Exhibit 99.2
Segment Results
The tables below present reportable segment results, net of intersegment eliminations, as recast (unaudited, in millions):
Americas
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2011 | | | 2010 | | | 2009 | |
| | Q1 | | | Q2 | | | Q3 | | | Q4 | | | Full Year | | | Full Year | | | Full Year | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Company-operated stores | | | 2,148.0 | | | | 2,002.8 | | | | 2,102.6 | | | | 2,112.2 | | | | 8,365.5 | | | | 7,865.8 | | | | 7,239.1 | |
Licensed stores | | | 173.8 | | | | 156.8 | | | | 167.5 | | | | 178.6 | | | | 676.7 | | | | 598.3 | | | | 552.5 | |
CPG, foodservice and other | | | 6.1 | | | | 5.2 | | | | 5.8 | | | | 5.6 | | | | 22.8 | | | | 24.4 | | | | 21.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net revenues | | | 2,327.9 | | | | 2,164.8 | | | | 2,275.9 | | | | 2,296.4 | | | | 9,065.0 | | | | 8,488.5 | | | | 7,812.6 | |
Cost of sales including occupancy costs | | | 875.9 | | | | 845.6 | | | | 880.8 | | | | 910.4 | | | | 3,512.7 | | | | 3,258.5 | | | | 3,234.5 | |
Store operating expenses | | | 795.6 | | | | 770.1 | | | | 813.3 | | | | 805.5 | | | | 3,184.2 | | | | 3,083.3 | | | | 3,016.8 | |
Other operating expenses | | | 17.9 | | | | 18.7 | | | | 18.9 | | | | 20.2 | | | | 75.8 | | | | 63.1 | | | | 73.3 | |
Depreciation and amortization expenses | | | 98.2 | | | | 98.1 | | | | 96.3 | | | | 98.4 | | | | 390.8 | | | | 392.9 | | | | 416.2 | |
General and administrative expenses | | | 13.3 | | | | 14.1 | | | | 15.7 | | | | 17.7 | | | | 60.8 | | | | 56.4 | | | | 46.8 | |
Restructuring charges | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 28.4 | | | | 254.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 1,800.9 | | | | 1,746.6 | | | | 1,825.0 | | | | 1,852.2 | | | | 7,224.3 | | | | 6,882.6 | | | | 7,042.1 | |
Gain on sale of properties | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | |
Income from equity investees | | | 0.0 | | | | 1.7 | | | | (0.0 | ) | | | 0.0 | | | | 1.6 | | | | 0.9 | | | | (0.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 527.0 | | | | 419.9 | | | | 450.9 | | | | 444.2 | | | | 1,842.3 | | | | 1,606.8 | | | | 770.1 | |
EMEA
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2011 | | | 2010 | | | 2009 | |
| | Q1 | | | Q2 | | | Q3 | | | Q4 | | | Full Year | | | Full Year | | | Full Year | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Company-operated stores | | | 225.2 | | | | 208.2 | | | | 221.7 | | | | 250.4 | | | | 905.5 | | | | 844.9 | | | | 736.8 | |
Licensed stores | | | 26.5 | | | | 24.6 | | | | 29.8 | | | | 31.3 | | | | 112.2 | | | | 81.7 | | | | 69.3 | |
CPG, foodservice and other | | | 7.4 | | | | 6.9 | | | | 6.4 | | | | 8.4 | | | | 29.1 | | | | 26.8 | | | | 22.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net revenues | | | 259.1 | | | | 239.7 | | | | 257.9 | | | | 290.1 | | | | 1,046.8 | | | | 953.4 | | | | 828.7 | |
Cost of sales including occupancy costs | | | 122.7 | | | | 121.6 | | | | 133.1 | | | | 152.9 | | | | 530.3 | | | | 471.8 | | | | 439.1 | |
Store operating expenses | | | 76.8 | | | | 77.4 | | | | 82.1 | | | | 91.0 | | | | 327.3 | | | | 324.5 | | | | 289.5 | |
