<SUBMISSION>
<ACCESSION-NUMBER>0001041061-02-000022
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20021211
<ITEMS>5
<ITEMS>7
<FILING-DATE>20021217
<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>02859417
</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>form8k121602.htm
<DESCRIPTION>PRESS RELEASE 12-11-02 PROJECTED EARNINGS 2003
<TEXT>
<HTML>
<head>
<title>Press Release dated December 16, 2002 reconfirming EPS</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>December 11, 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>

<BR><BR>


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

<blockquote>On December 11, 2002 YUM! Brands, Inc. issued a press release discussing its 2003 earnings expectations as well as reconfirming its ongoing operating EPS of $1.89 to $1.91 for the full year
2002.
</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;&nbsp;Press release dated December 11, 2002 from YUM! Brands, Inc.</blockquote>






<BR><BR><BR>
<p align=center>2</P>
<HR SIZE=1 NOSHADE>
<BR><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;<U>December 16, 2002</U></td>
<TD><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;Brent A. Woodford&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 Controller<BR>
(Principal Accounting Officer)
</TD></TR>
</TABLE>
<BR><BR><BR><BR>

<p align=center>3</P>
<HR noshade>


<BR><BR><BR><BR><BR>



<P ALIGN=CENTER><B>YUM! BRANDS, INC.</B></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><B>- </b></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><B> COMPANY
HOSTS EXECUTIVE UPDATE FOR ANALYSTS AND INVESTORS</b> </P></TD>
</TR>
</TABLE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><B>-</b> </TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><b> DISCUSSES
2003 EXPECTATIONS AND LONGER-TERM GROWTH TARGETS</b> </P></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><b>-</b> </TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><b> CONFIRMS
2002 ONGOING OPERATING EPS OF $1.89 TO $1.91</b> </P></TD>
</TR>
</TABLE>


<P><B>LOUISVILLE, KY (December 11, 2002)</b> &#151; Yum! Brands, Inc. (NYSE:YUM) today will host
its annual Executive Update for  Analysts and Investors, during which the company will
reconfirm full-year 2002 earnings expectations of at least $1.89  to $1.91 in ongoing
operating earnings per share (EPS). The company also will review its strategies to
sustain continued  long-term growth in ongoing operating earnings and its 2003 earnings
expectations.</P>

<P>&#147;We have successfully restructured Yum! Brands, Inc., and we now have a strong
balance sheet, outstanding brands in  every major category and a demonstrated track
record. 2002 has been a year of revenue growth, and it will be a year of  at least 17% to
19% growth in ongoing operating EPS. More importantly, we are uniquely positioned in our
industry to  drive significant international growth and transform the quick-service
restaurant industry by multibranding our U.S.  business. Our innovative strategies and
financial discipline make us very confident we can grow our EPS at least 10%  each year
and retain our leading position in return on invested capital for years to come,&#148; said
David Novak, Chairman  and Chief Executive Officer.</P>

<P><B>Full-Year 2003 Forecast</B></P>

<P>For 2003, the company is expecting:</P>

<ul><LI>Ongoing operating EPS in a range of $2.07 to $2.09.<BR>
<LI>Reported EPS in a range of $1.98 to $2.00.<BR>
<LI>Worldwide revenue growth of 7% to 8%. This includes an impact of +2 points from the Long John Silver&#146;s/A&amp;W
     acquisition.<BR>
<LI>Worldwide system-sales growth of 7% to 8%. This includes an impact of +2 points from the Long John Silver&#146;s/A&amp;W
     acquisition.<BR>
<LI>U.S. blended same-store sales increase of +2%.<BR>
<LI>Over 1,400 new restaurants to be opened worldwide including 1,000 internationally.<BR>
<LI>Over 400 multibranded restaurants added through conversions of existing restaurants, replacements (rebuild on
     site or relocate), and new-restaurant builds.<BR>
<LI>Continued growth in franchise fees to reach over $900 million.<BR>
<LI>An increase in restaurant margin of approximately 0.1 percentage points. Long John Silver&#146;s/A&amp;W negatively
     impact worldwide margin by 0.2 percentage points year over year.<BR>
<LI>General and administrative costs will increase approximately $30 million. This is primarily due to the Long
     John Silver&#146;s/A&amp;W acquisition and an increase in international G&amp;A of approximately $5 to $10 million.<BR>
<LI>Ongoing operating profit to increase 7% to 9%.<BR>
<LI>Ongoing operating earnings to increase 8% to 10%.<BR>
<LI>The ongoing effective tax rate to be 31% to 32%, about even with 2002.<BR>
<LI>Average shares outstanding to decline to a range of 304 to 308 million shares.<BR>
<LI>Return on invested capital to remain strong at 18%, continuing at the best levels in the restaurant category.
     Capital expenditures are expected to be about $825 million.</ul>

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



<P><B>First Quarter 2003 Forecast</B></P>

<UL><LI>International system-sales growth of at least 7% prior to foreign exchange conversion. Foreign currency
translation impact is expected to add 1 percentage point to the growth rate.<BR>
<LI>U.S. portfolio blended same-store sales for company restaurants, even with a year ago.<BR>
<LI>Ongoing operating earnings roughly even with last year. Ongoing operating EPS of $0.40, even with last year.<BR>
<LI>Average shares outstanding should decline to a range of 304 to 306 million shares.<BR>
<LI>A facility action charge of $0.02, even with last year.<BR>
<LI>Reported EPS of $0.38.</ul>


<P><B>Web Cast Information</B></P>

<P>Yum! Brands will Web cast the conference, beginning at 8:15 a.m. EST. Interested
parties can access the Web cast by  logging on to <U>www.yum.com</u>. Throughout the morning,
Yum! Brands senior leaders will provide details about the company&#146;s  key strategies
of global expansion, multibranding, top-tier restaurant operations.</P>

<P>Yum! Brands, Inc., based in Louisville, Kentucky, is the world&#146;s largest
restaurant company in terms of system units,  operating and franchising over 32,500
restaurants in more than 100 countries and territories. The Company generated over  $22.3
billion in system sales in 2001. Four of the company&#146;s restaurant brands &#151; KFC,
Pizza Hut, Taco Bell and Long John  Silver&#146;s &#151; are the global leaders of the
chicken, pizza, Mexican-style food 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>

<P>A copy of the Executive Update presentation will be available on the Company&#146;s
Web site at <U>www.yum.com</u> by 8:00 a.m. EST  December 11.</P>

<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 <I>may, will, expect, anticipate, believe, plan</I> and other similar
terminology. These &#147;forward-looking&#148; statements reflect management&#146;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&#146; financial and other results are</p>

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



<P>included in the company&#146;s Forms 10-Q and 10-K, filed with the Securities and Exchange Commission.</P>
<BR><BR><BR>

<p align=center>6</p>
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