $0.44 ($0.83 to $0.87 prior to the recent 2-for-1 stock
split).

<P>Yum! Brands Chairman and CEO, David C. Novak, said "We had expected very strong
second-quarter profit performance by our International business, which we communicated in
our first-quarter earnings release. It is now likely that second-quarter International
results will exceed our earlier forecast, which complements the solid performance of our
U.S. portfolio of brands. The overall result is excellent performance for Yum! Brands in
the second quarter."</P>

<P>Chief Financial Officer, Dave Deno, said, "Global operating productivity trends are
solid, and interest expense for the second quarter will be slightly favorable to
forecast. In addition, the general strengthening of foreign currencies will enhance
second-quarter results.</P>

<P>"Last week, we completed a successful refinancing of our bank credit facility and a
$400 million bond offering. We were very pleased with the rates and oversubscribed levels
of the bank credit facility and the bond offering. This leaves us strongly positioned to
drive our key strategies of international expansion and multibranding."</P>

<P>Yum! Brands, Inc., based in Louisville, Kentucky, operates and franchises A&amp;W All
American Food, KFC, Long John Silver's, Pizza Hut, and Taco Bell Restaurants. The company
is the world's largest restaurant company in terms of system units with over 32,500
restaurants in more than 100 countries and territories. Four of the company's brands - KFC,
Pizza Hut, Taco Bell and Long John Silver's - are the global leaders of the chicken,
pizza, Mexican-style and quick-service seafood categories respectively. Since 1919, A&amp;W All-American
Food has been serving a signature frosty mug root beer float and all-American pure-beef
hamburgers and hot dogs, making it the longest running quick-service franchise chain in
America.</P>
<BR><BR>

<p align=center>4</P>
<HR SIZE=1 NOSHADE><BR><BR>

<P>This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include those
identified by such words as may, will, expect, anticipate, believe, plan and other similar terminology. These
"forward-looking" statements reflect management's current expectations regarding future events and operating and
financial performance and are based on currently available data. However, actual results are subject to future events
and uncertainties, which could cause actual results to differ from those projected in this announcement. Factors that
can cause actual results to differ materially include changes in global and local business, economic and political
conditions in the countries and territories where Yum! Brands operates; changes in currency exchange and interest rates;
changes in commodity, labor and other operating costs; changes in competition in the food industry, consumer
preferences, spending patterns and demographic trends; the effectiveness of our operating initiatives and advertising
and promotional efforts; new-product and concept development by Yum! Brands and other food-industry competitors; the
success of our refranchising strategy; the ongoing business viability of our franchise and license operators; our
ability to secure alternative distribution to our restaurants at competitive rates and to ensure adequate supplies of
restaurant products and equipment in our stores; our actuarially determined casualty loss estimates; changes in
legislation and governmental regulation; and changes in accounting policies and practices. Further information about
factors that could affect Yum! Brands' financial and other results are included in the company's Forms 10-Q and 10-K,
filed with the Securities and Exchange Commission.</P>


<p align=center>5</P>
<HR SIZE=1 NOSHADE><BR><BR>


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