Other operating expenses | | | 8.1 | | | | 7.8 | | | | 9.0 | | | | 11.6 | | | | 36.5 | | | | 36.1 | | | | 25.7 | |
Depreciation and amortization expenses | | | 12.2 | | | | 13.0 | | | | 12.4 | | | | 15.8 | | | | 53.4 | | | | 50.6 | | | | 48.2 | |
General and administrative expenses | | | 16.4 | | | | 14.1 | | | | 18.2 | | | | 16.3 | | | | 65.0 | | | | 58.2 | | | | 44.6 | |
Restructuring charges | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 24.5 | | | | 14.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 236.2 | | | | 233.9 | | | | 254.8 | | | | 287.6 | | | | 1,012.5 | | | | 965.7 | | | | 861.9 | |
Gain on sale of properties | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | |
Income from equity investees | | | 2.3 | | | | 1.9 | | | | 1.8 | | | | 0.0 | | | | 6.0 | | | | 6.8 | | | | (4.9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 25.2 | | | | 7.7 | | | | 4.9 | | | | 2.5 | | | | 40.3 | | | | (5.5 | ) | | | (38.1 | ) |
China and Asia Pacific
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2011 | | | 2010 | | | 2009 | |
| | Q1 | | | Q2 | | | Q3 | | | Q4 | | | Full Year | | | Full Year | | | Full Year | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Company-operated stores | | | 78.1 | | | | 82.5 | | | | 93.0 | | | | 107.8 | | | | 361.4 | | | | 252.8 | | | | 204.2 | |
Licensed stores | | | 42.6 | | | | 49.3 | | | | 45.6 | | | | 53.4 | | | | 190.9 | | | | 154.5 | | | | 130.4 | |
CPG, foodservice and other | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net revenues | | | 120.7 | | | | 131.8 | | | | 138.6 | | | | 161.2 | | | | 552.3 | | | | 407.3 | | | | 334.7 | |
Cost of sales including occupancy costs | | | 59.9 | | | | 68.7 | | | | 69.7 | | | | 83.7 | | | | 282.0 | | | | 213.4 | | | | 179.1 | |
Store operating expenses | | | 15.6 | | | | 19.7 | | | | 21.7 | | | | 26.4 | | | | 83.4 | | | | 64.1 | | | | 52.8 | |
Other operating expenses | | | 7.6 | | | | 8.3 | | | | 10.3 | | | | 9.5 | | | | 35.7 | | | | 30.0 | | | | 26.5 | |
Depreciation and amortization expenses | | | 4.1 | | | | 4.5 | | | | 4.6 | | | | 4.9 | | | | 18.1 | | | | 15.8 | | | | 15.7 | |
General and administrative expenses | | | 5.5 | | | | 7.7 | | | | 10.9 | | | | 8.8 | | | | 32.9 | | | | 27.4 | | | | 19.0 | |
Restructuring charges | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.1 | | | | 3.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 92.7 | | | | 108.9 | | | | 117.2 | | | | 133.3 | | | | 452.1 | | | | 350.8 | | | | 297.0 | |
Gain on sale of properties | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | |
Income from equity investees | | | 18.0 | | | | 20.8 | | | | 23.5 | | | | 30.6 | | | | 92.9 | | | | 73.1 | | | | 59.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 46.0 | | | | 43.7 | | | | 44.9 | | | | 58.5 | | | | 193.1 | | | | 129.6 | | | | 97.1 | |
CPG
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2011 | | | 2010 | | | 2009 | |
| | Q1 | | | Q2 | | | Q3 | | | Q4 | | | Full Year | | | Full Year | | | Full Year | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CPG | | | 115.7 | | | | 132.8 | | | | 142.7 | | | | 162.2 | | | | 553.2 | | | | 425.6 | | | | 393.4 | |
Foodservice | | | 79.5 | | | | 71.9 | | | | 75.9 | | | | 80.0 | | | | 307.3 | | | | 281.8 | | | | 281.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net revenues | | | 195.2 | | | | 204.7 | | | | 218.4 | | | | 242.2 | | | | 860.5 | | | | 707.4 | | | | 674.4 | |
Cost of sales including occupancy costs | | | 106.3 | | | | 113.6 | | | | 128.0 | | | | 139.6 | | | | 487.5 | | | | 383.2 | | | | 347.9 | |
Other operating expenses | | | 30.0 | | | | 36.6 | | | | 38.2 | | | | 47.0 | | | | 151.8 | | | | 115.6 | | | | 93.8 | |
Depreciation and amortization expenses | | | 0.8 | | | | 0.6 | | | | 0.5 | | | | 0.5 | | | | 2.4 | | | | 3.7 | | | | 4.8 | |
General and administrative expenses | | | 1.4 | | | | 1.3 | | | | 2.0 | | | | 1.9 | | | | 6.6 | | | | 4.5 | | | | 4.7 | |
Restructuring charges | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 1.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 138.5 | | | | 152.1 | | | | 168.7 | | | | 189.0 | | | | 648.3 | | | | 507.0 | | | | 452.2 | |
Gain on sale of properties | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | |
Income from equity investees | | | 14.4 | | | | 14.6 | | | | 19.6 | | | | 27.1 | | | | 75.6 | | | | 70.6 | | | | 67.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 71.1 | | | | 67.2 | | | | 69.3 | | | | 80.3 | | | | 287.8 | | | | 271.0 | | | | 290.0 | |
| | | | | | | |
Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | 2011 | | | 2010 | | | 2009 | |
| | Q1 | | | Q2 | | | Q3 | | | Q4 | | | Full Year | | | Full Year | | | Full Year | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Licensed stores | | | 11.3 | | | | 7.1 | | | | 5.8 | | | | 3.5 | | | | 27.7 | | | | 40.7 | | | | 42.8 | |
CPG, foodservice and other | | | 36.6 | | | | 37.6 | | | | 35.6 | | | | 38.5 | | | | 148.1 | | | | 110.1 | | | | 81.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net revenues | | | 47.9 | | | | 44.7 | | | | 41.4 | | | | 42.0 | | | | 175.8 | | | | 150.8 | | | | 124.2 | |
Cost of sales including occupancy costs | | | 27.5 | | | | 21.7 | | | | 25.9 | | | | 27.9 | | | | 103.0 | | | | 89.6 | | | | 71.7 | |
Other operating expenses | | | 26.5 | | | | 27.5 | | | | 23.6 | | | | 15.4 | | | | 93.0 | | | | 34.9 | | | | 31.3 | |
Depreciation and amortization expenses | | | 12.5 | | | | 12.8 | | | | 15.7 | | | | 17.5 | | | | 58.6 | | | | 47.4 | | | | 49.8 | |
General and administrative expenses | | | 148.6 | | | | 144.4 | | | | 143.4 | | | | 147.6 | | | | 584.0 | | | | 558.1 | | | | 470.3 | |
Restructuring charges | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 58.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 215.1 | | | | 206.4 | | | | 208.6 | | | | 208.4 | | | | 838.6 | | | | 730.0 | | | | 681.3 | |
Gain on sale of properties | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 30.2 | | | | 30.2 | | | | 0.0 | | | | 0.0 | |
Income from equity investees | | | (0.2 | ) | | | (0.7 | ) | | | (0.6 | ) | | | (1.0 | ) | | | (2.4 | ) | | | (3.3 | ) | | | 0.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | (167.4 | ) | | | (162.4 | ) | | | (167.8 | ) | | | (137.2 | ) | | | (635.0 | ) | | | (582.5 | ) | | | (557.1 | ) |